Parent PLUS Loans
The Parent Loan for Undergraduate Students (PLUS) is a federal direct loan that parents apply for on behalf of their dependent undergraduate student.
It enables parents that are in good standing with federal student aid and with good credit history to assist their children who are enrolled at least half-time (6 credits per semester) at a post-secondary school like Idaho State University.
PLUS Loan eligibility is not based on financial need, but approval is dependent on the parent's credit history and standing with federal student aid. The loans are made regardless of income level and are offered through the Direct Loan program.
PLUS Loans through the Direct Loan program have a fixed interest rate. This rate is set by the U.S. Government.
Plain Language Loan Disclosure Information is available for you to review.
How do parents apply for a Parent PLUS Loan?
- Parents must complete a Parent PLUS Loan Application and return it to the ISU Financial Aid Office.
- Be sure to review the section on the application that releases PLUS funds.
Our office will review the NSLDS record parent application eligibility, then submit the application for a credit check.
After a federal credit check, you will be notified of the outcome by the federal processor.
If the Federal Direct PLUS is approved, a Master Promissory Note (MPN) must be signed by the parent.
- In order to complete the electronic MPN, an FSA ID is required.
- This FSA ID is the same one used to sign the online FAFSA. You can retrieve or create an FSA ID. It may take 3 business days before the FSA ID is activated.
- Using the FSA ID you created, go to the Master Promissory Note (MPN). You will chose "Complete New MPN for Parent PLUS Loans" at bottom of page. Once the note has been completed, our office will receive the information in a few days and continue processing the loan.
Proof of completion will be received by the ISU Financial Aid Office in mid-July.
If you have completed Entrance Counseling and your Promissory Note but the requirement is marked incomplete on Bengal Web, this will change in mid-July when proof of completion is received by our office.
Parent PLUS Loans
How much can I borrow?
Parents may borrow the entire Cost of Attendance minus any other financial aid or resources the student receives.
Financial aid includes any loans, grants, or work-study funding while resources may include scholarships, tuition/fee waivers, veterans benefits or vocational rehab.
Students who have been awarded financial aid also have a budget as part of their award package. This student budget, or Cost of Attendance, represents a ceiling or cap in the total amount of financial aid our office can provide.
We encourage all parent Federal Direct PLUS borrowers to review costs with their students and to borrow only the amount that will help ensure their success. If you have any questions about the PLUS or other financial aid matters, please call us in Pocatello at (208) 282-2756 or in Idaho Falls at (208) 282-7800.
When does repayment on Parent PLUS Loans begin?
Repayment of Parent PLUS Loans begins on the date the loan is fully disbursed. The first payment is due within 60 days of that date.
What are my options if the Parent PLUS is denied?
If the parent is denied or ineligible for Federal Student Aid Programs, it is possible for the student to apply for additional Federal Direct Unsubsidized Loan instead.
The following Direct Unsubsidized Loan limits may be added to the student borrower's combined Direct Subsidized and Unsubsidized loan limits:
- Up to $4,000 for a first or second year undergraduate student
- Up to $5,000 for a third, fourth, or fifth year undergraduate student
After a parent is denied, if the student wishes to pursue the Unsubsidized Direct Loan, the student should print and complete the Dependent Student Request for Unsubsidized Loan Form. Submit the completed form to the ISU Financial Aid Office.