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Parent PLUS Loans

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Who is eligible
The PLUS loan is a federal loan available to parents of dependent students to help pay for students’ educational expenses. To be eligible for a PLUS loan:

  • The school will run a credit check on the parent who filled out the application form. If there is adverse credit history, you'll need to have someone who can pass the credit check endorse the loan. This endorser agrees that he/she will repay the loan if you do not.
  • The parent applying for the loan must be the student's biological or adoptive parent. A step-parent may only apply if the step-parent's information was included on the student's FAFSA.
  • The student and parent will need to meet the General Eligibility Requirements for federal student aid, and the student must meet the Satisfactory Academic Progress requirements;
  • Student needs to be enrolled at least half time (6+ credits) for the semester(s) for which the loan will be disbursed
HOW TO APPLY
1
Step One
Complete the FAFSA.
2
Step Two
Submit any forms/documents requested by the Financial Aid Office.
3
Step Three
Accept/Decline financial aid offer (posted in Student Center in your student's MyEnsign account).
4
Step Four
Submit the PLUS Application (available in the Financial Aid Office). Please specify the amount being requested on the form. You may only borrow up to the cost of attendance (COA) minus other aid for that term.
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If your PLUS loan is approved, funds will first be applied to your student’s outstanding Ensign College balances. Any remaining funds will be sent to the parent borrower, or to the student if authorized. Parent borrowers will need to complete the Direct PLUS Loan Master Promissory note online at studentaid.gov .

Should your loan be denied, the student becomes eligible for the higher Stafford loan limits for an independent student.

You can view the current origination fee and interest rate (which begins the day of disbursement) by clicking below.
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How to repay
Repayment begins 60 days after the final disbursement of the loan. Repayment calculators are provided by the Department of Education at studentaid.gov .

You can contact the servicer assigned to your loan to make interest or loan payments, and to request deferments, forbearance or different payment plans. Your servicer’s contact information is in your account at nslds.ed.gov .

Payment may be deferred until after the student has ceased half time enrollment for six months. If you are unable to make payments, please contact the servicer to determine if you qualify for a different repayment plan, deferment or forbearance. Never just stop making payments.

Have a question? Our Virtual Assistant may be able to help.

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