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Parent Loans

Congress recently passed a law preventing further extensions of the payment pause. Student loan interest will resume starting on September 1, 2023, and payments will be due starting in October. For up-to-date information please visit, Visit your dashboard on to view all of the federal student loans you have received and to find contact information for the loan servicer or lender for your loans. 

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.

On this page:

Federal Direct Parent PLUS Loan

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
  1. The student files their Free Application for Federal Student Aid (FAFSA).
  2. Once the student receives an Award Notice, the parent applies for the Federal Direct Parent PLUS Loan by ONE of the following methods. 
  3.  The parent applicant completes a Federal Direct Parent PLUS Loan Master Promissory Note (MPN). If the parent applicant does not have an FSA ID, they can obtain one by clicking “Log In To Start” and then “Create an Account”.
Interest Rate

For loans first disbursed on or after July 1, 2024, and before July 1, 2025:

  • 9.08% fixed

For loans first disbursed on or after July 1, 2023, and before July 1, 2024:

  • 8.05% fixed
Additional Loan Fees/Rebates

For loans with a first disbursement date after October 1, 2020, and before October 1, 2024:

  • Origination Fee: 4.228%
Credit Reviews

The parent applicant must not have adverse credit history.  

Parents of dependent undergraduate students who are unable to apply for the Federal Direct Parent PLUS Loan due to an active bankruptcy may submit documentation along with the Federal Direct Parent PLUS Loan Waiver for Active Bankruptcy for the student to be considered for an additional Federal Direct Unsubsidized Loan. 

Please note: If any parent applicant is credit approved, then the student is not eligible for the additional Federal Direct Unsubsidized Loan funds. Credit decisions are valid for 180 days, therefore a credit check should be completed no sooner than 180 days prior to the student's start date.

Options if Denied Credit

Additional Federal Direct Unsubsidized Loan

  • The student can receive an additional $4,000 (Freshman and Sophomore status) or $5,000 (Junior and Senior status) in Federal Direct Unsubsidized Loan funds up to the Cost of Attendance.

Extenuating Circumstances

  • If the parent wants to appeal the credit decision, check the Credit Check & Acceptance With Endorser/Extenuating Circumstance box on the Federal Direct Parent PLUS Loan Application.
  • The parent applicant may contact the Student Loan Support Center at 1-800-557-7394 or log into to document their extenuating circumstances with the Department of Education to appeal the credit decision.
  • If the parent qualifies by documenting to the satisfaction of the U.S. Department of Education that there are extenuating circumstances related to the parent’s adverse credit history, the parent will be required to complete PLUS Credit Counseling before the parent can receive a Direct PLUS Loan.

Obtain an Endorser

  • If the parent wants to obtain a credit worthy endorser, check the Credit Check & Acceptance With Endorser/Extenuating Circumstance box on the Federal Direct Parent PLUS Loan Application.
  • The endorser will need to pass the credit check, agree to endorse the Master Promissory Note (MPN), and agree to repay the loan if the parent would fail to do so.
  • If the parent qualifies by obtaining a credit-worthy endorser, the parent will be required to complete PLUS Credit Counseling before the parent can receive a Direct PLUS Loan.
Annual Loan Maximums Cost less aid. For information on costs, visit our Tuition and Fees page.
Aggregate Loan Maximum None
Enrollment Requirement Students 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 parent 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. The borrower will want to contact their loan servicer to request a deferment. Deferment/forbearance may be available under other circumstances. Visit for more information.

Federal Loan Consolidation Available under certain circumstances. Visit the for more information.

Right to Cancel A Loan

Once you, the parent borrower, turn in the Federal Direct Parent PLUS Loan Application, 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 Enrollment Services.

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 Enrollment Services.

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 Enrollment Services for additional information.

Alternative (Private) Parent Loans

Alternative or private loan programs are non-federal loans offered by various lending institutions to parents to assist students in paying for their educational expenses.

Interest rates for alternative loans, loan repayment terms, and rights and responsibilities vary by lender and loan, and eligibility often depends upon borrower or co-borrower's credit history.

Apply for Federal Aid First

Often parents borrow alternative loans after the student has exhausted all other forms of federal student aid, state aid, Wright State University aid and external scholarships. It is highly recommended students apply for federal student aid before applying for an alternative loan. You and/or the student may be eligible for federal loans. Visit the Department of Education's Federal Student Aid website.

How to Apply for Alternative Loans

Below are steps students should follow when applying for alternative loans.

  1. Explore other loan options first. Consider federal student loan options.
  2. If you'd like to pursue an alternative loan, contact the lender of your choice for information on how to apply. You may also view a list of alternative loan programs selected by Wright State University on FASTChoice. NOTE: You may choose any loan program/lender, even if they do not appear on FASTChoice. If a lender approves you for an alternative loan, the lender will send a school certification request to the Office of Financial Aid.
  3. Upon receipt of a school certification request, the student will be asked to return an Alternative Loan Data Request Form to Enrollment Services. This form will be assigned to the student's WINGS Express Eligibility Requirements page. Print and return the form to Enrollment Services.
  4. Upon receipt of the Alternative Loan Data Request Form, the Office of Financial Aid will complete and return to the lender a school certification, provided the student is eligible for the loan. If the student is eligible, the alternative loan will appear on the student's Award Notice via WINGS Express as "accepted."
  5. Depending upon the loan program, the lender may ask you or the student to complete a self-certification form prior to disbursing loan funds.

Wright State Policy for Alternative Loans