Federal Parent Loans Your parents can help you pay for college by taking out a Federal Direct Parent PLUS Loan. ASU awards the maximum amount that you may borrow, however, you may choose to accept an amount lower than the maximum.
Be sure to specify your new guest as a parent AND grant access to the "Manage Parent PLUS Loans" privilege. There are some situations where payment can be deferred. Instantly Compare Private Student Loan Lenders. The Parent PLUS Loan, a Federal Direct PLUS Loan, is an option for parents of undergraduate students to help pay for educational expenses.
Federal Parent Loans Any remaining funds will be disbursed to your student via paper check or direct deposit to his/her personal bank account (your student can set this up through their, financial aid satisfactory academic progress requirements, Step 1: Submit Your FAFSA and Complete Your File, Step 3: Activate Your My ASU Parent Guest Access, Follow these instructions to activate your My ASU parent guest access, Parent PLUS Loan Denial Funds Request form, Step 5: Submit Important Parent Loan Documents.
How Does My Parent Apply for a Parent PLUS Loan? How Do I Appeal a PLUS Loan Credit Denial? Find the U.S. Department of Education's definition of adverse credit history. The interest rate on federal Direct parent PLUS loans are always the same. If one parent is credit denied for the Parent PLUS Loan and the other parent is interested in applying for it, please have your student contact Financial Aid and Scholarship Services. A credit check will be conducted by the U.S. Department of Education. You can complete PLUS Credit Counseling at studentaid.gov. A step-parent is also eligible if his/her income and assets were provided on the FAFSA.
Your credit worthiness is determined by the U.S. Department of Education. Direct Parent PLUS Loans are loans for parents of dependent, undergraduate students to help pay for education expenses not covered by other financial aid. Private Student Loans
For instructions on granting parent guest access, click here.
A valid FAFSA on file will be part of the credit evaluation process performed by the U.S. Department of Education. Make sure all the information on the form is correct and there are no errors in any of the following fields. Though loan money must be repaid, interest is typically lower than consumer rates. Submit the Parent PLUS Loan Denial Funds Request form. Federal PLUS Loans are subject to credit approval and may be denied.
You must be a U.S. citizen, U.S. National or a permanent resident of the United States. The interest rate is fixed each July 1.
If you already granted your parent guest access to accept a Parent PLUS loan, proceed to the Accept Your Loan step. Your parent must be your biological or adoptive mother or father. Federal Student Loans Your Parent PLUS Loan is assigned to a loan servicer by the U.S. Department of Education after the first disbursement is paid out. If your student is a fall/spring student, funds will be disbursed as a fall/spring loan (half in the fall and half in the spring). Parents whose Parent PLUS loans are declined credit may be eligible to receive a Parent PLUS loan by securing a creditworthy endorser or may appeal the declined credit decision by documenting extenuating circumstances. A Parent PLUS Loan is like any other loan. How Do I Accept My Federal Parent PLUS Loan? You will be charged a fee to process a Direct PLUS Loan, called an origination fee.
You do not have to accept any of the PLUS loan and we encourage you to apply for only what you feel is necessary given your family’s financial situation.