A parent loan is a loan a student's parent may borrow to assist in paying for the student's educationally-related expenses. Parent loans must be repaid by the parent borrower.
The Federal Direct Parent Loan for Undergraduate Students is a federal loan that credit-worthy parents of dependent undergraduate students can borrow for their child's educational expenses. The Federal Direct Parent PLUS Loan is a form of aid that must be repaid by the parent borrower.
|Student Eligibility Requirements||The student must meet certain eligibility criteria in order to be eligible or maintain eligibility for Federal Student Aid.|
|Parent Eligibility Requirements||
Be a U.S. citizen or eligible non-citizen;
Be the student’s biological or adoptive parent; or be the student’s stepparent that was included on the Free Application for Federal Student Aid (FAFSA)
|How to Apply||
For loans with a first disbursement date on or after July 1, 2015, and before July 1, 2016:
For loans with a first disbursement date on or after July 1, 2014, and before July 1, 2015:
|Additional Loan Fees/Rebates||
For loans with a first disbursement date after October 1, 2015:
For loans with a first disbursement date after October 1, 2014 and before October 1, 2015:
The parent applicant must not have adverse credit history.
Beginning March 29, 2015, credit decisions are valid for 180 days; therefore the Office of Financial Aid will conduct credit checks no sooner than 180 days prior to the student’s start date.Please note: If any parent applicant is credit approved, then the student is not eligible for the additional Direct Stafford Loan funds. Credit decisions are valid for 180 days, therefore a credit check should be completed no sooner than 180 days prior the student's start date.
|Options if Denied Credit||
Additional Federal Direct Unsubsidized Stafford Loan
Obtain an Endorser
|Annual Loan Maximums||Cost less aid. For information on costs, visit our Tuition & Fees page.|
|Aggregate Loan Maximum||None|
|Enrollment Requirement||Student must be enrolled at least half-time (at least 6 undergraduate credit hours).|
|Disbursement||Visit the Important Dates page for Disbursement Dates. Funds are applied directly to the student’s account. If the student’s account is paid in full and financial aid funds remain, the Office of the Bursar will issue the remaining funds to the student in the form of a refund.|
|Grace Period||None. Repayment begins within 60 days after the loan is fully disbursed.|
|Minimum Monthly Payment||$50|
|Maximum Repayment Period||10 to 25 years depending upon your repayment plan. Visit the Federal Student Aid Loan Repayment website for more information.|
A Federal Direct Parent PLUS Loan borrower may receive a deferment while the student is enrolled on at least a half-time basis. Deferment/forbearance may be available under other circumstances. Visit studentloans.gov for more information.
|Federal Loan Consolidation||Available under certain circumstances. Visit the studentloans.gov for more information.|
Right to Cancel A Loan
Once you, the parent borrower, turn in the Parent Pre-approval and Acceptance Form for Federal Direct PLUS Loan Processing you have the right to cancel or reduce the amount that you accepted. If you want to cancel or reduce the amount of loan funds accepted, contact Raider Connect.
Wright State University shall honor your request to cancel or reduce the loan if we receive your request (1) prior to you receiving a refund check from the Office of the Bursar or (2) after receiving your refund check, you request to return the entire loan disbursement. Otherwise, any portion of the loan that was refunded to you is your responsibility to return to your loan servicer. For assistance in returning loan funds refunded to you, please contact Raider Connect.
Notice to Nonresident Students Applying for Ohio Residency
If your parent is not an Ohio resident and borrows a Federal Direct Parent PLUS Loan for your educational expenses, it can affect your application for Ohio residency. Please contact Raider Connect for additional information.