The Federal Parent PLUS loan is eligible for 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 could 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.
The Parent PLUS loan will enter repayment 60 days after the loan is fully disbursed and payments will be made on a monthly basis. A six month payment deferment is possible under certain instances, such as unemployment or an economic harship, but borrowers must apply for the deferment with the Department of Education. If a deferment is granted borrowers are required to make quarterly interest payments. A credit check is associated with the Parent PLUS loan application process.
To apply for a Parent PLUS loan:
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Complete the PLUS Loan Request documents and Master Promissory Note (MPN) by clicking here. Parents are to log in using their Social Security Number, Date of Birth, name, and Federal Student Aid PIN (If the application is denied, please skip step 2 and proceed to step 3).
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Complete a Parent PLUS Authorization Form and return to the Financial Aid office. Click here to download this form.
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If a parent is denied due to adverse credit, the dependent student may be eligible to borrow additional unsubsidized Stafford loan funds. If the dependent student wishes to borrow the Unsubsidized Stafford loan, please download the
Unsubsidized Stafford Loan Request Form.
If the parent applicant is denied a Parent PLUS loan the amount of Unsubsidized Stafford loan funds that the student may be eligible to borrow in this circumstance is dependent on that student's grade level at Clarke University. See the information below to determine an exact amount:
Completed credit hours
|
Maximum Unsubsidized Stafford loan amount
|
0-59
|
$4,000 for the academic year ($2,000 per semester);
up to the cost of attendance |
60+
|
$5,000 for the academic year ($2,500 per semester);
up to the cost of attendance |
Note: All financial assistance is restricted to the cost of attendance for the program of study for which you are enrolled at Clarke University. These loan maximums are subject to this regulation. |