Parent PLUS Loan
Important Information
- Only parents of dependent students are eligible to apply for a Parent PLUS loan. You must be the student’s biological or adoptive parent or the student’s step parent.
- The student must complete a FAFSA before the Parent PLUS loan can be processed.
- The parent receiving the loan is responsible for all interest which begins on the date of the loan’s first disbursement.
- Parent PLUS Loans are not restricted according to financial need.
- The Financial Aid office will determine the maximum amount the dependent student is eligible to receive based on the student’s cost of attendance.
Eligibility Requirements
- The student must complete a FAFSA before the Parent PLUS loan can be processed.
- The dependent student must be enrolled in at least 6 credit hours.
- The student must be making Satisfactory Academic Progress (minimum 2.0 GPA and 75% completion ratio).
Interest Rate and Fees
- The interest rate is fixed for a Parent PLUS loan. The rate is currently 7.9%.
- An origination fee is collected prior to the loan disbursement.
Applying for the Parent PLUS Loan
- The parents will complete the Parent PLUS application at www.studentloans.gov:
- If the application is approved, the parent will complete the Parent PLUS Master Promissory Note at www.studentloans.gov and also the Federal Direct PLUS Loan Request/Authorization form at http://www.blinn.edu/finaid/forms.html and forward to the Financial Aid office.
- If the application is denied, the student may be eligible to apply for up to $4000 in an additional unsubsidized loan. The student will log onto http://www.blinn.edu/finaid/forms.html and complete the Financial Aid Adjustment form. The student will forward the form to the Financial Aid office along with a copy of the Parent PLUS denial message.
