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Parent PLUS Loans

How To Apply

  1. Parent logins to Direct PLUS Loan Application for Parents on using their own FSA ID: https://studentaid.gov/plus-app/parent/landing 
  2. Select 2024-2025 as the Award Year
  3. Complete Student Information
  4. Complete School Information
    • If you are requesting a change to a current aid year Parent PLUS loan, specify that here.
  5. Complete Loan Information
    • Here you can either specify the exact amount you want to borrow or indicate that you want to borrow the maximum amount.
    • You will also indicate the loan period for which you want to borrow. If you intend to borrow for Fall 2024 and Spring 2025, type out 08/2024-05/2025. Remember, whatever amount you indicate would then be split in half for each semester. If you are only borrowing for one term, that is okay too, we just recommend doing one application for the whole academic year.
  6. Complete Request for Deferment
    • If you want to defer payments, be sure to indicate that here.
  7. Complete Parent Borrower Information
  8. Credit Check & Submit
  9. Review information!
  10. Complete the application and receive an instant credit check decision

Interest Rate - for Direct PLUS Loans first disbursed on or after July 1, 2024, and before July 1, 2025, the interest rate is 9.08%. This is a fixed interest rate. 

If Your Loan Is Approved

If the Parent PLUS Loan is approved, it will be added to the student’s financial aid offer once we receive the approval. Please allow 1-2 weeks for it to be added to your student's account.

  • A Master Promissory Note (MPN) must be completed for all parents approved to borrow a Federal Direct Parent PLUS Loan. Scroll down and select “I'm a Parent of an Undergraduate Student”: https://studentaid.gov/mpn/ 

If Your Loan Is Denied

If the Parent PLUS Loan is denied, there are a few options you have to proceed:

1. Appeal the denial decision with Federal Student Aid.

2. Obtain an endorser; an endorser is someone who agrees to repay the Parent PLUS Loan if the borrower becomes delinquent in making payments or defaults on the loan. The endorser may not be the student.

3. Advise the Texas Wesleyan Office of Financial Aid that you have been denied the Parent PLUS Loan. Once verified, they can offer your student an additional Federal Unsubsidized Loan. The additional amount is up to $4,000 for first and second year students, and up to $5,000 for third year students and beyond!