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You are here: Home / Types of Aid / Loans / Federal Direct Parent PLUS Loan / How to Apply for the Parent PLUS Loan

How to Apply for the Parent PLUS Loan

For parents applying for the Parent PLUS loan for:

  1. Fall and Spring 2017–18 or,
  2. Fall 2017 only 

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Interactive PLUS Loan worksheet

pdf icon Printable Parent PLUS loan worksheet

This video explains how to apply for the Parent PLUS Loan.  Parents will need to apply for the Parent PLUS Loan on Like the FAFSA, Parent PLUS Loans must be requested each academic year. Only eligible parents of dependent students who have submitted a current year FAFSA can apply for the Parent PLUS Loan. By eligible parent, we mean adoptive or biological parent. Stepparents who are on the FAFSA are also eligible to apply.

Parents must log on to the website with their own FSA ID. If you are not the parent on the FAFSA and do not have an FSA ID, you will need to create one before applying for the Parent PLUS Loan. Next, parents will need to select the "Apply for PLUS Loan" option before selecting "Complete PLUS Request for Parents." You will be prompted to enter additional information, such as the academic year for which you are selecting the loan, student information, deferment options, and allocations. Finally, you will send your loan request to Penn State by entering our school name or school code (003329) the request form.

You will need to decide in advance how much money you wish to borrow. The tutorial, “How to Create a Student Loan Budget,” is available on our website to help you determine how much to borrow. Please note, Penn State can decrease the amount of a Parent PLUS Loan before the loan disburses upon request by the borrower. If you find you have not borrowed enough to cover the cost of your student’s education, you may submit a new PLUS request form for the additional amount needed. Remember to account for the origination fee when calculating the amount of your loan. 

Next, you must select a loan term period. The Full Academic Year option will split the requested amount between the fall and the spring semesters. However, you can choose to have the loan directed to only the fall, or only the spring semester. You will not be able to borrow more than the Cost of Attendance for each semester.

The student’s information will be requested on the first page of the form. Next, you must enter your borrower information. As a reminder, the borrower information form is asking for the parent’s information, not the student’s information.  Please ensure that you enter your personal information correctly, as incorrect information will prevent the loan from disbursing. Information cannot be changed once the form is submitted. 

Finally, you will choose the option to submit your loan for a credit check. You will receive your credit decision a few moments after submitting. If your loan is approved, you will be asked to sign a Master Promissory Note (or MPN). Please note, unlike for the Federal Direct Loans, this MPN must be completed by the parent requesting the loan and not by the student. 

If the loan is denied, you will be given additional information about how to find a potential endorser, how to appeal the denial if you so choose, and what additional Federal Direct Unsubsidized funding your student may be eligible for.     

If your loan is approved and the MPN is signed, the loan amount will appear as a credit on your student’s semester bill. We recommend parents apply for the PLUS Loan in mid to late June in order for funds to be available before the start of the semester. Late fees will be assessed if the loan process is not finalized by the semester bill due date. It typically takes between 7 to 10 business days for the PLUS Loan to appear as a credit on the student’s account after the above steps are complete. Please contact the Office of Student Aid if you wish to decrease or cancel your loan after it has been finalized.     

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