Federal Parent Loans for Undergraduate Students (FPLUS)
Biological or adoptive parents of dependent undergraduate students who enroll at least half-time may borrow funds under this loan program on behalf of the student. Parents must be U.S. citizens or eligible non-citizens and cannot be in default on any federal education loans or owe an overpayment on a federal education grant. Parents can borrow funds up to the cost of education minus other financial aid the student has been awarded. Parents must have a good credit history to qualify. Lending institutions, along with a guarantee agency, administer the loan program.
Payments begin within 60 days after the final disbursement, with $50 minimum payments per month. Loan regulations allow at least 5, but no more than 10, years to repay this loan. The parent borrower may prepay the whole or part of the loan at any time without penalty, or may defer payments of the principal if the student is attending school full-time. Please note that although the principal may be deferred, the interest continues to accrue or must be paid. PLUS loans are credited to the students account the same way subsidized and unsubsidized loans are.
MyUHV shows the loan amounts the student is eligible for after the student's loan eligibility has been computed. The student must accept/reject all or part of the loan(s) by logging into MyUHV. The loan will be disbursed to the student's account once eligibility is reviewed and the refund will go to the designatee chosen on the PLUS eMPN.
Interest Rate Table
Fixed rate for Parent and Grad PLUS loans disbursed on or after July 1, 2006 - 7.9%
How to Apply for Federal Parent PLUS Loans
- Complete and submit the PLUS Request Process and first-time PLUS borrowers must complete a Parent PLUS Master Promissory Note. A pin number will be required. Students who do not currently hold a PIN number can go to the web site: http://www.pin.ed.gov/ to obtain one. Prior to completing a Parent PLUS application, by clicking on the following link, you can first complete a Parent PLUS Loan eMPN in simulation at http://www.ifap.ed.gov/codcbt/attachments/CompletingaParentPLUSEMPN.exe
- Once UHV receives an PLUS Loan Request acknowledgment, an award will be placed on the students Award Package. Accept or Decline the loan award in MyUHV.
- If you receive notification requesting submission of an endorser addendum, please complete the process at https://studentloans.gov. Prior to completing your addendum, by clicking on the following link, you can first complete an Endorser Addendum in simulation mode at http://www.ifap.ed.gov/codcbt/attachments/CompletinganEndorserAddendum.exe.
How to Accept A Parent PLUS Loan Award
Award notices are sent to the student's UHV email account. You will need to log into MyUHV / UHV Self Service / Financial Aid /. Check the accept or decline box or reduce the awarded amount. WEB LINK: http://www.uhv.edu/LoginMyUHV.aspx.