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Parent PLUS Loan

Parent PLUS Loan

Summary:

Steps to applying for a Parent Loan for Undergraduate Students (PLUS)

Overview

A Parent Loan for Undergraduate Students (PLUS) is a federal direct loan for which parents can apply. This is only available for dependent students. For more information about Parent PLUS loans, go to https://studentaid.ed.gov/sa/types/loans/plus.

Steps to Apply

  1. Complete a financial aid file.
    Your son or daughter must have completed the FAFSA, using A-B Tech's school code 004033. The student should watch their student email and provide any further documentation that A-B Tech requests.
  2. Complete a Parent Loan Request Form for the correct year.
    The Parent Loan Request Form is available at abtech.edu/financial-aid under "Financial Aid Forms." It will ask for the requested amount and allow you to certify whether any excess funds should be sent to the student or the parent.
  3. E-sign your Federal Direct Master Promissory Note (MPN).
    You are required to complete a PLUS MPN before loan funds can be disbursed. By signing the MPN, you authorize the Department of Education to perform a credit check to determine your eligibility for the PLUS loan. You can complete the MPN by signing into www.studentloans.gov with your FSA ID Number.

Receiving Parent Plus Loans

The funds will be disbursed after the student is actively attending at least six credit hours. This will happen on the first disbursement date if the student has at least six credit hours starting at the beginning of the term. If the student reaches six credit hours later in the term, funds will be disbursed about a month after the student begins attending six credit hours, on a later disbursement date.

If you (the parent) choose to have the excess funds disbursed to you, a paper check will be mailed to you. If you choose to have excess funds disbursed to the student, the loan funds will be disbursed through Higher One in the same way as the regular financial aid disbursement.    

Interest Rate and Fee Information

Information on current interest rates and loan fees is available here.

Key Words: Parent Plus Loan, PLUS, parent, direct loan, loan 

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