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Parent PLUS Loans

How To Apply

  1. Parents log in to www.studentaid.gov using your own FSA ID
  2. In the Parent tab, select “Apply for a Parent PLUS Loan”
  3. Select 2023-2024 as the Award Year
  4. Complete Student Information
  5. Complete School Information
    • If you don’t know the amount you want to borrow, save the application and contact us at 817-531-4420 to help determine the amount you need.
  6. Complete Borrower Information (Parent)
  7. Review
  8. Credit Check & Submit (Parent) 
  9. Loan Periods
  10. Complete the application and receive a credit decision

Interest Rate - for Direct PLUS Loans first disbursed on or after July 1, 2022, and before July 1, 2023, the interest rate is 7.54%. This is a fixed interest rate for the life of the loan. 

If Your Loan Is Approved

If the Parent PLUS Loan is credit approved, it will be added to the student’s financial aid offer once we receive the approval.

  • A Master Promissory Note (MPN) must be completed for all parents approved to borrow a Federal Direct Parent PLUS Loan. Select “Complete Loan Agreement for a PLUS Loan (MPN)”. The PLUS MPN needs to be completed if you have never signed a Direct PLUS Loan MPN, if you signed an MPN more than one year ago but no loan disbursed, you signed an MPN more than 10 years ago, or you obtained an endorser due to adverse credit history.

If Your Loan Is Denied

If the PLUS Loan is credit denied, you may choose to proceed by selecting one of the following credit actions. The PLUS Loan will then be processed based on the chosen credit action.

  • Obtain an endorser; an endorser is someone who agrees to repay the Direct PLUS Loan if the borrower becomes delinquent in making payments or defaults on the loan. The endorser may not be the student on whose behalf a parent obtains a Direct PLUS Loan.
  • Any parent who is denied for the PLUS loan but is approved on appeal or with an endorser must complete Loan Credit Counseling before the loan can be processed by Texas Wesleyan University. Loan Credit Counseling is available by logging into www.studentaid.gov with your FSA ID and password and clicking the “Complete PLUS Credit Counseling” option, select parent of an eligible dependent undergraduate student.
  • Will not pursue Direct PLUS Loan. If you choose not to pursue, your student may be eligible to receive additional unsubsidized loan funds.
  • If undecided is chosen, the student will be packaged with an additional unsubsidized loan offer amount.