Federal Direct PLUS Loan (Parent)

Parents of dependent students may apply for a Direct PLUS Loan to help pay for their student’s education if certain eligibility requirements are met. To be eligible for a Direct PLUS Loan for parents:

• The student for whom the parent is borrowing the PLUS Loan must have filed a FAFSA.
• The parent borrower must be the student’s biological, adoptive, or stepparent.
• The student must be a dependent student who is enrolled at least half-time.
• The parent borrower must not have an adverse credit history. If the parent does not pass the credit check, the parent may still be able to borrow the loan if someone agrees to endorse the loan. The endorser promises to repay the loan if the parent borrower fails to do so.
• The student and parent must be U.S. citizens or eligible noncitizens, must not be in default on any federal education loan, or owe an overpayment on a federal educational grant, and must meet other general eligibility.

Parents may borrow up to the cost of attendance minus other financial aid received. The interest rate is fixed and is charged from the date of the first disbursement until the loan is paid in full. Interest rates will be determined on an annual basis; however, rates for the specific academic year borrowed will be fixed for the life of the loan. An origination fee is deducted proportionately each time a disbursement is made.

Complete the Federal Direct PLUS Application (annually to determine credit eligibility)

• Complete at: https://studentaid.gov/
• Sign in with parent FSA ID and password.

FOR FIRST TIME WARTBURG BORROWERS ONLY
Complete the Federal Direct PLUS Master Promissory Note (MPN) at:  https://studentaid.gov/

Parent Loan Process

Parents: Wartburg College participates in the William D. Ford Federal Direct Loan Program.  If you wish to borrow on behalf of your son or daughter in the federal Parent Loan for Undergraduate Students (PLUS) program please complete the following steps.

Step 1: All NEW and PREVIOUS parent borrowers will need to complete a PLUS loan application. The application process determines credit eligibility. You will be required to use your FSA ID . Complete the federal PLUS application.

FOR NEW BORROWERS ONLY: Step 2:  All NEW Parent borrowers need to complete an eMPN.  You will be required to use your federal FSA ID to complete the eMPN.

Loan Regulations
Wartburg College is required by federal regulations to comply with individual lender terms and cannot certify a loan for more than your eligibility as determined by the student cost of attendance minus any other available financial aid. Wartburg College does not participate in revenue-sharing practices, referral fee arrangements, or private loan application fee payments. Student borrowers of the William D. Ford Federal Direct Loan Program who are graduating, leaving school, or dropping below half-time enrollment are required to complete an Exit Counseling session.