How to Apply for a Federal Direct Parent PLUS Loan
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.
"Request a Direct Plus Loan" as well as "Complete the Master Promissory Note" (MPN) (Parent will need his or her FAFSA pin number to sign in.)
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 unsubsized loan, they will be prompted to accept the award online through their MyIWU account before the loan will be processed.