Federal Parent PLUS Loan
This is a non-need based loan and has a fixed interest rate.
Parents are required to have a good credit history to qualify for this loan. Dependent students whose parents have applied but were unable to get a Federal Parent PLUS Loan are eligible to receive additional Direct Unsubsidized Loan funds.
The Federal Parent PLUS Loan does not have an aggregate borrowing limit; however, the annual borrowing limit equals to the cost of attendance minus other financial aid awarded to a student. The loan is typically disbursed twice during an academic year.
The repayment period on Federal Parent PLUS loans starts 60 days after the loan is fully disbursed. For loans first disbursed after July 1, 2008, parents may choose to defer payments on a Federal Parent PLUS Loan until six months after the date the students ceases to be enrolled halftime. They may also choose to pay accruing interest monthly or quarterly, or allow the interest to be capitalized quarterly.
Interest Rates and Fees
For loans after July 1, 2017 the rate: 7%
For loans after July 1, 2016 the rate is: 6.31%
There is an origination fee of 4.272%. After Oct. 1, 2016 the origination fee with be 4. 276%
To be considered for the Federal Parent PLUS Loan program, students must file FAFSA and have Federal Parent PLUS Loan listed on their Financial Aid Award.
Parent PLUS Loan Processing
General Information about Parent PLUS Loan Processing
In order to receive your first William D. Ford Federal Direct Loan (referred to as Direct Loan) at UW Oshkosh, federal law requires you complete the Parent PLUS Loan Request form and Master Promissory Note (MPN).
Loans cannot be disbursed unless both steps are completed.
In order to qualify for a Federal Direct Parent Loan (also referred to as a Parent PLUS Loan), students and parents must file the FAFSA and be offered a Federal Direct Parent Loan on the Financial Aid Award.
Financial Aid Awards are available to the student online through TitanWeb. The Parent Loan amount offered on the Financial Aid Award is the maximum amount that be borrowed for the academic year.
The Parent Loan Program is designed for the parents of dependent students to help pay for the cost of education.
This loan is borrowed in the parent’s name and cannot be transferred to the student.
The loan is typically disbursed twice during an academic year (fall and spring semesters). Standard repayment of the Parent Loan begins 60 days after the loan is fully disbursed.
Interest Rates and Fees
The interest rate for Federal Direct Parent Loans is fixed at 7% beginning on the date of the loan’s first disbursement. In addition to interest, there is a loan origination fee of 4.292% (tba for October 1, 2017) of the principal amount of each Federal Direct Parent Loan received.
- If on or after July 1, 2015: 6.84%
- If on or after July 1, 2016: 6.31%
- If on or after July 1, 2017: 7%
- Origination fee after Oct. 1, 2015: 4.272%
- Origination fee after Oct. 1, 2016: 4.276%
The origination fee is deducted before the money is disbursed to UW Oshkosh.
To qualify for the Federal Direct Parent PLUS Loan, you must:
- Be a U.S. citizen or eligible non-citizen
- Submit the 2016-2017 FAFSA
- Not be in default on any type of federal loan
- Pass a credit check conducted by the loan servicing agency
An applicant who is determined to have an adverse credit history may receive the loan if he/she obtains an endorser (co-signer) for the loan who passes the credit check. Beginning March 29, 2015, a parent with an endorser or “extenuating circumstances” will be required to do PLUS loan counseling provided by the Department of Education before disbursement funds.
Students whose parents have applied for but were unable to receive a Parent PLUS Loan are eligible to receive additional Direct Unsubsidized Loan funds
- The student is offed a Federal Direct Parent Loan on his/her 2016-2017 Financial Aid Award
Step 1: Parent PLUS Loan Request Form
- Complete the 2016-2017 Parent PLUS Request Form for summer 2016, fall 2016 and spring 2017
- Complete the 2017-2018 Parent PLUS Request Form for summer 2017, fall 2017 and spring 2017 (these will not be processed until July 2017 for Fall/Spring terms)
- Submit the loan request to:
UW Oshkosh Financial Aid Office
800 Algoma Blvd
Oshkosh, WI 54901
Fax: (920) 424-0284
- The loan request form will be processed by UW Oshkosh Financial Aid and information will be transmitted to the Department of Education for credit check and approval
- The Department of Education will send a notification to the UW Oshkosh Financial Aid Office and the parent regarding loan approval/denial
- If the parent is denied, he/she may pursue a co-signer. Please contact the Department of Education for details at (800) 433-3243
Step 2: Master Promissory Note (MPN)
The eMPN must be completed in a single session. If you exist the eMPN before submitting, you will have to start from the beginning when you return to this site.
- The parent that signed the Federal Direct Parent PLUS Request Form is the parent that should complete the MPN
- The parent will be required to use his/her FSA ID. This is the same FSA ID the parent used to electronically sign the FAFSA. If you do not have a FSA ID, you may request one here.
- The Department of Education will send a notification to the UW Oshkosh Financial Aid Office once the MPN is completed and accepted
- The parent will receive a disclosure statement that gives specific information about any loan UW Oshkosh plans to disburse under the MPN, including the loan amount, loan fees and expected loan disbursement dates
Step-by-Step Instructions to Complete the Parent eMPN
- Click here to start the Parent eMPN (a new browser window will open)
- Click on “Sign In” in the Manage My Direct Loan section
- Sign in by entering your (the parent) personal information including your FSA ID (this is the same FSA ID you signed the FAFSA with) — This process changed on May 10, 2015
- Click on “Complete Master Promissory Note”
- Select Parent PLUS as the MPN Type Selection
- Your progress is recorded at the top of the page as you complete each step
- Enter and verify your personal information and student’s information
- Select Wisconsin for School State and then select University of Wisconsin Oshkosh from the drop-down and click on “Continue”
- List two references and click on “Continue”
- Review Section D: Borrower Request, Certifications, Authorizations and Understandings
- Review Section E: Promise to Pay
- Review Section F: MPN Terms and Conditions
- Review Section G: Important Notices
- Place checkmark at the bottom of the page after reviewing all sections and click “Continue”
- Review Personal and School Information and Personal References
- Type your name and click “Sign”
- Review your MPN before submitting by clicking on HTML Version and click “Continue”
- If you are applying for a Parent Loan for more than one student, you must complete a separate application and MPN for each one.
- If the same parent applies for future Direct Parent Loans for the same student, he/she will not have to complete a new MPN. Additional Direct Parent Loans can be borrowed on a single MPN for up to 10 years.
- Loan funds are electronically disbursed to the student’s account to pay for education related expenses (tuition, fees, room, meal plan, etc). By signing the 2016-2017 Federal Direct Parent PLUS Loan Request Form, you give UW Oshkosh permission to issue a refund directly to the student if the disbursed amount exceed the student’s school charges. The parent must contact the UW Oshkosh Financial Aid Office if he/she wishes to be issued a refund in his/her name (the parent’s name).