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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 of dependent students.

  • 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 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.


Federal Direct Parent PLUS Loan

How to Apply

  1. File the FAFSA with your son/daughter.

  2. The U.S. Department of Education will conduct a credit check which is valid for only 90 days.  Do not apply more than 90 days before the start of fall semester to avoid credit expiration.

    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.

  3. To complete the Federal Direct Parent PLUS loan application, visit the Direct Loan Web site. You must sign in using the same PIN number that was assigned to you to access your FAFSA. If you do not remember your PIN, you may request a duplicate from the Official PIN site.

    NOTE:  On Section 2 of the Parent PLUS Loan application, you must select the appropriate Award Year that corresponds with the loan period for which you are applying.  If the Award Year does not correspond to the appropriate Loan Period dates, your loan will not be awarded. 

    Current Year

    Loan Period

    Start Date

    End Date

    Award Year

    Summer 2014 5/12/14 8/1/14 2013-2014


    Upcoming Year

    Loan Period

    Start Date

    End Date

    Award Year

    Fall Only 2014 8/18/14 12/9/14 2014-2015
    Fall 2014 &
    Spring 2015
    8/18/14 5/5/15 2014-2015
    Spring Only 2015 1/12/15 5/5/15 2014-2015



  4. Complete the online Parent PLUS Master Promissory Note

    If this is your first time borrowing a Parent PLUS loan at UCF,

    OR

    If you had an endorser on your previous loan.

  5. The U.S. Department of Education will conduct a credit check which is valid for only 90 days.  Do not apply more than 90 days before the start of fall semester to avoid credit expiration

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

Current Year

Loan Period

Adjustment / Reinstatement Deadline

Award Year

Summer 2014 7/18/14 2013-2014


Upcoming Year

Loan Period

Adjustment / Reinstatement Deadline

Award Year

Fall 2014 11/14/14 2014-2015
Spring 2015 4/11/14 2014-2015

 


Disbursement of Loan

  • All awards are subject to change if corrections to your financial aid package are required.
  • Students must be enrolled and attending at least half-time at UCF in UCF classes at time of disbursement.
  • Disbursement of financial aid will begin the week following Drop/Swap & Add and continue each week throughout the semester for borrowers who complete and meet all eligibility requirements.
     
  • Once funds are disbursed to the Office of Student Accounts, they will post the disbursement record to the myUCF View My Account.  Charges appearing on the student’s fee invoice will be deducted at that time.  
       
  • Any remaining amount of financial aid will be processed as a refund to the parent using the parent’s address that was entered on the Federal Direct Parent PLUS Loan Application. 

  • If charges remain on the student’s account after disbursements, or if subsequent charges are made to the student’s account, it is the student’s responsibility to pay for them.  To track the awards that have not disbursed, students may view the information on myUCF Student Self Service.

  • Note that not all financial aid awards disburse at the same time in all cases. 

  • If your mailing address changed and you requested the post office to forward your mail to the new address, please allow at least 14 days to receive the refund check.

  • If you have not received the check in 14 days:

  • All awards are subject to change if corrections to the student’s financial aid package are required.


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 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.

    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.

    • 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.

  • 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.” 
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.

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.  

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  Eligibility Criteria
  How to Apply
  Disbursement of Loan
  Parent PLUS Loan Denials
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