Get Unca Student Parent Plus Loan Form

Applying for and getting approved for the Federal Parent PLUS Loan is not like the typical loan application process. Eligibility does not depend on your credit score, income, or debt-to-income ratios or debt-service-to-income ratios. It's also not based on other types of debt that you may have.

Eligibility for Federal Parent PLUS Loans Dependent student must be making satisfactory academic progress, such as maintaining at least a 2.0 GPA on a 4.0 scale in college. Parent and dependent student aren't in default on a federal student loan or grant overpayment.

To be eligible for a Direct PLUS Loan for parents, you must be a biological or adoptive parent (or in some cases a stepparent), not have an adverse credit history, and meet the general eligibility requirements for federal student aid (which the child must meet as well).

Direct PLUS Loans are federal loans that parents of dependent undergraduate students can use to help pay for college or career school. PLUS loans can help pay for education expenses not covered by other financial aid.

Although the credit requirements for parent PLUS loans are less rigorous than those of private student loan lenders, your application may be denied because of your adverse credit history. However, there might be steps you can take to qualify for a PLUS loan.

If you're a parent or graduate student seeking a Direct PLUS Loan, one of the requirements to qualify is that you must not have an adverse credit history. If your application is denied because of an adverse credit history, don't give up. You still have options.

You must complete a Direct PLUS Application for each year you wish to receive a parent PLUS loan.

The PLUS Loan Application allows you (the parent) to: request a Direct PLUS Loan; change the amount of a Direct PLUS Loan you previously requested; authorize how the school may use your Direct PLUS Loan funds to pay for educational expenses; designate who the school pays any credit balance to; and.