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 8.05% for the 2023-2024 award year. |
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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
1886 W. 50th St.
Marion, IN 46953
1-866-498-4968
765-677-2516
Fax: 765-677-2030
IWUfinaid@indwes.edu
FAFSA Code: 001822
Free Application for Federal Student Aid