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 5.3%. Fees of 4.236% are deducted from the loan when disbursed to the school. NOTE: PLUS Loans that are disbursed for the first time after October 1, 2020 will have an origination fee of 4.228%. 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.
- 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.
- Please go to www.studentloans.gov and sign-in under Manage My Direct Loan in order to complete the PLUS request process.
- Select Request a Direct PLUS Loan
- Under Select the loan type, choose Parent PLUS.
- Follow the on screen instructions through to the end and submit the application for a credit check.
- 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.
- Please email finaid@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 finaid@wesleyan.edu or contact (860) 685-2800 if you have any questions.