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Financial Aid 

 Federal Parent PLUS Loan Information 

 

SPOTLIGHT

The Federal Parent PLUS Loan is a credit-based loan with a fixed interest rate of 6.41%, with default and up front origination fees of 4.288%. Students must be enrolled at least half-time in a bachelor's degree (or teacher certification) program for parents to access a PLUS loan and must meet other federal aid requirements such as half-time status and satisfactory academic progress. Through the Federal PLUS Loan Program, parents of dependent students may borrow up to the cost of education less any other financial aid received by the student.  For additional information about the Federal PLUS Loan, please click here.

If a parent is denied a Parent PLUS Loan, the student will automatically be considered for an additional unsubsidized Stafford loan in an amount up to $4,000/year for freshman and sophomores and up to $5,000/year for juniors and seniors.

Forbearance Option (Postponing Repayment):  A parent may contact the federal Direct Loan Servicing Center to request a forbearance if immediate repayment will cause financial difficulty.  To request the forbearance they must simply call the Direct Loan Servicing Center at 1-800-848-0979.  The DL Servicing Center will provide the parent with the appropriate form to sign and return. (Please note that a parent can’t request the forbearance until the loan funds are disbursed to the school).

Repayment Options: Repayment does not begin until 60 days after the loan is fully disbursed to the school (for a full-year loan, after the Spring portion is disbursed to SRU).  Additional information regarding repayment can be found at www.StudentLoans.gov.

Directions for a parent to apply for a Federal Parent PLUS Loan:

Note:  Apply for the full year amount for August to May if you need funds for both semesters. 

If you have questions when on this site, you can reach a customer service representative at 1-800-557-7394).

  1. Complete the Free Application for Federal Student Aid (FAFSA) for the student.
  2. "Sign In" on the left side of the page;  A parent must sign in using his/her Social Security Number and his/her FAFSA PIN.
    • Do not use the student's PIN or SSN in this section.
    • Go to www.PIN.ed.gov to request a duplicate or to create a new PIN.
  3. Click on "Complete PLUS Request Process".
    • Complete the required items. 
    • Use "August 2013 through May 2014" for the loan term dates.
    • Be sure to request the entire year amount.
    • "Submit" the PLUS request.
  4. Click on "Home" to return to the www.StudentLoans.gov homepage to continue to the next step of the PLUS Loan process, which is signing a Parent PLUS Loan Master Promissory Note.
  5. Click on the "My Account" button found in the top box, next to your name.
  6. Click on "Sign Master Promissory Note".
  7. Click on "Parent PLUS".
  8. Complete the required items and then "Submit" the Master Promissory Note.

Please note that it can take approximately 4-6 weeks for a Parent PLUS Loan to be processed; parents are encouraged to file the application early to allow time for the loan funds to arrive at the school.

Directions for reducing or cancelling your Federal PLUS:
If you would like to reduce your Federal PLUS loan, please complete the PLUS Reduction/Cancellation Form and return the form to the Financial Aid Office.

 

Contact Information

1 Morrow Way
Slippery Rock PA 16057

107 Maltby Center

724.738.2044
724.738.2922 (fax)

Financial.aid@sru.edu

M-F: 8:00-4:30
Summer: 8:00-4:00

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