Financial Aid Office

To qualify for the Parent PLUS Loan, you must:

• Be a U.S. citizen or legal non-citizen
• Not be in default on any type of federal loan
• Pass a credit check conducted by the loan servicing agency*

*An applicant with an adverse credit history may receive the loan if they obtain an endorser (loan co-signer) who passes the credit check. A parent with an endorser or “extenuating circumstances” will be required to do PLUS loan counseling provided by the Department of Education before the loan can be disbursed.

To be considered for the for the Federal Parent PLUS Loan, students must file the FAFSA and have Federal Parent PLUS Loan listed on their financial aid award on their TitanWeb account.

The Parent PLUS Loan program does not allow a student to apply for funds as the borrower. Parents will submit their PLUS Loan application online and receive an immediate credit check decision.

The steps below are completed online at StudentAid.gov to apply for a PLUS loan for the 2023-2024 School Year.

Step 1: PLUS Loan Application

All Federal Parent PLUS Loan borrowers must complete the PLUS Loan Application to receive their loan.  This application must be completed every year you wish to receive a loan.

Follow the steps below to complete the PLUS Loan Application:

1. Go to StudentAid.gov
2. Click on “Log In” using the parent borrower’s Federal Student Aid ID (FSA ID).
   • This is the same FSA ID the parent used to file the FAFSA.
   • Be sure to log in as the parent and not the student or someone else; you must log in using the parent’s FSA ID.
3. From the “Loans and Grants” menu at the top of the page, select “PLUS Loans: Grad PLUS and Parent PLUS.”
4. In the “I am a Parent of a Student” box, click on “Learn More” and then “Start.”
5. From there, follow the on screen directions.

Step 2: Master Promissory Note

All first-time Federal Parent PLUS Loan borrowers must complete a Master Promissory Note (MPN) to receive their loan.  The MPN is the agreement you sign acknowledging the Federal Direct PLUS Loan is a loan that you must repay.

Follow the steps below to complete the MPN:

1. Go to StudentAid.gov
2. Click on “Log In” using the parent borrower’s Federal Student Aid ID (FSA ID).
   • This is the same FSA ID the parent used to file the FAFSA.
   • Be sure to log in as the parent and not the student or someone else; you must log in using the parent’s FSA ID.
3. From the “Loans and Grants” menu at the top of the page, select “Master Promissory Note (MPN).”
4. Select “Start” on the “I’m a Parent of an Undergraduate Student” box and enter the information requested.
5. Once done with all sections of the MPN, be sure to click on “Submit.”

If a parent is denied a PLUS loan, the parent may choose among the following options:

• • Appeal the credit decision – details on how to appeal will be provided on StudentAid.gov if you select this option
  • Obtain an endorser (co-signer) – if this option is selected, the endorser must complete the “Endorse Direct PLUS Loan” section by signing into StudentAid.gov with their own FSAID.
  • Not pursue the PLUS loan – if this option is selected, we will automatically offer your student additional Unsubsidized Direct Loan funds based on the maximum amount allowed (Freshman/Sophomore – $4,000 max; Junior/Senior – $5,000 max.)
  • Undecided – If this option is selected we will not be able to process your PLUS Loan application.
• Loans cannot be disbursed unless the request form and MPN are completed.

The repayment period for Federal Parent PLUS loans starts 60 days after the loan is fully disbursed. Parents may choose to defer payments on a Federal Parent PLUS Loan until six months after the the students graduates or ceases to be enrolled halftime.* Parents also have the option to pay accruing interest monthly or quarterly, or allow the interest to be capitalized quarterly.

INTEREST RATES

• Loans after July 1, 2023: 8.05%
• Loans after July 1, 2022: 7.54%
• Loans after July 1, 2021: 6.28%
• Loans after July 1, 2020: 5.30%
• Loans after July 1, 2019: 7.08%

ORIGINATION FEES

• Oct. 1, 2020-Sept. 30, 2022: 4.228%
• Oct. 1, 2019–Sept. 30, 2020: 4.236%
• Oct. 1, 2018–Sept. 30, 2019: 4.248%
• Oct. 1, 2017–Sept. 30, 2018: 4.264%

*Only applicable to loans disbursed after July 1, 2008.

• If you are applying for a Parent PLUS Loan for more than one dependent, you must complete a separate application and MPN for each student.
• If the same parent applies for future Parent PLUS Loans for the same student, it is not necessary to complete a new MPN. Multiple Parent PLUS Loans can be borrowed on a single MPN for up to 10 years.
• Loan funds are electronically disbursed to the student’s account to pay for education related expenses (tuition, fees, room, meal plan, etc). By signing the Parent PLUS Loan Request Form, you give UW Oshkosh permission to issue a refund directly to the student if the loan disbursement exceeds the University’s charges. Parents must contact the Financial Aid Office directly if they wish to have the refund issued in their name.