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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 studentaid.ed.gov/sa/types/loans/plus.

Steps to Apply

  1. Complete the regular financial aid application process
    Your child must have completed the FAFSA, using A-B Tech's school code 004033. The student should watch their student email account and provide any further documentation that A-B Tech requests. Detailed instructions are available in our FAFSA and How to Apply for Financial Aid article.
  2. Complete a Direct PLUS Loan Worksheet for the correct year
    The Direct PLUS Loan Worksheet 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 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 the preference you set up with BankMobile 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 on the Federal Student Aid website.

 

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

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