Federal Direct Parent PLUS Loan

In order to complete any of the steps below you are required to have a Department of Education (DOE)-issued FSA-ID. This FSA-ID is your identification used to file the FAFSA. If you do not have your FSA-ID you can access one by going to https://fsaid.ed.gov/npas/index.htm.

What is a Direct Parent PLUS Loan? This Federal Parent Loan for Undergraduate Students (PLUS) is a loan borrowed by a parent from the US government.  The loan has a fixed interest rate of 7.079%.  Fees of 4.248% are deducted from the loan when disbursed to the school.   NOTE: PLUS Loans that are disbursed for the first time after September 30, 2019 will have an origination fee of 4.236%.  In most cases, repayment of the loan begins immediately after the loan has disbursed.  For more detail and application information on the William D. Ford Federal Direct Loan Program click here.

  1. A Free Application for Federal Student Aid (FAFSA) must be on file with the institution in order to confirm a student's eligibility to receive this Title IV federal funding.
  2. Please go to www.studentloans.gov and sign-in under Manage My Direct Loan in order to complete the PLUS request process.
  3. Select Request a Direct PLUS Loan
  4. Under Select the loan type, choose Parent PLUS.
  5. Follow the on screen instructions through to the end and submit the application for a credit check.
  6. If you are approved and have not previously completed a Direct Parent PLUS Loan Master Promissory Note, you will need to do so from the same website.
  7. Please email loans@wesleyan.edu  to let us know your application has been submitted. Please include your name, the student’s name, their Wesleyan ID #, the date the application was submitted, and whether the loan was approved, denied*, or pending credit.

If you are a non-custodial parent, please follow steps 2 through 7 listed above.

*If a parent is denied the Direct PLUS loan, a student is eligible to borrow additional unsubsidized Direct loan:  $4,000 first and sophomore years; $5,000 junior and senior years.

Please email loans@wesleyan.edu or contact (860) 685-2800 if you have any questions.

DISCLOSURE STATEMENT

Federal Direct Parent PLUS Loan Disclosure Statement