Parent (PLUS) loan process
For a Parent loan (PLUS) to be completed, there are 4 steps to the PLUS request:
|1||Student completes a valid Free Application for Federal Student Aid (FAFSA)|
|2||Student accepts the Parent Loan (PLUS) on MyUW|
|3||Parent completes Parent Loan (PLUS) Request|
|4||Parent signs Master Promissory Note (MPN)|
The parent borrower will log into the Direct Loans website using his or her own social security number and his or her own federal FSA Id. To log in: click SIGN IN, then:
|Select:||Apply for a PLUS Loan|
|Select the loan type (Direct PLUS Loan Request for Parent Borrowers):||Complete PLUS Request for Parents|
There are 4 steps to the request process where the parent borrower will provide information or agree to terms & conditions:
Student & Loan Info
- Select aid year: 2016-2017
- Student — either select your son/daughter from the drop down box or enter in their name, social security number, and date of birth. If you select them from the drop down box, it is important that you verify their information (ssn, dob) is correct – if not you can make the correction.
- Enter in or verify your son/daughter’s permanent address and phone number.
- Defer payment while student in school — select Yes to defer repayment of the parent loan while your student is enrolled at an eligible school on at least a half-time basis. Otherwise select No to begin repayment 60 days after the last disbursement of the loan. Interest on the loan begins accruing as soon as the loan disburses regardless of your deferment option.
- Defer payment for 6 months post-enrollment — select Yes to defer repayment of the parent loan until 6 months after your student is no longer enrolled at least half time; otherwise select No to begin repayment 60 days after the loan has been disbursed in full. Interest on the loan begins accruing as soon as the loan disburses regardless of your deferment option.
- Credit balance applied to academic costs — select Yes to pay educationally related costs in addition to tuition and fees. These secondary charges may include items such as lab fees, library fines, and departmental charges.
- Credit balance to parent borrower or student — if after tuition and fees are paid, additional funds are available, do you want them sent to you or disbursed to your son/daughter? The UW does not have the ability to deposit funds in parents’ bank accounts unless that is the account the student uses when setting up direct deposit. Payments to parents will be made via check sent to parents’ permanent address used in the application process. Payments to students are either deposited to their bank account or sent by check if not signed up for direct deposit.
- School — select school your student will be attending; you may select up to 3 schools to be listed.
- Loan amount requested — you may borrow up to the cost of attendance for the academic year; this cost of attendance includes allowances for housing, books, transportation, and personal expenses. If you want to borrow a lesser amount, enter in the amount you want to borrow for the academic year. If you are uncertain about the amount to borrow, contact the Financial Aid Office and select ‘I do not know the amount I want to borrow.’
- Loan period — you may specify the loan period such as September through the following June or leave it blank. If you select to borrow for one quarter at a time, please contact the Financial Aid Office so that the award can be modified.
The questions asked will be about you – the parent borrower:
- Citizenship — you must be a US citizen, permanent resident or other eligible non-citizen in order to borrow a loan.
- Default — you must not be in default on any Direct, FFEL or Perkins loan.
- Address — enter in your permanent address and phone number.
- Employment — enter in your employer information if employed, otherwise select ‘I do not have an employer’.
- Carefully review all the information you have provided. Verify both your and your student’s social security numbers. Also make sure that you are the borrower and your student is listed as the student. Make any changes as needed.
Credit Check & Submit
- When the PLUS request process is complete, a credit check will be run. Credit checks are valid for 180 days. If you have applied for an additional parent loan within the last 180 days, a new credit check will not be run. You will be notified immediately if your credit was approved or denied.
- If the credit check was approved, the next step is to complete a Master Promissory Note (MPN). The Direct Loan system will display if a Master Promissory Note has been completed for your student. If not, it will prompt you to complete an MPN.
- If the credit check is denied, you will be presented with the following options: appeal the credit decision; obtain an endorser (co-signer); not pursue a loan at this time; or undecided.
- If you are obtaining an endorser, they will login to the Direct Loans website using their personal information and PIN. They will need to know either the loan id or application id.
- If you decide to not pursue a parent loan due to your denial, your student may be eligible for additional unsubsidized loans. Contact the Financial Aid Office for information.
Master Promissory Note (MPN)
If you have not already completed a Master Promissory Note for a parent loan for your son/daughter, there are an additional 4 steps to complete the MPN:
|Select:||Complete a Master Promissory Note|
|Select the MPN type (PLUS MPN for Parents):||Complete PLUS MPN for Parent|
The first group of questions relate to you – the parent borrower:
- Citizenship — US Citizen, permanent resident, other eligible non-citizen, or other
- Driver’s license number & state
- Permanent address
- Phone number
- Employer name
Information about your son/daughter (the student) is entered next:
- Student name, social security number and date of birth
- School your student is attending
- References – either select from the drop down box if you have previously entered in your references’ information, or type in their name; address; email address; phone number; and their relationship to you.
Terms & Conditions
- It is important that you read through the terms and conditions of the award to understand your rights and obligations with regard to the loan you are agreeing to borrow.
Review & Sign
- The final step of completing the Master Promissory Note requires you, the parent borrower, to review the information you have provided, then enter in your first name, middle initial, and last name to electronically sign the note.
The UW will receive the completed PLUS loan request and promissory note information within 48 – 72 hours which will update our systems. At that time, your student can check their financial aid status on MyUW to verify we have received their loan information. If you have selected that you do not know the amount to borrow, an award will be offered which your student will need to accept to complete the process.