Direct PLUS Loans are referred to as Parent PLUS Loans. when the borrower is a parent of a dependent student. The PLUS loan is an unsubsidized loan available to the parents to help pay for educational expenses that are not covered by other financial aid. Eligibility for the Parent PLUS Loan is as followed:
Note: Grandparents (unless they have legally adopted the dependent student) and legal guardians are not eligible to receive parent PLUS loans, even if they have had primary responsibility for raising the student.
If you are found to have an adverse credit history, there are a few other options that you can pursue.
Obtaining an endorser who does not have an adverse credit history. An endorser is someone who agrees to repay the parent PLUS loan if you do not repay it. The endorser cannot be the child on whose behalf you are borrowing.
Upon approval for either option you will need to complete the Credit Counseling for Parent PLUS Loan Borrowers
Submitting an appeal with the U.S. Department of Education if you believe that there are extenuating circumstances relating to your adverse credit history.
Upon approval for either option you will need to complete the Credit Counseling for Parent PLUS Loan Borrowers
Your student may accept an additional Direct Unsubsidized student loan. Your student will need to contact the Financial Aid Office. to submit their request. The loan amount is dependent on the year in school and are indicated below.