Federal Direct Parent PLUS Loan
The Federal Direct Parent PLUS Loan program is available for parents of Dependent Undergraduate students.
To process your parent’s PLUS loan application, Shippensburg University must have the results of your FAFSA on file.
On or after April 15th every year, your parent may apply for a PLUS loan for the upcoming school year. Steps to follow:
- Go to https://studentaid.gov
- Click on the Parent tab
- Click on ‘Apply for a Parent PLUS Loan’
- You (the parent) will be directed to Log In using your FSA ID and password
- Complete your application for the Parent PLUS loan. Shippensburg University will receive an electronic notification about the status of your application.
All PLUS applications are subject to a credit check. Credit on an approved PLUS loan is valid for a 180-day period. If the loan is approved, your parent borrower will need to:
|Determine Loan Period||
Fall & Spring
Determine the Loan Amount
Request Specific Dollar Amount
Please consider your loan term. If you are borrowing a Fall & Spring loan the amount you request will be equally divided between each period.
Loan will be processed for student's cost of attendance less current aid/resources awarded.
Applications with Unknown Amounts will not be processed. Parent must update their PLUS application with a dollar amount.
All parent borrowers with approved PLUS loans must complete a Master Promissory Note (MPN).
Complete this requirement online at https://studentaid.gov/ on the ‘PARENT’ tab. Then select ‘Complete a Master Promissory Note for a Parent PLUS Loan’.
If your Parent's credit is denied they have the following options:
|Options if Credit is Denied||Result||Additional Requirements|
|Not pursue the PLUS loan||
Student will be offered additional unsubsidized direct loan.
$4000 per year for the Freshmen and sophomore students.
$5000 per year for junior and senior students.
No requirement for parent.
Student must web accept the additional unsubsidized loan they want to borrow.
|Appeal the Credit Status||Federal loan services will notify your parent of the credit status.||If approved, parent will need to complete PLUS Credit Counseling.|
|Pursue an Endorser||Federal loan services will notify your parent and the endorser of the credit status.||
If approved, parent will need to complete PLUS Credit Counseling.
The endorser will need to complete an endorser addendum.
All parent borrowers with approved PLUS loans must complete a Master Promissory Note (MPN).Complete this requirement online at https://studentaid.gov/ on the ‘PARENT’ tab. Then select ‘Complete a Master Promissory Note for a Parent PLUS Loan’.
Already a current student at Ship and need information about your financial aid package? Log onto your MyShip portal. Be sure to check out the helpful links below about paying for college.