Once your son or daughter has been awarded financial aid, you may want to borrow funds through a parent loan. Below are the steps that you will need to take in order to get your parent loan approved and processed. If you need additional help to complete the process, watch the video How to Apply for a Parent PLUS Loan.
Applying for a Direct Parent Loan
1. Wrong School Year: Schools process for two award years simultaneously, so make sure the right year is selected.
2. Social Security Numbers: If a wrong Social Security number is entered for the student or parent, the school will not be able to match the record to the student.
3. Reversed Information: If the first and last name are reversed, or if the parent data is entered in the student section, the school will not be able to match the record to the student's account.
4. Keep in mind the parent loan application is different than the master promissory note (MPN). The parent loan application must be completed every year.
5. The MPN must only be completed by a first-time borrower one time; unless an endorser is involved, which requires an MPN to be completed every year.