UW Colleges Financial Aid
Direct Parent PLUS Loan
Application Process
Fall 2011-Spring 2012
Fall 2012-Spring 2013
New! All Federal Direct Loans disbursed on/after July 1, 2012 will have
an increased Origination Fee.
The Budget Control Act of 2011, signed into law on
August 2, 2011, eliminated the upfront rebate for all Federal Direct Loans. Starting July 1, 2012, Federal Direct Parent PLUS Loan
disbursements will have a 4% origination fee.
Fall 2011 - Spring 2012
The Federal Direct Parent Loan for Undergraduate Students or PLUS Loan is available to parents of Dependent students. For information visit the Dependency Status page.
PLUS eligibility requirements include, beyond the student's meeting general eligibility requirements for federal student financial aid:
- the student must be degree seeking and enrolled for at least 6 credits per semester/term.
- the student must be meeting Satisfactory Academic Progress.
- both the student and parent must be U.S. citizens or eligible noncitizens.
- the student or parent cannot be in default on a federal student loan or owe a refund on any federal student aid program.
- if the student officially withdraws from all classes before completing 60% of a term/semester or stops attending all classes (otherwise unofficially withdraws), this may result in your owing a repayment for unearned Direct PLUS Loan monies to UW Colleges.
The parent PLUS borrower will be subjected to a credit check conducted by the US Department of Education as part of the application process. If approved, the PLUS Loan proceeds (less a 2.5% net loan fee) will be applied to the student's UW Colleges account toward tuition, fees, etc. Any remaining PLUS funds will be mailed to the parent borrower.
PLUS Loan disbursements will be made in line with the period of the loan: one disbursement each for both fall and spring if for the academic year or one disbursement if for summer, fall, or spring only. If requesting an additional PLUS Loan for the same award year, the credit check process may not have to be repeated if the original credit approval still is active.
Interest begins to accrue upon disbursement and repayment of principal and interest begins within 60 days of the loan being fully disbursed for the corresponding award period. The fixed interest rate for PLUS Loans will not exceed 7.9%. More detailed information as to the terms of the loan, fees, and repayment options will be provided by the U.S. Department of Education.
If the PLUS application is not approved for credit, the parent might still be able to receive a Direct PLUS Loan (working with the U.S. Department of Education) if it can be demonstrated that extenuating circumstances exist or if someone else who can pass the credit check agrees to endorse the loan and promises to repay it if the parent fails to do so. With a PLUS denial for credit, the student then may be eligible for additional Direct Unsubsidized Loan funds. The student must request the additional Direct Unsubsidized Loan from the UW Colleges Student Financial Aid Office by completing a 2011-2012 Academic Year Federal Direct Student Loan Request Form.
Submission of the FAFSA is required to apply for the PLUS.
The maximum Direct PLUS Loan that may be awarded is:
Student's Cost of Attendance
- (minus) All other aid that the student receives
= Maximum Direct PLUS Loan amount
|
Fall 2011/Spring 2012 |
Fall 2011 only or |
||||
Cost Of Attendance |
Full time* >=12 credits |
¾ time* 9-11 credits |
Half time* 6-8 credits |
Full time >=12 credits |
¾ time 9-11 credits |
Half time 6-8 credits |
living w/ parents |
$12,950 |
$11,860 |
$10,420 |
$6,475 |
$5,930 |
$5,210 |
living on own |
$17,760 |
$16,670 |
$15,230 |
$8,880 |
$8,335 |
$7,615 |
*Credit load is per semester, not the combined total for the Academic Year. Summer Costs will vary depending on sessions. Please check with campus.
Apply for a Direct Parent PLUS Loan by completing the 2011-2012 Parent PLUS Loan Request Form
Fall 2012 - Spring 2013
The Federal Direct Parent Loan for Undergraduate Students or PLUS Loan is available to parents of Dependent students. For information visit the Dependency Status page.
PLUS eligibility requirements include, beyond the student's meeting general eligibility requirements for federal student financial aid:
- the student must be degree seeking and enrolled for at least 6 credits per semester/term.
- the student must be meeting Satisfactory Academic Progress.
- both the student and parent must be U.S. citizens or eligible noncitizens.
- the student or parent cannot be in default on a federal student loan or owe a refund on any federal student aid program.
- if the student officially withdraws from all classes before completing 60% of a term/semester or stops attending all classes (otherwise unofficially withdraws), this may result in your owing a repayment for unearned Direct PLUS Loan monies to UW Colleges.
The parent PLUS borrower will be subjected to a credit check conducted by the US Department of Education as part of the application process. If approved, the PLUS Loan proceeds (less a 4.0% net loan fee) will be applied to the student's UW Colleges account toward tuition, fees, etc. Any remaining PLUS funds will be mailed to the parent borrower.
PLUS Loan disbursements will be made in line with the period of the loan: one disbursement each for both fall and spring if for the academic year or one disbursement if for summer, fall, or spring only. If requesting an additional PLUS Loan for the same award year, the credit check process may not have to be repeated if the original credit approval still is active.
Interest begins to accrue upon disbursement and repayment of principal and interest begins within 60 days of the loan being fully disbursed for the corresponding award period. The fixed interest rate for PLUS Loans will not exceed 7.9%. More detailed information as to the terms of the loan, fees, and repayment options will be provided by the U.S. Department of Education.
If the PLUS application is not approved for credit, the parent might still be able to receive a Direct PLUS Loan (working with the U.S. Department of Education) if it can be demonstrated that extenuating circumstances exist or if someone else who can pass the credit check agrees to endorse the loan and promises to repay it if the parent fails to do so. With a PLUS denial for credit, the student then may be eligible for additional Direct Unsubsidized Loan funds. The student must request the additional Direct Unsubsidized Loan from the UW Colleges Student Financial Aid Office by completing a 2012-2013 Academic Year Federal Direct Student Loan Request Form.
Submission of the FAFSA is required to apply for the PLUS.
The maximum Direct PLUS Loan that may be awarded is:
Student's Cost of Attendance
- (minus) All other aid that the student receives
= Maximum Direct PLUS Loan amount
|
Fall 2012/Spring 2013 |
Fall 2012 only or |
||||
Cost Of Attendance |
Full time* >=12 credits |
¾ time* 9-11 credits |
Half time* 6-8 credits |
Full time >=12 credits |
¾ time 9-11 credits |
Half time 6-8 credits |
living w/ parents |
$13,630 |
$12,470 |
$10,960 |
$6,815 |
$6,235 |
$5,480 |
living on own |
$18,590 |
$17,430 |
$15,920 |
$9,295 |
$8,715 |
$7,960 |
*Credit load is per semester, not the combined total for the Academic Year. Summer Costs will vary depending on sessions. Please check with campus.
Apply for a Direct Parent PLUS Loan by completing the 2012-2013 Parent PLUS Loan Request Form