Direct PLUS Loan

The Direct PLUS Loan is a US federal loan that a parent of a dependent student can use to help cover their son/daughter's educational costs.

Please note that if you are applying for a Direct Loan for the Fall semester, you should have all of your application pieces submitted before the end of September.  If you are applying for a Direct Loan for the Spring semester, you should have all of your application pieces submitted before the end of January.

Steps to apply

To take out a Direct Loan for the first time, you must complete a PLUS Application and Master Promissory Note (MPN). The MPN is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the Department. It also explains the terms and conditions of your loan(s). The electronic MPN will be provided by the Department of Education (www.studentloans.gov).  To complete an MPN online, you will be required to use your Department of Education-issued PIN (not your child's). If you do not have a PIN, you may request one from the official PIN site.

Eligibility

You must be the student's biological or adoptive parent or the student's stepparent, if the biological or adoptive parent has remarried at the time of application. Your child must be a dependent student who is enrolled at least half-time at a school that participates in the Direct Loan Program. For financial aid purposes, a student is considered "dependent" if he or she is under 24, unmarried, and has no legal dependents at the time the Free Application for Federal Student Aid is submitted. (Exceptions are made for veterans, wards of court, and other special circumstances.)

Parent PLUS loan borrowers cannot have an adverse credit history (a credit check will be done). In addition, parents and their dependent child must be U.S. citizens or eligible noncitizens.  You can find more information about these requirements in Funding Education Beyond High School: The Guide to Federal Student Aid available at: www.studentaid.ed.gov.

Please note that a student cannot take any online courses, distance education or correspondence courses while receiving PLUS Loan funding.

Amounts

You can borrow up to the cost of attendance minus all other financial assistance.

Repayment

See www.direct.ed.gov/parentrepay.html for repayment details.

Questions?

For questions about the PLUS Loan program, visit us in the Mattson Centre or contact us at awards@twu.ca or (604) 513-2031.