Federal Parent PLUS loans

Parents of dependent undergraduates may apply for a Federal PLUS loan to assist with educational expenses.

Eligibility requirements

• Unlike other federal loans, the Federal PLUS loan requires credit approval. PLUS loan credit criteria

• The student must have a FAFSA on file with Wayne State University.
• The student must be enrolled at least half time and meet the federal student eligibility requirements for financial aid.

How to apply for a Parent PLUS loan

• The parent/step-parent who is borrowing the loan must login with the Parent FSA ID to start the online application.
• The parent borrower must also complete the Federal Direct Parent PLUS Loan Master Promissory Note (MPN) online at studentaid.gov.

Requesting an increase or decrease

Login at studentaid.gov with your FSA ID. You will then request a change in a PLUS loan amount by indicating a new total loan amount.

PLUS limits

The academic yearly limit on a PLUS loan is equal to the student's cost of attendance minus any other financial aid, including scholarships the student receives.

Interest rate and loan fees

• Loans first disbursed 7/1/2023 - 6/30/2024 will have a fixed interest rate of 8.05%.
• Loans first disbursed 7/1/2024 - 6/30/2025 will have a fixed interest rate of 9.083%.
• The loan fee for loans first disbursed on or after 10/1/2020 and before 10/1/2024 is 4.228%.

PLUS repayment

Loan repayment starts either: 60 days after the loan is fully disbursed, or six months after the students ceases to be enrolled at least half-time.

The borrower also has the option to make interest-only payments while the student is in school. For deferment options, please contact the loan servicer or visit the Federal Student Aid website.

Don't know who your student loan servicer is? Log in to StudentAid.gov. Find "My Aid" and select "View loan servicer details."

PLUS disbursement

Funds are electronically transmitted to WSU and applied to the student's tuition account. Excess funds, if any, are issued via check and mailed to the parent borrower.

Note: Parent PLUS borrowers who want excess funds issued directly to their son or daughter must indicate this on the PLUS loan application.

PLUS denial options

Parent PLUS applicants will receive a credit decision when the application is completed. The credit decision will include information for applicants who receive a credit denial with instructions to appeal or apply with an endorser.

If the parent does not appeal the credit decision or secure an endorser, the financial aid office will note the denial on the student record.

Loan reporting

Federal loan information is submitted to the National Student Loan Data System (NSLDS), and will be accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system.

Other resources for parents

• FAFSA - Free Application for Federal Student Aid
• NASFAA parent resources
• Federal Student Aid parent page
• Michigan Education Savings Program
• State of Michigan paying for college website
• FinAid parents guide
• IRS Education Tax Credits
• ACT information for parents

Wayne State University resources for parents

• University housing
• Parent and family programs
• Safety on campus
• Wayne State alerts
• Parent PIN for online tuition payment
• Payment options
• Tuition Due Dates
• Undergraduate Admissions

The Family Educational Rights and Privacy Act (FERPA)

FERPA (the Family Educational Rights and Privacy Act ) gives students certain rights concerning their educational records. Because of this, third parties (parents and guardians) are limited in the educational record information they can obtain without the permission of the student.

Address

Office of
Student Financial Aid

The Welcome Center
42 W. Warren Avenue
P.O. Box 2340
Detroit, MI 48202-0340 (map)