How long does a Direct PLUS loan application take to process?

How long does processing take? Due to the value of PLUS applications at peak times (particularly summer and the start of the Fall term), PLUS loans can take 4 weeks for processing and for the loan to be posted on the student's financial aid summary.

What are the requirements for borrowing a Direct PLUS loan?

To qualify for a Grad PLUS loan, you must meet three criteria: Be enrolled at least half-time at an eligible school in a graduate or professional program. Pass a credit check. ... Meet the general eligibility requirements for federal student aid .

How long does it take direct loan application to be approved?

How long does USDA loan approval take? Depending on your situation, USDA loan approval can take several weeks to over a month generally, 30-60 days. Your loan officer should be able to give you a ballpark time frame.

How do I know if my Direct PLUS loan was approved?

You have successfully submitted a Direct PLUS Loan request and your credit has been approved. You will receive a confirmation email shortly. The school you selected will be notified within the next 24 hours.

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Directly from the Department of Education. The Parent PLUS Loan is available to parents of dependent, undergraduate students who are matriculated in a degree program and enrolled in at least six (6) credits. Parent borrower must not have adverse credit history to participate in this program. Parents of dependent students may borrow up to the cost of attendance minus any other aid through this credit-based loan program each academic year. Only one parent can borrow (per application) through this.

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