Federal Direct Parent Loan (Plus)

The Federal Direct PLUS Loan is a parent loan for undergraduate students.  Parents and/or stepparents are eligible to apply for this loan regardless of their financial need.  It is an unsubsidized loan provided by the US Department of Education with interest being charged during the full course of the loan.  Origination fees also apply.

You can learn more about this loan by visiting the Federal Student Aid website under the Grants and Loans tab.

Federal Direct PLUS Loan Information:

Interest Rate	Eligibility Requirements	Dates to Remember
8.94%	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 February 1 Review and respond to your award proposal after February 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. Applications open around May 1^st for the following academic year.

Beginning the 2026-27 academic year, there is an annual maximum amount of $20,000 per academic year before the federal government origination fee of 4.228%.  There is also an aggregate maximum amount of $65,000 per undergraduate student.  

Applying for a PLUS Loan:

Apply for a Parent PLUS Loan every year. First time Parent PLUS Borrowers must complete the PLUS Master Promissory Note. (Parent will need his or her FSA ID and Password to log in.)

 Apply for a Parent PLUS Loan

Complete PLUS Master Promissory Note 

If a parent's loan application is denied, then the student is eligible to borrow an additional amount in the  Federal Direct Stafford Unsubsidized Loan. First or second year students may borrow up to $4,000. Third and fourth year students may borrow up to $5,000. The Financial Aid Office will reach out to  the student about this option.  If the student decides to pursue the additional loan limits, 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 2025-26 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 2025-2026 Federal PLUS Change Request Form. You can return this signed form via email, mail or fax.

---