Q:

What is involved in the application of a Parent PLUS Loan?

A:

Quick Answer

Parents can apply for a Parent PLUS Loan by completing an online request on the Federal Student Aid website and signing a master promissory note, states the University of California, Merced. The student must first complete the Free Application for Federal Student Aid, or FAFSA, before the parent can apply.

Continue Reading
What is involved in the application of a Parent PLUS Loan?
Credit: Hero Images Hero Images Getty Images

Full Answer

Parent's need their own federal student aid PIN number, which they can obtain by completing an application on the Federal Student Aid PIN website, notes StudentLoans.gov. Using the PIN, parents log in to the website and begin the application for the loan. The application requests the student's information and school and the parent's personal and employment information.

Only one parent may apply for the loan and the same parent must sign a master promissory note with the Department of Education, explains the University of California, Merced. The parent must enter his Social Security number and provide a copy of his driver's license and the names and contact information of two personal references.

The Department of Education makes Parent PLUS Loan decisions based on the parent's credit report, according to the University of California, Merced. The amount of the loan is based on the student's initial award package from information gathered in the FAFSA. Parents with poor credit may qualify for the loan with a co-signer.

Learn more about Credit & Lending

Related Questions

Explore