Federal Direct Parent Plus Loan
A dependent student's
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
Students
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
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 |
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.