Parent PLUS Loans
Parent PLUS loans allow parents to borrow on behalf of their dependent child to help pay education expenses. Unlike Federal Stafford Loans, there is a credit check for parents. If the parent does not pass the credit check, he/she may still be able to borrow if he/she can demonstrate extenuating circumstances, or if he/she knows someone who agrees to co-sign the loan and promises to repay the loan if the parent can not. If the parent is still unable to borrow a PLUS loan, their dependent child may be eligible to borrow an additional $4,000 in Stafford Loan funds. This is not an automatic process. The parent must still go through the application process and the student must then request the additional unsubsidized funds if the application is denied.
To apply for a federal PLUS loan, the parent must first meet the following general eligibility requirements:
• U.S. citizen or eligible non-citizen.
• Not be in default on a federal student loan or owe repayment of a Pell Grant.
The student must also meet the following general eligibility requirements:
• U.S. citizen or eligible non-citizen
• Have received a high school diploma, GED or pass the Ability to Benefit Test
• Be enrolled in classes leading to a U.S. Department of Education approved certificate or degree. Check this list for ineligible degree/certificates (PDF) for financial aid purposes.
• Not be in default on a federal student loan or owe repayment of Pell
• Be at least a half-time (minimum six credit hours) student for each term of the loan
• Maintain Satisfactory Academic Progress (PDF)
*While students are not required to file a FAFSA to apply for a PLUS Loan, we strongly encourage you to file the FAFSA so you may receive the maximum aid that is entitled to you. Students may apply online at www.fafsa.ed.gov.
To begin the application process, both the student and parent must complete and return to our office:
• The Stafford/PLUS Loan Request Form
• PLUS Master Promissory Note – If you choose to borrow through our preferred lender IDAPP you can complete your application online.
• College of DuPage Financial Aid Application
After submission to our office, a financial aid specialist will determine your maximum annual PLUS Loan eligibility. Parents may borrow up to their student’s cost of attendance minus any financial aid. Once a determination has been made, our office will send the PLUS Loan certification to your lender electronically. The lender will then send you a Notice of Guarantee that provides information such as interest rates, the loan period and estimated disbursement dates. You will also receive an award letter from our office notifying you of your PLUS loan award for that academic school year.
Disbursement of PLUS Loan funds
The PLUS loan funds will be placed directly onto your student account at College of DuPage via Electronic Funds Transfer (EFT) no earlier than the first day of the term. Any remaining loan funds in excess of your educational costs will be mailed to you within 14 days of being placed on your account.
Please note: If your parent does not want the remaining loan funds to be mailed to you, you must notify our office in writing prior to the disbursement dates listed on your NOG/DS.
It is the student’s responsibility to keep the Registration office up-to-date with a current address information.
Withdrawals: If a student withdraws from all classes or drops below half-time at any time prior to receipt of their PLUS funds, he/she may not be entitled to the funds. As always, contact the Office of Student Financial Aid prior to dropping classes.
In accordance with Federal Regulations, you could owe an immediate repayment of loan funds if, during the loan period, you completely withdraw from all of your classes before reaching the 60% point of the College’s standard academic term, or for non-attendance if you do not formally withdraw.
