KSU Student Financial Aid: Parent PLUS Loan

Federal Direct PLUS Loan for Parents

Parents of dependent students are eligible to borrow funds under the Federal Direct PLUS Loan for Parents program. At Kent State University, this loan is automatically estimated for eligible dependent students that answered “yes” to question #27 on the Free Application for Federal Student Aid (FAFSA).

The PLUS loan requires a credit worthy parent borrower and allows the parent to borrow the cost of attendance minus financial aid. The eligible parent borrower must be the student’s mother, father, or the step parent whose information is submitted on the FAFSA during the year of the loan. To apply for the PLUS, complete the PLUS Pre Application form on the back of the Financial Aid Award Letter or download a copy by clicking here and mail or fax to the Student Financial Aid Office.

The PLUS Master Promissory Note (MPN) will be mailed to the parent borrower from the Student Financial Aid Office. If the parent desires to sign the electronic PLUS MPN, the parent will need their FAFSA PIN. Click here for more information.

Repayment generally begins 30 to 60 days after the funds are fully credited to the student account. There is no grace period for the parent borrowers. Interest begins to accumulate at the time of the first disbursement and is currently fixed at 7.9 percent.

Additional Unsubsidized Based on Parent PLUS Denial
Parents who have been denied the Parent Loan for Undergraduate Students (PLUS) based on credit may request their dependent students receive the Federal Direct Unsubsidized Loan. This request must be made on the PLUS Pre Application. Eligible students can receive up to $4,000 unsubsidized for freshmen and sophomore years and up to $5,000 for junior and senior years.

Federal Direct Loan for Graduate Students

Graduate PLUS - Federal Direct PLUS for Graduate Students is a loan from the Department of Education which provides additional funds for educational expenses not met by other types of aid.

To be eligible to receive a Grad PLUS loan the borrower must:

File the 2007-2008 Free Application for Federal Student Aid (FAFSA)

Exhaust all eligibility for Federal Direct Subsidized and Unsubsidized loans ($120,500/yr or $138,500 lifetime limit)

Have a signed MPN on file with the Department of Education

Be registered at least half-time (4 credit hours) during the loan period

Not be in default or have an overpayment on any Federal Title IV financial aid program

Pass a credit check performed by the Department of Education