The Federal Direct Parent PLUS Loan is a credit-based loan available to parents of dependent undergraduate students that can be used to help pay for education expenses. For information regarding current interest rates and origination fees, visit Federal Student Aid. Students must be enrolled at least half-time in a bachelor's degree (or teacher certification) program for parents to access a PLUS loan and must meet other federal aid requirements such as half-time status and satisfactory academic progress. Through the Federal PLUS Loan Program, parents of dependent students may borrow up to the cost of education less any other financial aid received by the student.
If a parent is denied a Parent PLUS Loan, the student will automatically be considered for an additional Unsubsidized Direct Loan in an amount up to $4,000/year for freshman and sophomores and up to $5,000/year for juniors and seniors.
Deferment Option (Postponing Repayment): Borrowers may request a deferment while the student is enrolled. The parent may request the deferment during the application process or by contacting the servicer. Servicer information can be obtained at the Federal Student Aid website by clicking on the number for each loan. Some loans may have different servicers.
Repayment Options: Repayment does not begin until 60 days after the loan is fully disbursed to the school (for a full-year loan, after the spring portion is disbursed to SRU). Additional information regarding repayment can be found here.
Application Process:
Note: Apply for the full year amount for August to May if you need funds for both semesters.
- Complete the Free Application for Federal Student Aid (FAFSA) for the student.
- Go to Student Loans. "Sign In" on the right side of the page. NOTE: A parent must sign in using his/her FSA ID. There is a link to creating a new FSA ID on the site.
- Do not use the student's FSA ID number in this section.
- Click on "Complete PLUS Request Process".
- Complete the required items.
- Note: Please select either I want to borrow the maximum Direct PLUS Loan amount for which I am eligible, as determined by the school or I would like to specify a loan amount. Do not mark I do not know the amount I want to borrow. This will prevent your application from being processed.
- Use "August 2024 through May 2025" for the loan term dates.
- Be sure to request the entire year amount. You should indicate a dollar amount. Be sure to add approximately $44 per every thousand dollars borrowed to account for the federal fees.
- NOTE: Do not mark "I do not know the amount I want to borrow." You should determine the loan amount that you need prior to completing this application.
- "Submit" the PLUS request.
- Click on "Home" to return to the Student Loans homepage to continue to the next step of the PLUS Loan process, which is signing a Parent PLUS Loan Master Promissory Note.
- Click on the "My Account" button found in the top box, next to your name.
- Click on "Sign Master Promissory Note".
- Click on "Parent PLUS".
- Complete the required items and then "Submit" the Master Promissory Note.
If the Parent PLUS Application has been approved, the application will be forwarded to Slippery Rock University. Please allow approximately 1-2 weeks for a Parent PLUS Loan to be processed. Parents are encouraged to file the application early to allow for the loan funds to arrive at the school.
If the Parent PLUS Application has been denied and the parent indicated he/she was going to appeal or seek an endorser, once the endorser/appeal has been approved, please forward the confirmation email with the student's name and student Rock ID to financial.aid@sru.edu.
*IMPORTANT LOAN DISBURSEMENT INFORMATION CONCERNING ENROLLMENT AND DIRECT LOANS*
As per federal regulations, undergraduate students must be enrolled at least half-time (six credits for undergraduate students and three credits for graduate students) to be eligible for Federal Direct Loans.
The Federal Direct Subsidized/Unsubsidized and Federal Direct PLUS Loans will not disburse to the Office of Student Accounts until the student actually begins attendance in a total of six credits. It is the attendance in the second 3 credit class that gives the student 6 credits which constitutes eligibility for federal financial aid.
Examples:
- If a student is enrolled in two eight week courses, 3 credits in the first 8 weeks and 3 credits in the second 8 weeks, the loan will not disburse until the second class begins.
- If a student is enrolled in a 3 credit course in Pre-session and a credit course in Summer Session II, the loan will not disburse until Summer Session II.
Therefore, students who will not begin attendance in a total of six credits until later in the semester will need to plan accordingly for the purchase of any books or materials for their classes. If a student drops a course and becomes less than half-time, the student will no longer be eligible for federal loans.
There are separate guidelines for disbursement of aid for other programs, please click here for additional information.
Borrower Requirements
Borrowers/students must notify the loan servicing agency when any of the following occur:
- Graduation
- Withdrawal from school
- Attendance is less than half-time enrollment (Undergraduates - Less than 6 credits/Graduates - Less than 3 graduate credits)
- Change of name or address
- Transfer to another school
- Other changes that may affect borrowers' eligibility for deferred payments
ENROLLMENT AND ELIGIBILITY NOTIFICATIONS
If a student or parent enters into an agreement regarding a Title IV Loan (ie. Federal Direct Loan), the student's enrollment and eligibility information will be submitted to the National Student Loan Data System (NSLDS) and will be accessible by authorized agencies, lenders and institutions. Students may also access their own federal loan records through the same site.
