Parent Pre-Approval And Acceptance Form For Federal Direct Plus Loan Processing printable pdf download

Office of Financial Aid

130 Student Union

2017-2018

3640 Colonel Glenn Hwy.

Dayton, OH 45435-0001

Federal Direct

Phone: (937) 775-4000

FAX: (937) 775-4410

Parent PLUS Loan

raiderconnect@wright.edu

The Federal Direct Parent PLUS Loan (PLUS Loan) is a low interest loan (6.31% fixed) that a parent may borrow to help meet their

undergraduate student’s educational expenses.

To qualify, the parent applicant must:



Be a U.S. citizen or eligible non-citizen (see page 2 for required documentation)



Be the student’s biological or adoptive parent; or be the student’s stepparent that was included on the Free Application for Federal Student Aid

(FAFSA)



Be deemed creditworthy (or apply with a creditworthy endorser)



Meet other requirements found at

Repayment begins 60 days after the loan is fully disbursed. Payments may be deferred if the student is enrolled at least half-time, though interest will continue

to accrue during deferment. Additional loan details, including loan fees, can be found online at .

HOW TO APPLY

The PLUS Loan does not appear on the student’s Award Notice. To apply, there are three (3) steps for the family to complete:

1. The student files his/her 2017-2018 Free Application for Federal Student Aid (FAFSA) at

2. The parent completes and returns the 2017-2018 Parent Pre-Approval and Acceptance Form for Federal Direct PLUS Loan Processing (see

Page 2) to Raider Connect by mail, fax, or e-mail.

3. The parent completes a PLUS Loan Master Promissory Note (MPN) at The parent applicant will need an FSA ID in order to

access the MPN. Parent may request an FSA ID at https://fsaid.ed.gov.

CREDIT REVIEWS

In order to process a Parent PLUS Loan, the parent applicant must pass a credit check. Credit decisions are valid for 180 days; therefore the Office of

Financial Aid will conduct credit checks no sooner than 180 days prior to the student’s start date.

OPTIONS IF DENIED CREDIT

If the Parent PLUS loan applicant does not pass the credit check, there are three (3) options available:

1. The parent applicant may obtain a creditworthy endorser. The endorser will need to pass the credit check, agree to endorse the Master Promissory Note

(MPN), and agree to repay the loan if the parent would fail to do so. If the parent wants to pursue an endorser, check the Endorser/ Extenuating

Circumstance box under Option 2. Information about how to proceed with this option will be included in a letter mailed to the address indicated on this

application after the credit decision is made.

2. The parent applicant may contact the Student Loan Support Center at 1-800-557-7394 or log into StudentLoans.gov to document their extenuating

circumstances with the Department of Education to appeal the credit decision. If the parent wants to appeal the credit decision, check the

Endorser/Extenuating Circumstance box under Option 2. Information about how to proceed with this option will be included in a letter mailed to the

address indicated on this application after the credit decision is made.

3. The student may be awarded a Federal Direct Unsubsidized Stafford loan. The additional loan eligibility will be offered to the student automatically if the

Parent PLUS Loan is credit denied and the parent does not check the Endorser/Extenuating Circumstance box under Option 2.

We’re here to help! If you have any questions, please contact Raider Connect at (937) 775-4000 or by e-mail at raiderconnect@wright.edu.

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