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Federal Direct Parent PLUS Loan

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Federal Direct Parent PLUS Loans are fixed-rate loans available to parents of degree-seeking dependent undergraduate students enrolled at least half-time. The annual limit on a Parent PLUS loan is equal to the student's cost of attendance minus any other financial aid the student receives. For example, if the cost of attendance is $40,000 and the student receives $22,000 in other financial aid, the student's parent can request up to $18,000.

Repayment Options: When the parent-borrower completes the PLUS Application (step 3 below), there is a question regarding deferment of the loan.

  • If the parent answers yes to this question, another question is added asking if you want to defer for six months. If the parent answers yes to both questions, the loan will not enter repayment until six months after the student graduates or is no longer enrolled at least half-time.
  • If the parent answers no to the first deferment question, the loan will enter repayment as soon as the annual loan amount is fully disbursed.

Note 1: The SAME PARENT MUST complete steps 3-5 below when applying for a Parent PLUS loan.

Note 2: Step 1 is required each year; while Steps 2, 3, and 5 must be completed for each PLUS loan. Step 4 is generally a one time process.

1. Have Your Student Complete the FAFSA

Your student must complete the Free Application for Federal Student Aid (FAFSA) to determine loan eligibility.

2. Have your Student Record his/her eAward Decision

Have your student log in to Self-Service Home Menu  and select ‘Financial Aid’.

  • Click on ‘Review and accept your Financial Aid Award Package’ under the Checklist section.
    • NOTE: All the steps on the checklist prior to this must be completed first.
  • Review the direct loans that are part of your financial aid package and record your decision.
  • After you ‘Accept’ or ‘Decline’ the loan(s), you will be able to see the immediate changes in your eAward.
    • NOTE: If, at a later date, you change your mind regarding an ‘Accepted’ or ‘Rejected’ loan, you CANNOT change it in your Self-Service account. You will have to email finaid@cedarville.edu stating the following:
      • Your full name
      • Your ID number
      • Loan type (Subsidized, Unsubsidized, or PLUS)
        • NOTE: If changing a PLUS Loan, BOTH the student and parent must send an email.
      • Term (Fall/Spring; Fall only; Spring only; Summer)
      • Amount change: From __________ to __________
      • Status change:
        • ‘Accepted’ to ‘Rejected’ or
        • ‘Rejected’ to ‘Accepted’
    • The Financial Aid office will then review your request as appropriate, making sure the requested changes are within federal compliance.

Questions: See FAQ for more information.

3. Apply for a Parent PLUS Loan

Reminder: The SAME PARENT MUST complete steps 3-5. Failure to do so will result in delayed processing and possible late fees and interest applied to the student’s bill.

Beginning April 1 for the upcoming academic year, you will log in to studentloans.gov using your parent FSA ID to Apply for a Direct PLUS Loan each time you decide to borrow. Once logged in, select 'Apply for a Direct PLUS Loan,' then select the 'Direct PLUS Loan Application for Parents.'

  • Applying for a PLUS Loan triggers a basic credit check
  • Once the PLUS application is submitted, you will immediately receive a credit decision of either 'Accepted' or 'Declined.'

Note: A credit decision is good for 180 days; therefore, Steps 4 and 5 below should also be completed about the same time as the loan application. This will allow the loan to be originated before the 'Accepted' credit decision expires.

4. Complete the PLUS Master Promissory Note

Reminder: The SAME PARENT MUST complete steps 3-5. Failure to do so will result in delayed processing and possible late fees and interest applied to the student’s bill.

If you received an 'Accepted' credit decision when applying for a PLUS loan, you must also complete the PLUS Master Promissory Note for Parents at studentloans.gov.

Note: A PLUS Master Promissory Note for Parents is both parent and student specific and is normally good for 10 years.

5. Complete Cedarville's Parent PLUS Authorization Form

Reminder: The SAME PARENT MUST complete steps 3-5. Failure to do so will result in delayed processing and possible late fees and interest applied to the student’s bill.

Complete Cedarville's Parent PLUS Authorization Form to specify the student, loan amount, and loan term(s) for your requested Parent PLUS loan.

FAQs on Loans (Types, Fees, Limits, Repayment) » Loan Interest and Loan Fee Rates »