For those interested in the Parent PLUS loan, an electronic application process is now available. Parent borrowers can go online to begin the PLUS loan process. Here, parent borrowers can sign in with their federal PIN number, apply for the PLUS loan, complete a Master Promissory Note, and learn if they passed the credit check. Parent borrowers can appeal adverse credit decisions, add new co-signers, select deferment options and view disclosure statements online. The University of Idaho will make any required adjustments to a PLUS loan if a parent requests an amount that is greater than a student’s cost of attendance. The Department of Education has transitioned to a fully electronic application, so the paper PLUS loan application is no longer available.
Need help on how to apply? Click here.
How Much Can I Borrow?
A common question for parents who wish to pursue a Federal Direct PLUS loan is, “how much can I borrow?” To answer this question, a brief description of how we determine eligibility will help.
Students who have been awarded financial aid also have a budget as part of their award package. The student budget or cost of attendance represents a ceiling or cap in the total amount of financial aid our office can provide. Parents may borrow PLUS loan funds up to a student’s budget minus all other financial aid and resources.
|Cost of attendance: this figure is for illustration purposes only
|Total financial aid: offered in other loans, grants, Work-Study, etc.
|Resources: such as tuition/fee waivers, Veteran’s benefits, Voc Rehab
|Remaining PLUS eligibility:
We encourage all parent Federal Direct PLUS loan borrowers to review costs with their students and to borrow only that amount that will help ensure their success. If you have any questions about the PLUS loan or other financial aid matters, please call or email us at (208) 885-6312.
Can I Defer My Payments?
For a PLUS loan disbursed on or after July 1, 2008, traditionally, parent PLUS borrowers enter repayment 60 days after their loan was fully disbursed. For most borrowers, this would result in PLUS payments starting during the month of March. By calling your Direct Loan Servicer, you can request a deferment of payments as long as the student is enrolled at least half time (6 credit hours). Parents can request deferment while the student is enrolled AND for a 6 month grace period after the student graduates. Keep in mind, interest will accrue if your PLUS loan payments are deferred.
Options if a Parent PLUS loan is Denied
- If a parent is denied for the Federal Direct PLUS loan, the parent may re-apply using a credit-worthy co-signer. Our office will send you an information sheet and the Department of Education will mail an Endorser Addendum to complete the co-signer process.
- Parents may appeal a Federal Direct PLUS loan denial by contacting Applicant Service at 1-800-557-7394.
- If the parent does not re-apply with a co-signer, it is possible for the student to apply for additional Unsubsidized Direct Loan instead. The following Unsubsidized Direct Loan limits may be added to the student borrower’s combined Subsidized and Unsubsidized Direct loan limits:
- Up to $4000 for a first or second year student
- Up to $5000 for a third, fourth, or fifth year undergraduate.