These are unsubsidized loans for the parents of  students.  The Direct PLUS is a federal non-need based program.  Interest is charged during the full course of the loan. 

The lender is the U.S. Department of Education.

You can learn more about these loans by visiting the Federal Student Aid website. 

Federal Direct Parent Loan Information:

Interest Rate	Eligibility Requirements	Dates to Remember
9.083%	Student must be enrolled at least half-time Student must maintain Satisfactory Academic Progress Parent and child must be a U.S. citizen, national, or eligible non-citizen A credit check is conducted by the U.S. Department of Education to establish eligibility. You cannot have an adverse credit history.	Complete your FAFSA application before February 1 Review and respond to your award proposal after February 1 for incoming students or after May 1 for returning students

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Parent PLUS loans are a good way to help students finance the cost of their education. Illinois Wesleyan University receives no financial incentive or other benefit for processing Federal Direct PLUS Loans.

In order for the Parent PLUS loan to be reflected on your bill, you must apply for it each academic year.

Apply for a Parent PLUS Loan, and for first time DL Parent PLUS Borrowers, complete PLUS Master Promissory Note. (Parent will need his or her FSA ID and Password to log in.)

Apply for a Parent PLUS Loan

Complete PLUS Master Promissory Note 

If a parent applies for and is denied the option of borrowing a Federal Direct PLUS loan, the student is then eligible to borrow an additional Unsubsidized Federal Direct Stafford Loan. First or second year students may borrow up to $4,000. Third and fourth year students may borrow up to $5,000 through the unsubsidized Stafford loan program.  If the parent is denied, the Financial Aid Office will be notified and will contact you via email about your options.  If the student decides to pursue the additional unsubsidized loan, they will be prompted to accept the award online through their MyIWU account before the loan will be processed.

To change your initial PLUS loan request for the 2024-25 academic year:
If you need to make a change to the Federal Direct Parent PLUS loan after it has been added to your award package, print and complete the 2024-2025 Federal PLUS Change Request Form and then mail or fax this application to our office.

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