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 6.41%.
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 before it is applied to the student's account, for loans with first disbursements on or after 12/1/13.
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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Contact Info

Indiana Wesleyan University

Financial Aid Office

4201 S. Washington St.
Marion, IN 46953
866-468-6498
765-677-2116
Fax: 765-677-2809
finaid@indwes.edu

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