Office of Student Financial Assistance

How do I apply for a Federal Direct Parent PLUS Loan?

Click here for instructions on how to apply for a Federal Direct PLUS Loan and important dates.

What happens if my PLUS Loan credit check gets denied?

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.

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

Do I have to complete a new Master Promissory Note for Federal Direct Loans if I already did one with my old lender?

If you have already completed a Master Promissory Note at UCF (without an endorser) you do not have to complete a new one.

However, if your loan required an endorser for credit approval, you must complete a new Master Promissory Note.

All new borrowers at UCF must complete a new Master Promissory Note.

How can I reduce or decline my Federal Direct Parent PLUS Loan?

You cannot reduce or decline your Federal Direct Parent PLUS Loan on myUCF.

Please complete the online Loan Adjustment Form from the Financial Aid Forms website.

How long will it take for my Federal Direct Parent PLUS Loan to process?

The time that it takes to process a loan is contingent upon your student meeting/completing all loan eligibility criteria.

Loan processing is also contingent upon the parent meeting/completing all loan eligibility criteria, including the following:

  1. Federal Direct PLUS Loan Application
  2. Master Promissory Note
  3. Approved Credit Check
  4. U.S. citizenship status or an eligible non-citizenship status as defined by the FAFSA

For details of the loan eligibility criteria, please visit the Federal PLUS Loan

How long will it take for my Federal Direct Parent PLUS Loans to disburse?

For information about loan disbursements, please visit our Disbursement of Financial Aid webpage.

Can the Federal Direct Parent PLUS Loan refund be disbursed directly to my son/daughter?

NO. The Federal Direct Parent PLUS Loan refund must be refunded to the parent, not to the student. The refund check will be mailed to the address you that you entered on the loan application.

My mailing address changed since I applied for the Federal Direct Parent PLUS Loan. How do I update the mailing address?

If 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:

How do I request deferred payments for my Federal Direct PLUS Loan?

Repayment can be deferred while the student is enrolled in school for at least half-time. Please refer to www.studentloans.gov for the process of requesting an in school deferment or call 1-800-557-7394.

Where can I return my Direct Loan refund that I received?

If you are returning your Direct Loan refund, contact your servicer for repayment options. To view your servicer’s contact information, please visit the National Student Loan Data System (NSLDS), www.nslds.ed.gov.