WHAT IS THEPARENT PLUS LOAN?

• The Federal Parent PLUS Loan allows a parent to borrow on behalf of their dependent student.

• Repayment of principal and interest begins 60 days after the loan is fully disbursed.

• The parent is eligible for deferment of payments if the student is attending classes at least half-time (6 credits).

WHO IS ELIGIBLE?A biological parent or step-parent qualifies. It does not have to be the same parent listed on the student’s FAFSA.

The Parent PLUS Loan helps cover college expenses by allowing parents to borrow on behalf of their students.

umflint.edu/finaid/loans

FOR MORE INFORMATION

OFFICE OF FINANCIAL AID277 University Pavilion303 E. Kearsley Street

Flint, MI 48502

(810) 762-3444facebook.com/umflintfinaid

@umflintfinaidumflint.edu/financialaid

©2020 by the Regents of the University of Michigan

Regents of the University of Michigan: Jordan B. Acker, Michael J. Behm, Mark J. Bernstein, Paul W. Brown,

Shauna Ryder Diggs, Denise Ilitch, Ron Weiser, Katherine E. White, Mark S. Schlissel (ex officio)

A Non-discriminatory, Affirmative Action Employer

PARENT PLUS LOAN

WHEN DO I BEGIN REPAYMENT?

• Once the PLUS Loan is fully disbursed

OR• Six months after your student graduates,

leaves school, or drops below half-time (6 credits)

WHAT IF I AM DENIED?

SEEK A CREDIT APPEAL• If you are able to demonstrate that the credit

check is incorrect or was corrected, or if you can demonstrate extenuating circumstances regarding your credit history, you may be able to be approved.

• Log in to studentaid.gov and select “Appeal Credit Decision” to request this appeal.

OBTAIN AN ENDORSER • An endorser is someone who does not have an

adverse credit history and agrees to repay the PLUS Loan if the borrower cannot.

• Have the endorser log in to studentaid.gov and select “Complete an Endorser Addendum.”

Note: If the parent is approved due to an approved appeal or endorser, they must also complete Plus Credit Counseling.

HOW DO I APPLY?

u Ensure your student has completed a FAFSA for the current aid year—go to studentaid.gov to complete an application

v Go to studentaid.gov and click “Log In”

w Log in with YOUR credentials, not your student’s (if you do not have an FSA ID, visit fsaid.ed.gov to create one)

x Scroll down and select the “Parent” tab

y Click “Apply for Parent PLUS Loan”

U Click “START”

V Begin filling out the application by following the on-screen instructions

W The application concludes with a credit check—you will be notified of the results of the check immediately after submitting the application

X You—the parent—must fill out a Master Promissory Note (MPN) before your PLUS Loan will disburse

at Click “Complete a MPN”

ak Select “UNIVERSITY OF MICHIGAN-FLINT” as the school

al Review, sign, and submit

WHAT ELSE CAN I DOIF I AM DENIED?

FILE A NEW APPLICATION• Any other qualifying parent or step-parent willing

to apply for the PLUS Loan may apply as the PLUS borrower by following the aforementioned steps. The new parent borrower will then have to complete a Master Promissory Note (MPN) on the student loan website.

ACCEPT MORE LOANS • If you decide not to pursue the denial options,

your student will be offered additional Federal Unsubsidized Loan funding. This increase is $4,000 for freshmen and sophomores and $5,000 for juniors and seniors.