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Federal Parent PLUS Loan

The Federal Parent PLUS loan is available to parents of a dependent, undergraduate student who is enrolled at least half time (6 credit hours per semester) at Clarke University. As a parent, you can apply for a Parent PLUS loan if you are the dependent student's biological or adoptive mother or father, or the spouse of the student's custodial parent. Federal guidelines prohibit processing of Parent PLUS loan applications past the last date of attendance of the student for each semester.  

Currently, the Parent PLUS Loan has a fixed interest rate of 7.21% and an origination fee of 4.288%.  Interest subject to change to 6.84% July 1st. 

NEW PARENT PLUS LOAN BORROWERS

New Parent PLUS Loan borrowers, must complete the following steps:

1.) Go to: https://studentloans.gov 

  • Log In (May need to create new FSA ID)
  • Request a Direct PLUS Loan
    • Select Parent PLUS 
    • Complete loan application and credit check
      (Completion notification will be sent to Financial Aid electronically)
  • Complete a Master Promissory Note
    • Parent PLUS
      (Completion notification will be sent to Financial Aid electronically)

If denied due to adverse credit:

The Department of Education will give you instructions on how to apply for the loan with an endorser. For additional information on how to obtain an endorser addendum, please visit: https://studentloans.gov .  

If you are unable to reapply with an endorser, the student may be eligible to borrow additional Unsubsidized Direct loan funds. If the student wishes to borrow the additional Unsubsidized Direct loan, they will need to fill out the following loan request: Unsubsidized Direct Loan Request Form.  

Skip step #2 if credit is credit is denied.  

2.) Complete the PLUS Loan Authorization form for each academic period. We suggest to complete the request for the full year to simplify the loan process. By doing so, your credit will only be run once.  

Click here 
to download the authorization form. (The Authorization form needs to be returned to the Financial Aid Office. The form can be faxed or scanned and emailed to the contact information on form.) 

RETURNING PARENT PLUS LOAN BORROWERS:  

Returning Parent PLUS Loan borrowers, must complete the following steps: 

1.)  Go to:  https://studentloans.gov

  • Log In (May need to create new FSA ID)
  • Request a Direct PLUS Loan
    • Select Parent PLUS 
    • Complete loan application and credit check
      (Completion notification will be sent to Financial Aid electronically)

If denied due to adverse credit:

The Department of Education will give you instructions on how to apply for the loan with an endorser. For additional information on how to obtain an endorser addendum, please visit: https://studentloans.gov.  

If you are unable to reapply with an endorser, the student may be eligible to borrow additional Unsubsidized Direct loan funds. If the student wishes to borrow the additional Unsubsidized Direct loan, they will need to fill out the following loan request: Unsubsidized Direct Loan Request Form.  

Skip step #2 if credit is denied. 

2.) Complete the PLUS Loan Authorization form for each academic period. We suggest to complete the request for the full year to simplify the loan process. By doing so, your credit will only be run once.  

Click here
 to download the authorization form. (The Authorization form needs to be returned to the Financial Aid Office. The form can be faxed or scanned and emailed to the contact information on form.)

 

You may contact your loan servicer to request a deferment while you or your child are enrolled at least half-time and for an additional six months after your child is no longer enrolled at least half-time. If you choose to defer your loan, interest will accrue on the loan during the deferment. You may choose to pay the accrued interest or allow the interest to capitalize when the deferment period ends. Your loan servicer will notify you when your first payment is due. Loan servicer information can be found online: https://www.nslds.ed.gov

For additional information on the repayment process click here.

For a loan repayment calculator, click here

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