Federal Direct Parent Plus Loan

A dependent student's parents, or legal guardians can apply for a Federal Direct Parent Plus loan to finance the Students education up to their Cost of Attendance. This means that for a student that does not receive aid to cover their whole budgeted amount, the difference can be covered. 

In order to apply for a Parent PLUS loan, the student must have a FAFSA on file. A credit check is required for the loan. This loan is taken out in the parents name and the student has no obligation for its repayment. 

Students who's parents are denied a parent Plus loan, may be eligible for additional amounts in unsubsidized loans.

• Origination fee of 4.228%
• Fixed interest rate of 6.28%   (Disbursed on or After July 1, 2021 and Before July 1, 2022)  
• Payment may start 60 days after disbursement for a 10 year period.
• Deferment is possible (accruing interest) until 6 months after the student graduates or ceases to enroll in more than half-time (at least 6 credit hours).
• Interest only payments available during deferment

Parents must also complete Entrance Counseling and Master Promissory Note, if approved at studentaid.gov

How to Apply

Parents or Legal Guardians can apply and complete a credit check by logging onto studentaid.gov and log on using their FSA ID. From here you will be required to complete the Entrance Counseling and Master Promissory Note before Purdue Fort Wayne can post your loan.

Additional Denial Eligibility 

If a parent or legal guardian is denied a Parent Plus Loan based on their credit score than the student can be eligible for additional unsubsidized loans.

Class Level	Base Amount (Original Subsidized and Unsubsidized Eligibility)	Additional Unsubsidized
Freshmen  (0-29 credits):	$5500	$4000
Sophomores (30-59 credits):	$6500	$4000
Juniors & Seniors (60+ credits):	$7500	$5000

The base amounts are still subject to annual limits for dependents, but it does not include the additional unsubsidized loans from the denials.