Direct PLUS Loans
The Parent PLUS Loan is part of the Department of Education’s Direct Loan Program. Parents may borrow a Parent PLUS loan on behalf of their dependent student. By Federal definition, a parent is a natural or adoptive mother or father, or legal guardian (which may include a step-parent). PLUS Loan funding is through the Department of Education and the student must have a completed FAFSA on file with Indiana Tech. Students must be making Satisfactory Academic Progress and be enrolled at least half-time (6 credit hours per semester). Additionally, to apply for a Parent PLUS Loan, a parent must have a Federal PIN. Parents who need to apply for a PIN, or retrieve a forgotten PIN, should visit www.pin.ed.gov.
Parent PLUS Loans feature a 7.9% fixed interest rate plus a 4% origination fee. The amount of requested loan funds will be limited by the student’s cost of attendance budget minus all other aid offers.
Due to time-sensitive processing deadlines, it is strongly encouraged that families NOT apply for the Parent PLUS Loan until June 1, 2012. Application prior to this date may result in processing errors and duplicate applications. For additional information regarding this loan, please visit: Direct PLUS Loans for Parents.
To apply for a Parent PLUS Loan, please visit StudentLoans.gov. When applying for a Parent PLUS Loan, please note that any information relating to the "borrower" on the application is asking for parent information.
If the parent is approved for the Parent PLUS Loan, he or she will need to complete a Master Promissory Note online at StudentLoans.gov. If the parent is denied, students wishing to request additional funding should contact the financial aid office directly at 800.937.2448, ext. 2334 or by email at firstname.lastname@example.org.
Questions regarding credit decisions, credit appeals or endorser related questions should be directed to Direct Loan Applicant Services at 800.557.7394. Questions regarding the servicing of Parent PLUS Loans should be directed to Direct Loan Servicing at 800.848.0979. Alternative repayment plans are available for the Parent PLUS Loan. Please contact your loan servicer for more information.