PARENT LOANS FOR DEPENDENT STUDENTS (PLUS)

Direct Parent PLUS Loans are low-interest, unsubsidized loans to help pay for education expenses up to the cost of attendance minus all other financial assistance. 

St. Gregory's University works through the Federal Direct Loan Program to provide Parent (PLUS) Loans.  The borrower works only with SGU and a U.S. Department of Education servicer instead of commercial lenders and guarantee agencies.  All Direct Parent Loans can be consolidated into one parent loan. 

Students cannot accept a Parent Loan for their parents.  The acceptance of the PLUS Loan will occur when the parent requests the loan through completion of the application and MPN.  (Click on Federal Direct Parent Loan Request Process on the Financial Aid Services main page)

PLUS Borrowers must be the student’s biological or adoptive parent or the student’s stepparent, if the biological or adoptive parent had remarried at the time of application.  The student must be a dependent student who is enrolled at least half-time.

In addition, parents and their dependent child must be a U.S. citizen or eligible noncitizen, must not be in default on any federal education loans or owe an overpayment on a federal education grant, and must meet other general requirements for the Federal Student Aid Programs. 

When you apply for a Direct PLUS Loan, the U.S. Department of Education will check your credit history.  To be eligible for a PLUS Loan, you must not have an adverse credit history.  If you are found to have adverse credit history, you may still borrow a PLUS Loan if you get an endorser who does not have an adverse credit history.  An endorser is someone who agrees to repay the Direct PLUS Loan if you do not repay the loan.  The endorser may not be the student on whose behalf a parent obtains a Direct PLUS Loan.  In some cases, you may also be able to obtain a Direct PLUS Loan if you document to our satisfaction that there are extenuating circumstances related to your adverse credit history. 

Dependent students whose parents have applied for but were unable to get a PLUS Loan are eligible to receive additional Direct Unsubsidized Loan funds.