Federal Direct Parent Loan (Plus)
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:
Dates to Remember
- 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 November 1
- Review and respond to your award proposal after January 1 for incoming students or
after May 1 for returning students
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
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 2022-23 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 2022-2023 Federal PLUS Change Request Form and then mail or fax this application to our office.