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 6.31% (7.00% beginning 7/1/17).
Award amounts: Parents may borrow up to the student's full Cost of Attendance minus all other aid
Application process: The student must have filed a year-appropriate FAFSA and all associated paperwork to complete the financial aid file. The borrowing parent must have completed a Direct Parent PLUS Loan Request and credit check and Parent PLUS Master Promissory Note. Apply on the Federal Student Aid website.
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: The loan enters repayment once it has been fully disbursed, but the parent borrower may contact the loan servicer to request a deferment while the borrower or the student are enrolled at least half-time and for an additional six months after the student ceases at least half-time enrollment
Renewal requirements: All application items, except for the Parent PLUS Master Promissory Note, must be completed annually.
EFC eligibility requirements: All
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 education related expense

Contact Info

Indiana Wesleyan University

Financial Aid Office
1900 W. 50th St.
Marion, IN 46953
800-621-8667, ext. 2516
Fax: 765-677-2030

Financial Aid Estimator

FAFSA Code: 001822

Free Application for Federal Student Aid

Last updated: 05/17/2017