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Applying for a Direct PLUS Loan for parents

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Should your child apply for financial aid?

Applying for financial aid is an important step your child should take toward funding his or her education.

After your child receives his or her financial aid award, if you want (or need) to help with the costs of education, you may want to consider a Direct PLUS Loan.

To apply for a Direct PLUS Loan, you, the parent borrower, must complete the Borrower Section of the Master Promissory Note, and your dependent student must complete the Student Section. It's important to understand the terms of the Direct PLUS Loan and your responsibility for repaying the loan.

The PLUS Master Promissory Note (MPN)


You are required to sign a new MPN if the school does not use the multi-year feature or if you switch from the Federal Family Education Loan Program to the Direct Loan Program. If you have an endorser (someone who agrees to pay the loan if you don't) on your loan, you may be required to complete a new MPN.

If your child transfers to a school that uses the multi-year feature, you generally are not required to sign a new MPN. If you prefer to sign a new MPN each time you borrow, you may do so.  

The multi-year feature of the MPN ends after the first to occur of the following dates:

Your loan holder also may revoke the MPN in situations such as bankruptcy.

Credit history

During the loan application process, the Direct Loan Program will perform a credit check to determine if you have an adverse credit history. If you do, you may be able to obtain an endorser who does not have an adverse credit history.

Fast loan facts