Parent PLUS Federal Direct Loan

Type of aid: Federal loan taken out by the parent on behalf of the student. The parent is responsible for repaying the loan. Interest is charged at a fixed rate of 7.21%
Award amounts: Parents may borrow up to the student's full cost of attendance minus all other aid
A loan fee of 4.288% is deducted by the lender before it is applied to the student's account. The loan fee becomes 4.292% on any loans with a first disbursement after 9/30/14
Application process: The student must file a FAFSA and all associated paperwork. The borrowing parent must submit an IWU Parent PLUS Federal Direct Loan Request Form and Parent PLUS Federal Direct Loan Master Promissory Note. Apply for a Parent PLUS Federal Direct Loan here.
Eligibility requirements: Must be the parent of a dependent student. The parent borrower must be determined credit-worthy by the lender, and the loan amount must fit within the estimated Cost of Attendance minus other aid.
Repayment: Repayment begins following the second disbursement
Renewal requirements: The Parent PLUS Federal Direct Loan Request Form and the FAFSA must be completed annually
EFC eligibility range: Open
Enrollment requirements: Half-time or more enrollment is required by the student for the parent to obtain these funds on behalf of the student
Grade-level eligibility: All grade levels for all undergraduate degree programs
Costs this aid can cover: Any educationally related expense

FAFSA Code: 001822

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