Direct PLUS Loan Information
Direct PLUS Loan Information
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What are the steps for a parent to apply for a Direct PLUS loan? |
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Parents of dependent undergraduate students can go to studentloans.gov |
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During the application process a credit check will be performed. You will find out immediately whether or not you are approved to borrow the Direct PLUS loan; notification will also be sent to FPU. If you are approved, you will complete and e-sign the Direct PLUS MPN. If you are denied please contact your student’s financial aid counselor to discuss other funding options.
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Who can apply for a Direct PLUS loan? |
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Parents of dependent undergraduate students (as determined by the FAFSA). |
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If I would like to make monthly payments towards my student’s direct costs at FPU, what other options do I have besides the Direct PLUS loan? |
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FPU provides several payment plan options for students who wish to make payments on the remaining balance of their direct costs. Once you have received your financial aid package you may set up a payment plan. Although the student needs to set up the payment arrangement, parents may make payments on the student’s behalf. |
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How much can I borrow under the Direct PLUS loan? |
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Parents who are approved for the Direct PLUS loan may borrow up to the cost of attendance minus the student’s financial aid per academic year. |
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What do I need to do to apply and qualify for a Direct PLUS loan? |
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You can apply online at studentloans.gov |
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How do I receive my Direct PLUS loan funds? |
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Once your student has submitted all requested documents to FPU and you have been approved for the Direct PLUS loan and completed the Direct PLUS MPN, FPU will request your loan. The entire process is electronic and is coordinated by the FPU Student Financial Services Office. The loan disbursements will be scheduled to arrive at the beginning of each semester for which you borrowed the loan. If the loan is requested after the semester begins, it will be scheduled to arrive at FPU as soon as possible. |
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Are there any fees associated with borrowing the Direct PLUS loan? |
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Fees are determined by the Department of Education. Click here for more details. |
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What if I am denied for the Direct PLUS loan? |
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If the parent is not approved to borrow the Direct PLUS loan based on credit check results, the student may borrow an additional Unsubsidized Stafford Loan. Freshmen and sophomores may borrow up to an additional $4,000 and juniors and seniors may borrow up to an additional $5,000 (not to exceed their cost of attendance). |
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What is the interest rate on the Direct PLUS loan? |
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The interest rate for Direct Plus loans is a fized rate of 7.9%. Interest is charged on Direct Plus loans during all periods, beginning on the date of your loan's first disbursement. |
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Can I estimate how much my Direct PLUS loan payments will be? |
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Go to studentloans.gov for estimates. |
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What if my student receives more scholarships and I end up borrowing more loan money than I need? |
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Each time a Direct PLUS loan disbursement is sent to FPU, the Student Financial Services Office will verify student enrollment and eligibility and apply the loan to the student’s FPU account. If you would prefer that all or part of your Direct PLUS loan be returned please contact your student’s financial aid counselor at 559-453-2041 or sfs@fresno.edu. |
