The Parent PLUS Loan is a loan parents may borrow on behalf of their dependent student. The federal government defines a parent as a natural or adoptive mother or father, or legal guardian (which may include a stepparent). This funding is through the federal government and the student must have a completed FAFSA on file. Students must be making Satisfactory Progress with NMU and enrolled at least half time (6 credit hours per semester). The Parent PLUS Loan has a 6.28% fixed interest rate for loans disbursed between July 1, 2021 and June 30, 2022. For current and historical interest rates click here. The amount requested will be limited by cost of attendance limits minus all other aid received. In order to apply for a Parent PLUS loan a parent must have a Federal Student Aid ID (FSA ID). If a parent does not have a FSA ID or does not remember their FSA ID, please visit http://fsaid.ed.gov to either apply or request a duplicate.
Additional information, as well as a link to the electronic PLUS Loan Application, can be accessed through the links below:
PLEASE NOTE that any information relating to the "borrower" on the application and Master Promissory Note are asking for parent information NOT student information.
If the parent is approved, he/she will need to complete an electronic Master Promissory Note at https://studentaid.gov/mpn/parentplus/landing
If a parent is denied the parent PLUS loan and successfully appeals this decision or obtains an endorser for their loan, then they are required to complete PLUS Credit Counseling in addition to the MPN. Here are some steps to help you:
- Go to studentaid.gov
- BEFORE logging in, scroll down a bit and you will see several tabs; one will say “Parent”—click on it
- It should become “active”
- Under “popular topics,” choose the fourth option “Complete PLUS Credit Counseling”—click on it
- Read the information on this page and click “log in to start”
- Put in the FSA ID (username and password) for the parent (NOT the student)
- Click the “log in” button
- Read the window that comes up and click “accept”
- On this page select the PLUS Credit Counseling Type—you want the one that says “Parent of an eligible dependent undergraduate student(s)”
- Click “start” and then proceed with the PLUS Credit Counseling
You may see a Pop up virtual assistant off to the side—you can ignore it or use it for help
If the parent is denied, and the student wishes to request addition funding, please refer to www.nmu.edu/finaiddirectloan for more information on the process and on loan limits. These students would be eligible to borrow at the Independent Additional Unsubsidized Loan amount.
For questions on credit decisions, credit appeals, or endorser related questions, please contact Direct Loan Applicant Services at 1-800-557-7394. For question on the servicing of your loan, please contact Direct Loan Servicing at 1-800-4-FED-AID (1-800-433-3243).
If you need to make reduced or no payments while your student is in school at least half time, please contact your loan servicer at Studentaid.ed.gov to view different repayment options.
Graduate and professional students seeking additional loan funding may also apply for a Grad PLUS Loan. This loan is at a fixed 6.28% interest rate for loans disbursed between July 1, 2021 and June 30, 2022 and at a fixed 7.54% interest rate for loans disbursed between July 1, 2022 and June 30, 2023. While this rate is higher than a graduate student's Direct Loans, it is typically lower than a private, alternative loan.
Students interested in applying for this loan should stop by the Financial Aid Office to discuss this option and see if it is relevant to them.