Parent (PLUS) Loans

2024-2025 Instructions

1. Submit 2024-2025 Parent Loan Information Sheet to the Financial Aid Office

2. Obtain credit approval
Go to studentaid.gov and sign in using your parent FSA ID. Under Apply for Aid drop down menu, select "Apply for Parent PLUS Loan"

3. Complete the Parent PLUS Master Promissory Note (MPN)*
If the credit check is approved, complete the Master Promissory Note (MPN) while still logged in to studentaid.gov. Make sure you are selecting the Parent PLUS MPN.

*If you have previously borrowed a Direct PLUS Loan for your current Union student, you do not need to complete a new MPN (Exception: Parents who require an endorser for the PLUS Loan will be required to complete a new MPN each year).
*Parents with multiple children in college must follow all above steps for each child.

If your credit check is not approved, you will be provided with the reason for denial along with instructions for either appealing the credit denial or adding an endorser to the loan. If you do not intend to do either, your student will be offered an additional Federal Direct Unsubsidized Loan.

The Federal Direct Parent Loan for Undergraduate Students (PLUS Loan) is a federal loan program that provides a borrowing option for parents of dependent students. Parents are able to apply for a loan up to the cost of attendance minus any financial aid the student is receiving. Families are required to complete the Free Application for Federal Student Aid (FAFSA) to borrow the PLUS Loan. By filing the FAFSA, the student will also be evaluated for any other federal aid eligibility. Most students are eligible for a Direct Student Loan ranging from $5,500 to $7,500 at a lower interest rate of 6.533% for the 2024-25 academic year. If you have filed a FAFSA and your student has not been offered a Federal Direct Student Loan, please contact the Financial Aid Office.

• The parent and dependent student must be U.S. citizens or eligible non-citizens.
• Loan approval is based on a credit review.
• The PLUS loan fixed interest rate is 9.083% effective July 1, 2024.
• The current PLUS loan has a 4.228% origination fee.
• Repayment of a PLUS Loan begins 60 days after the loan is fully disbursed and parents have up to 10 years to repay the loan.
• The borrower may request deferment of repayment while the student is enrolled at least half-time.
• To request deferment, contact the federal loan servicer assigned to your PLUS Loan. Deferment will not be approved until the first loan disbursement has been made.