Parent Plus Loan
The Federal Parent Loan for Undergraduate Students (PLUS) is a credit-based loan available to parents of undergraduate students. The loan is to be used to pay for tuition, fees, room and board, and other school charges. We encourage families to first exhaust students’ Direct Loan eligibility before borrowing a parent loan. We also advise families to only borrow the minimum needed to help pay for school. Parents must pass a credit check in order to obtain a Parent PLUS loan.
Parent PLUS Loan Quick Facts
- Visit StudentAid.gov. Applicants should make sure they have the names, addresses, and phone numbers of two references and their employer before they begin.
- Click the LOG IN button in the top right-hand side of the screen.
- Log in with parent’s FSA ID. If the applicant can’t remember their FSA ID, visit fsaid.ed.gov and select “Edit My FSA ID”, then select Forgot My Username or Forgot My Password.
- Click the “apply for aid” drop down menu, followed by Apply for a PLUS Loan.
- Select the second option: Direct PLUS Loan Application for Parents and click Start.
- Register your student by entering his or her information.
- Enter an amount you would like to borrow. If you leave the amount blank, Thomas More’s policy is to certify the loan for the amount that exactly covers the student’s charges. If you would like to borrow more or less than the suggested amount, please indicate the new amount on your application.
- Check the box to authorize a credit check.
- If you are not approved, you may secure a creditworthy endorser to cosign for your PLUS loan. If you do not secure a creditworthy endorser, your student will be eligible for an additional $4,000 or $5,000 in unsubsidized funds. Please have your student contact the Office of Financial Aid if he/she would like to borrow these funds.
- If your credit is approved, click on the student’s name to complete the Master Promissory Note.
- Enter your information and the student’s information.Enter your information and sign electronically. View the HTML Version of your MPN, then click Continue to submit.