Applying for a Direct Parent PLUS Loan

Direct Parent PLUS Loan Qualifications

In order to receive a Direct Parent PLUS Loan for your son or daughter attending Capital University, you must be able to answer "yes" to the following statements:

• My son or daughter has been admitted or is currently attending Capital University.
   
• My son or daughter has applied for federal financial aid through the FAFSA form and Capital University has received the results.
   
• Capital University Financial Aid Office has reviewed my son or daughter's financial aid application and a financial aid award has been sent to you for the academic year.
   
• Any FAFSA Verification requested by Capital has been completed prior to requesting a Direct Parent PLUS Loan. Parents are eligible to borrow up to the total annual cost of attendance minus any financial aid the student is eligible to receive.
   
• I understand that if my Direct Parent PLUS Loan application is approved, and my Direct Parent PLUS Promissory Note has been completed and signed, the proceeds will be disbursed to my son or daughter's account at Capital University.

Submit Your Application

Once you meet all of the conditions mentioned above, you can apply for a Direct Parent PLUS Loan. 

If Your Direct Parent PLUS Loan is Approved

If your Direct Parent PLUS Loan is approved, the Department of Education will notify Capital University of this approval and we will certify eligibility for this loan (usually within 2-4 weeks).

Sign Your Direct PLUS Promissory Note

You must sign a Direct Parent PLUS Promissory Note before your loan funds are disbursed. You can sign your Promissory Note online after your Federal Direct Parent PLUS Loan has been pre-approved. You must have your Federal PIN to sign the Promissory Note online.

If Your Direct Parent PLUS Loan is Denied

If your Direct Parent PLUS Loan is denied, the Department of Education will notify us of this denial.

If your son or daughter is interested in obtaining additional loan assistance through the Federal Unsubsidized Independent Direct Loan, he or she should contact Capital's Financial Aid Office. Depending on class rank, students denied Direct Parent PLUS Loans are eligible for up to an additional $5000 for the academic year.

About the Direct Parent PLUS Loan

The Direct Parent PLUS Loan is a loan for parents of dependent undergraduate students. This loan supplements the Federal Direct Loan Program, helping pay the cost of post-secondary education. For more information, refer to the Student Loan Fact Sheet. 

• Interest for a Direct Parent PLUS Loan is incurred and repayment begins 60 days after the loan has been fully disbursed, but you may be eligible to delay payments annually while your son or daughter is in school.
  
  
• Contact the servicer of your loan to make arrangements to utilize "forbearance" which defers payments. Forbearance can be requested and granted each year until the student leaves school or graduates.
  
  
• Repayment is 10 years with a fixed interest rate of 7.9%.
  
  
• Federal Direct Parent PLUS funds will be disbursed in the form of Electronic Funds Transfer (EFT) which are sent directly to the university.
  
  
• A check of the borrower's credit history is required.