How to Apply for Federal Direct PLUS Loans
Federal Direct PLUS Loan (Parent Borrower)
- To begin your loan process, Click the button: >
- This will open a new window where you will SIGN onto >www.studentloans.gov using the [parent] FSA ID.
- If you do not have an FSA ID, log onto https://studentaid.ed.gov/sa/fafsa/filling-out/fsaid#pin-replacement and click on "create an FSA ID now" at the top of the page.
- If you already have a federal PIN (number), the FSA ID replaces it but you can link your PIN to the FSA ID.
- Click on the option in the middle of the page that says Request a Direct PLUS Loan and provide all information requested.
- When determining the amount of a PLUS loan to request, please factor in the 4.292% fee that will be deducted by the federal government. For example, if you will need $10,000 to cover your balance due, you will want to request $10,488 ($10,000 divided by .9571, dropping the cents). Our office will import the electronic request and will certify the PLUS loan for the amount requested (not to exceed the total cost of education less other financial aid eligibility).
- For loans where the first disbursement is made on or after December 1, 2015, the federal loan fee is 4.272%. Please factor in the 4.272% fee that will be deducted by the federal government. For example, if you will need $10,000 to cover your balance due, you will want to request $10,446 ($10,000 divided by .9573 dropping the cents).
- If you are credit approved for this loan, you will then be prompted to Complete Master Promissory Note if there is not already one on file for you with the federal government. The credit check decision is good for 180 days.
- If you are not credit approved for this loan, the following options are available:
- You may appeal the credit decision by calling the Direct Loan Customer Service Center,1-800-557-7394. OR
- You may pursue this loan by obtaining a credit-worthy endorser. Your endorser also will need a Federal Student Aid ID to complete the endorser addendum on-line. Direct them to go to studentloans.gov and select Create an FSA ID. OR
- The student may borrow a supplemental unsubsidized federal Direct Stafford Loan (up to $4,000 for freshmen/sophomores or up to $5,000 for juniors/seniors).
- Contact the Financial Aid Office by phone, 434-223-6119, or by email, email@example.com, and we will provide the Supplemental Unsubsidized Stafford Loan Request Form.