Federal Parent PLUS loans
Parents of dependent undergraduates may apply for a Federal PLUS loan to assist with educational expenses.
Unlike other federal loans, the Federal PLUS loan requires credit approval.
- The student must have a FAFSA on file with Wayne State University.
- The student must be enrolled at least half time and meet the federal student eligibility requirements for financial aid.
How to apply for a Parent PLUS loan
- The parent/step-parent who is borrowing the loan must login with the Parent FSA ID to start the online application.
- The parent borrower must also complete the Federal Direct Parent PLUS Loan Master Promissory Note (MPN) online at studentloans.gov.
Requesting an increase or decrease
Request a change in a PLUS loan amount by indicating a new total loan amount.
The academic yearly limit on a PLUS loan is equal to the student’s cost of attendance minus any other financial aid, including scholarships the student receives.
Interest rate and loan fees
- Loans first disbursed 7/1/2015 - 6/30/16 will have a fixed interest rate of 6.84%
- Loans first disbursed 7/1/16 - 6/30/17 will have a fixed interest rate of 6.31%.
- The loan fee for loans first disbursed on or after 10/1/2015 is 4.272%.
Repayment on the loan starts either 60 days after the loan is fully disbursed or six months after the dependent student ceases to be enrolled on at least a half-time basis.
The borrower also has the option to make interest-only payments while the student is in school. For deferment options, please contact the loan servicer or visit the Federal Student Aid website.
Funds are electronically transmitted to WSU and applied to the student's tuition account. Excess funds, if any, are issued via check and mailed to the parent borrower.
Note: Parent PLUS borrowers who want excess funds issued directly to their son or daughter must indicate this on the PLUS loan application.
PLUS denial options
Parent PLUS applicants will receive a credit decision when the application is completed. The credit decision will include information for applicants who receive a credit denial with instructions to appeal or apply with an endorser.
If the parent does not appeal the credit decision or secure an endorser, the financial aid office will note the denial on the student record.
Federal loan information is submitted to the National Student Loan Data System (NSLDS), and will be accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system.