Federal Direct Parent PLUS Loan
The Federal Direct Parent PLUS Loan is available for parents of
undergraduate students. Your parents may borrow up to an amount equal to
your total cost of attendance at Ship minus any other financial aid you
In order to borrow a Federal Direct PLUS Loan, you need to complete a
Free Application for Federal Student Aid (FAFSA) and your parents must
apply for the PLUS loan on www.StudentLoans.gov and, if approved, complete a Master Promissory Note (eMPN) on the same StudentLoans.gov website after April 1. Here is how they can apply for a Parent PLUS Loan:
- Visit www.studentloans.gov
- Sign in using their FSA User ID
- Complete “Request Direct PLUS Loan”
- Complete a four-step application process, allowing the
Department of Education to check their credit and approve them for the
- Click on Complete MPN, select Parent PLUS, and follow the instructions provided
If your parents are unable to obtain credit approval for a PLUS
Loan, you will be eligible to receive additional Federal Direct
Unsubsidized Loan funds to help cover costs. The Financial Aid Office
will offer you up to $4,000 (freshmen and sophomores) or $5,000 (juniors
and seniors) with a Federal Direct Parent PLUS Loan Denial on file.
If your parents are initially declined a PLUS Loan but are then
approved through use of an endorser or through a successful appeal due
to extenuating circumstances, they MUST complete PLUS Counseling.
Already a current student at Ship and need information about your
financial aid package? Log onto your MyShip portal. And be sure to check
out the helpful links below about paying for college.