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 receive.

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 loan
  • 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.