Can you apply for a Parent PLUS loan anytime?

Students can apply for a federal student loan and parents for a Parent PLUS Loan up until the last day of classes or June 30 of the award year, whichever comes first.

When should a parent apply for a PLUS loan?

The FAFSA becomes available on Oct. 1 each year, and it’s a good idea to submit it as soon as you can. As for the parent PLUS loan, you can typically apply for it a few months later, in the spring or early summer.

How do I get a parent PLUS loan in my name?

To refinance and transfer the parent PLUS loans to your child, follow these three steps:

1. Ask your child to apply for a student loan in their name with a lender.
2. Include the parent PLUS loan on the refinancing application and note that it is under your name.

Does everyone get approved for a parent PLUS loan?

Not every parent will be able to qualify for a parent PLUS loan. Each parent PLUS loan application includes a credit check to review your borrowing history. While your credit score isn’t a factor, other information on your credit report might be.

Is there a federal direct parent PLUS loan?

Federal Direct Parent PLUS Loan. The Direct Parent PLUS loan is a federal loan available to the parents of dependent undergraduate students. The Direct Parent PLUS Loan offers flexible loan limits and a fixed 7.08% interest rate for the 2019-20 school year. Eligibility is determined by the applicants credit history.

Where can I get a direct plus loan?

Direct PLUS Loans are federal loans that graduate or professional students and parents of dependent undergraduate students can use to help pay for college or career school. The U.S. Department of Education makes Direct PLUS Loans to eligible parents and graduate or professional students through schools participating in the Direct Loan Program.

How to apply for a Parent PLUS loan?

How to apply for a Parent PLUS loan in 6 steps. 1. Fill out a FAFSA and review your student aid award. First, fill out a Free Application for Federal Student Aid (FAFSA) with your child. The Federal 2. Determine if you’re eligible for a parent PLUS loan. 3. Figure out how much you can borrow. 4.

What do parents need to apply for Direct Plus?

Parents must be logged in with their own account username and password (FSA ID) to submit. Use this MPN for Direct PLUS Loans available to eligible parents of eligible dependent undergraduate students.