Federal Direct Parent PLUS Loan

2015-2016 Steps to be completed by student/parent:

  1. Log into www.studentloans.gov
  2. Parents will need to be logged in under their personal information, not the student's information.
  3. Select "Request a Parent PLUS Loan"
  4. Review the PLUS loan Information provided
  5. Select loan type as Parent PLUS at bottom of page
  6. Select Award Year 2015-2016
  7. Input the Student Biographic Information (One application per student).
  8. Choose if you wish to defer the loan repayment while student is in school.
  9. If you wish for loans to pay other charges (parking, Kirmayer fitness pass, etc.) charged to the student's account you will need to give authorization here.
  10. Choose if you wish any credit balance (refund) to be sent to you or to the student.
  11. Identify the school state as Kansas, and School Name as University of Kansas - Medical Cent
  12. Loan Amount Requested: You may either select to receive the maximum that you are available to receive in a PLUS loan, or you may specify an amount in this section (You may only receive the remaining need left in your cost of attendance).
  13. Loan Period:
    • For Fall/Spring select 06/2015-05/2016 (This amount will be split evenly between the two terms).
    • For Summer Only select 06/2015-07/2015 (Check with your student to see if the student qualifies to use other aid for this term before Parent PLUS)
    • For Fall Only select 08/2015-12/2015 (Only select this if the student will not be attending in the spring term).
    • For Spring Only select 01/2016-05/2016 (Only select this if the student did not attend in the fall term).
  14. Once the loan has been processed by KUMC, the student will be sent an email that indicates that Parent PLUS Master Promissory Note (MPN) will need to be signed at www.studentloans.gov, please do not complete this until the loan has been processed.

What is a Direct Parent PLUS loan?

The Federal Direct Parent PLUS Loan is a low-interest loan that allows a parent of a dependent undergraduate student to borrow a federal loan to assist in paying for the student’s college education. The parent applicant must pass a credit check as part of the application process.

The Federal Loan Origination Applicant Services (LOAS) center will conduct a credit check on the Parent PLUS loan applicant. If the applicant is 90 or more days delinquent on any debt, has been the subject of a default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment, or write-off of a debt under title IV of the Act during the five years preceding the date of the credit report, the Parent PLUS loan will be denied. The LOAS will issue a loan denial letter to the applicant that will identify the name and telephone number of the agency who provided the credit information. The applicant should call the agency and request a copy of the credit report. After reviewing the report, if the credit data is inaccurate, the loan denial decision may be appealed.

Please note that our office is not provided any information about the specific reason for the denial. All loan denial appeals are handled by the LOAS. The LOAS may be contacted at 800-557-7394, or you may write to the Direct Loan Origination Center at: Applicant Services, PO Box 5691, Montgomery, AL 36103-5691.

If the denial decision was based on accurate information, the applicant has the option to obtain an endorser, which is similar to a co-signer, on the loan. The LOAS will include an Endorser Promissory Note and information with the denial letter mailed to borrower.
When the LOAS center notifies our office of the loan denial, we will send out a PLUS Loan denial form to the parent applicant. The purpose of this form is to provide options for the applicant to officially communicate to our office exactly what he/she plans to do about the denial. We will not cancel the application until we receive the form.

What is the interest rate and fees?

  • For loans first disbursed between e of 7.21% for loans first disbursed between 7/1/2014-6/30/2015 and 6.84% disbursed between 7/1/2015-6/30/2016.
  • Beginning October 1st, 2014 Federal Direct Lending will deduct a 4.292% fee on new Federal Direct Parent PLUS Loans.

Repayment begins 60 days after the final disbursement for loans disbursed prior to July 1, 2008. For PLUS loans made to parents that are first disbursed on or after July 1, 2008, the borrower has the option of beginning repayment on the PLUS loan either 60 days after the loan is fully disbursed or wait until six months after the dependent student on whose behalf the parent borrowed ceases to be enrolled on at least a half-time basis.

A parent of an undergraduate can borrow up to the cost of attendance minus other aid and resources.

Student must be enrolled at least half-time, for specific information on enrollment please read KUMC's Enrollment Information.

For more information, contact the Department of Student Financial Aid, (913) 588-5170 or email financialaid@kumc.edu.

Last modified: May 18, 2015
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