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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.

Please Note:  The Parent PLUS Loan will stay in the parent’s name for the life of the loan. 

Please click here for current loan interest rates and loan origination fees.

 

PLEASE NOTE: 

Parents can not be in default status on their federal loans.  The Financial Aid Office will verify this after the application is sent to the school so even if approved through the Department of Education, will not be eligible.

 

 

NEW PARENT PLUS LOAN BORROWERS

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

  1. Go to: https://studentaid.gov
  2. Log In with Parent FSA ID
  3. Click on Parent Borrowers
  4. Apply for a PLUS Loan
    • Please select the desired loan period.  It will automatically default for the full year (fall/spring) if not changed.
    • If not properly updated, a new loan application will be requested.
  5. Complete Loan Agreement for a PLUS Loan (MPN)

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://studentaid.gov.

Click here for an additional checklist for endorsed Parent PLUS Loans.

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.

For most students, the additional Unsubsidized Loan is not enough to cover the remaining balance so another form of payment in many cases is needed.  Clarke University offers payment plans which can be setup via the student’s myinfo portal once the student is billed for each semester.   Another payment option is the private loan with a credit-worthy cosigner.  This is a loan in the student’s name and in most cases, a cosigner is needed to fulfill the income requirement with the lender.  You can refer to our preferred lending list for additional guidance and application info:  www.clarke.edu/privateloans

Loan Repayment Information

Loan Repayment Calculator

 

 

RETURNING PARENT PLUS LOAN BORROWERS

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

  1. Go to: https://studentaid.gov
  2. Log In with Parent FSA ID
  3. Click on Parent Borrowers
  4. Apply for a PLUS Loan
    • Please select the desired loan period.  It will automatically default for the full year (fall/spring) if not changed.
    • If not properly updated, a new loan application will be requested.

 

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://studentaid.gov.

Click here for an additional checklist for endorsed Parent PLUS Loans.

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.

For most students, the additional Unsubsidized Loan is not enough to cover the remaining balance so another form of payment in many cases is needed.  Clarke University offers payment plans which can be setup via the student’s myinfo portal once the student is billed for each semester.   Another payment option is the private loan with a credit-worthy cosigner.  This is a loan in the student’s name and in most cases, a cosigner is needed to fulfill the income requirement with the lender.  You can refer to our preferred lending list for additional guidance and application info:  www.clarke.edu/privateloans

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://nslds.ed.gov.

 

Loan Repayment Information

Loan Repayment Calculator