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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%.

First time Parent PLUS Loan borrowers, must complete the following steps:

1. Parent will complete the PLUS Loan application and Master Promissory Note (MPN) by clicking here.

  • You will log in using your name, Social Security Number, Date of Birth, and Federal Student Aid PIN.

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 return to the Financial Aid Office. The form can be faxed, scanned, or emailed to the contact information on form.)

If denied due to adverse credit, the Department of Education will give you instructions on how to apply for the loan with a cosigner. If you are unable to reapply with a cosigner, the student may be eligible to borrow additional Unsubsidized Stafford loan funds. If the student wishes to borrow the additional Unsubsidized Stafford loan, they will need to fill out the following loan request: Unsubsidized Stafford Loan Request Form. For additional information on how to obtain a cosigner addendum, please visit http://studentloans.gov.


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

1. Complete the PLUS Loan application by clicking here. (If it has been more than 90 days since your credit was run for your previous PLUS loan, you will also need to complete a new credit check online).

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, scanned, or emailed to the contact information on form.)

If denied due to adverse credit, the Department of Education will give you instructions on how to apply for the loan with a cosigner. If you are unable to reapply with a cosigner, the student may be eligible to borrow additional Unsubsidized Stafford loan funds. If the student wishes to borrow the additional Unsubsidized Stafford loan, they will need to fill out the following loan request: Unsubsidized Stafford Loan Request Form. For additional information on how to obtain a cosigner addendum, please visit http://studentloans.gov.

 


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: http://www.nslds.ed.gov


For additional information on the repayment process click here.

For a loan repayment calculator, click here

 
 

 

 

 

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