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Federal Direct Parent PLUS Loan
(Parent Loan for Undergraduate Students)

The Federal Parent PLUS Loan is a credit based federal loan for parents (biological, adoptive, or in some cases stepparent) of eligible dependent students.   Interest that accrues on the loan is not subsidized by the federal government.  For interest rates, please visit the Loan Program Comparison Chart. Repayment can be deferred while the student is enrolled in school for at least half-time. Please refer to https://studentloans.gov for the process of requesting an in school deferment or call 1-800-557-7394.


To be eligible for a Federal Direct Parent PLUS loan, you must be a parent of a dependent who meets the following:
  • Complete the Free Application for Federal Student Aid (FAFSA) and meet federal eligibility requirements of U.S. citizenship or eligible non-citizenship status.

  • Be degree-seeking. Second degree-seeking students must be enrolled in classes that are applicable for their second degree.

  • Be enrolled for at least 6 UCF credit hours per semester that count toward degree completion as an undergraduate. At time of disbursement, student must be attending at least 6 UCF hours.

  • If you were awarded a Federal Parent PLUS Loan during this academic year at another institution, make sure that the remainder of that loan is canceled before applying for a loan at UCF.

  • After notification that the loan has been processed, you must complete the online Master Promissory Note.

  • Meet the standards of Satisfactory Academic Progress (SAP).

  • Understand that total aid cannot exceed the cost of attendance. Other aid (Scholarships, fellowships, waivers, etc.) affects financial aid eligibility.


How to Apply Federal Direct Parent PLUS Loan

  1. File the FAFSA with your son/daughter.

  2. Please complete the Federal Direct Parent PLUS Loan application within 90 days of each semester.  To apply, visit the Direct Loan Web site.

    NOTE: A dependent student whose parent has been denied a Parent PLUS loan during the current aid year may be eligible to receive Federal Stafford loans at the independent level with proof of Parent PLUS loan denial from the lender. A Parent PLUS loan letter of denial from the lender is only valid for one aid year.

Current Year
Loan Period

Start Date

End Date

Award Year

Fall 2014 & Spring 2015 8/18/14 5/5/15 2014-2015
Spring Only 2015
1/12/15 5/5/15 2014-2015
Summer 2015 5/18/15 8/7/15 2014-2015

 

Upcoming New Year
Loan Period

Start Date

End Date

Award Year

Fall 2015
8/24/15 12/15/15 2015-2016
Fall 2015 & Spring 2016
8/24/15 5/4/16 2015-2016
Spring 2016 Only
1/11/16 5/4/16 2015-2016

   3. Complete the online Parent PLUS Master Promissory Note

  • if this is your first time borrowing a Federal Direct Parent PLUS loan at UCF,
    OR
  • if you had an endorser on your previous loan.

NOTE! Loan adjustment and reinstatement requests must be made by the following deadlines:

Current Year

Loan Period

Adjustment / Reinstatement Deadline

Award Year

Fall 2014 11/14/14 2014-2015
Spring 2015 4/11/15 2014-2015
Summer 2015 7/17/15 2014-2015

 

Upcoming New Year

Loan Period

Adjustment / Reinstatement Deadline

Award Year

Fall 2015 11/13/15 2015-2016
Spring 2016 4/8/16 2015-2016

   4.  The U.S. Department of Education will conduct a credit check.



Parent PLUS Loan Denials:

  • A dependent student whose parent has been denied a PLUS loan during the current aid year may be eligible to receive Federal Direct Unsubsidized Stafford loans at the independent level with proof of PLUS loan denial from the lender.
  • If your credit has been denied for the Parent PLUS Loan, you will be given four options on the www.StudentLoans.gov application to choose from:

I do not wish to pursue a PLUS loan at this time

  • The additional Federal Direct Unsubsidized Stafford loan will automatically be offered to the student, in which the student may choose to accept, reduce, or decline the loan through the myUCF View Financial Aid “Accept/Decline Awards.”   Please allow at least two weeks for processing the additional offered loan upon receipt of a PLUS denial.

Undecided

  • The additional Federal Direct Unsubsidized Stafford loan will automatically be offered to the student, in which the student may choose to accept, reduce, or decline the loan through the myUCF View Financial Aid “Accept/Decline Awards.”   Please allow at least two weeks for processing the additional offered loan upon receipt of a PLUS denial.

I will obtain an endorser*

  • Choose this option if you would like to add a co-signer.

  • Parents should notify the SFA Loan Department in order for the PLUS loan to be awarded if your credit is approved with an endorser.

  • Borrowers who required an endorser for approval of the PLUS loan must sign a new MPN for any supplemental or future PLUS loan.
  • Borrowers whose Direct PLUS Loan credit checks are denied on or after March 29th, 2015 and then approved with an endorser, must complete a PLUS Counseling before the Direct PLUS Loan can be disbursed.  The U.S. Department of Education will notify the borrower about the PLUS Counseling instructions**.

  • If we do not receive an update for a credit approval within 3- 4 weeks, the additional Federal Direct Unsubsidized Stafford loan will automatically be offered to the student, in which the student may choose to accept, reduce, or decline the loan through the myUCF View Financial Aid “Accept/Decline Awards.” 

I want to appeal the credit decision*

  • Choose this option if you believe the credit check is inaccurate or you can provide updated information about extenuating circumstances.

  • Parents should notify the SFA Loan Department in order for the PLUS loan to be awarded if your appeal has been approved.
  • Borrowers whose Direct PLUS Loan credit checks are denied on or after March 29th, 2015 and then approved through a credit appeal, must complete a PLUS Counseling before the Direct PLUS Loan can be disbursed.  The U.S. Department of Education will notify the borrower about the PLUS Counseling instructions**.

  • If we do not receive an update for a credit approval within 3- 4 weeks, the additional Federal Direct Unsubsidized Stafford loan will automatically be offered to the student, in which the student may choose to accept, reduce, or decline the loan through the myUCF View Financial Aid “Accept/Decline Awards.” 

* For instructions on how to appeal or how to reapply using an endorser, please contact the Department of Education’s Applicant Services at 1-800-557-7394.  If the PLUS credit decision is approved after the parent appeals or reapplies with an endorser, the student is no longer eligible to receive the additional Unsubsidized Stafford loan.  

** PLUS Counseling is required if the U.S. Department of Education has informed you that you have an adverse credit history and you have obtained an endorser or documented to the satisfaction of the U.S. Department of Education that there are extenuating circumstances related to your adverse credit history.

PLUS Counseling can be completed voluntarily at any time. If PLUS Counseling is completed voluntarily and you are determined to have an adverse credit history by the U.S. Department of Education within 30 days of PLUS Counseling completion, your PLUS Counseling requirement will be considered to be fulfilled.

  • The Department of Education will email the borrower instructions on how to complete the PLUS Counseling.  However, borrowers may also access the PLUS Counseling after they login to the www.StudentLoans.gov website:

  • Then, borrowers must select PLUS Counseling from the menu.

  • Borrowers may then specifiy the type of PLUS counseling (Parent or Grad PLUS) and continue to complete the counseling:


Disbursement of Loan

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  How to Apply
  Disbursement of Loan
  Parent PLUS Loan Denials
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