The Parent PLUS Loan is available to parents of dependent, undergraduate students who are matriculated in a degree program and enrolled in at least six (6) credits. Parent must not have adverse credit history to participate in this program. Parents of dependent students may borrow up to the cost of attendance minus any other aid through this credit-based loan program each academic year. Only one parent can borrow (per application) through this loan program.
PLUS Loan Application
Parents interested in borrowing through the Direct PLUS Loan program must complete an application by visiting www.studentaid.gov. The application for the 2022-2023 academic year is now available. You will need your FSA ID and password to enter the site and a valid FAFSA for the student will need to be on file with the school. The parent borrower will receive an instant credit decision, and credit decisions are valid for 180 days from the initial decision date.
Sign your Master Promissory Note (MPN)
If approved for a Parent PLUS you must complete a PLUS Master Promissory Note (MPN). You may complete your MPN by visiting www.studentaid.gov. You will need your FSA ID to complete the MPN online. The Master Promissory Note is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s). The MPN is valid for up to 10 years.
If the PLUS application is denied, a borrower has three options.
Request a review of credit check due to inaccurate information on your credit report. Contact the Direct Loan Servicer at 1-800-557-7394 and complete a PLUS Counseling session.
Provide an endorser. The endorser must pass a credit check and sign a promissory note. Contact the Direct Loan Servicer at 1-800-557-7394 and complete a PLUS Counseling session.
Not pursue the PLUS loan. No further action.
Direct Parent PLUS Loans: If the first disbursement of your loan is between July 1, 2022 and June 30, 2023 and the interest rate of the loan is 7.54% and will be fixed.
There is a loan fee on all Direct Parent PLUS Loans. The loan fee is a percentage of the amount for loans disbursed on or after October 1, 2022 and before October 1, 2023. The Department of Education will release the 2022-2023 origination fee for this loan soon. Ithaca College will deduct the loan fee proportionately from each loan disbursement. The specific loan fee that you are charged will be reflected in a disclosure statement that Ithaca College will send to you.