How do I look up my parent PLUS loan?

Contact your student loan servicer. Not sure who your loan servicer is? Log in to “Account Dashboard” or call 1-800-4-FED-AID (1-800-433-3243) to find out.

When can I apply for parent PLUS loan for 2022 2023?

After May 1, 2022: Apply for the Federal Direct PLUS loan at studentaid.gov. Sign in with your FSA ID Username and Password. Step 2: Borrower Information Complete all Sections Step 3: Review Request Review all information.

How long does it take for parent PLUS loan to be approved?

How long does processing take? Due to the value of PLUS applications at peak times (particularly summer and the start of the Fall term), PLUS loans can take 4 weeks for processing and for the loan to be posted on the student’s financial aid summary.

Are both parents responsible for parent PLUS loan?

Parent PLUS Loan Repayment Terms Only the parent borrower is required to pay back a Parent PLUS Loan, as only the parent signed the master promissory note for the Parent PLUS Loan. The student is not responsible for repaying a Parent PLUS Loan.

Do parent PLUS loans get forgiven?

Parents with Parent PLUS Loans can qualify for the Public Service Loan Forgiveness program. Under this program, student loan borrowers must work full-time for a qualified public service or non-profit employer. With public service loan forgiveness, it’s not your role that counts. Rather, it’s your employer.

What if my parents can’t get a PLUS loan?

If you’ve been denied a Parent PLUS loan because of an adverse credit history, you can qualify for the loan if you obtain an endorser. An endorser is like a cosigner. The endorser agrees to repay the PLUS loan if the parent defaults or is otherwise unable to repay the debt.

Do you have to fill out a parent PLUS loan every year?

Just like other types of federal financial aid, you must apply for the parent PLUS loan on an annual basis, or at least every year you need the loan.

Is it too late to get a parent PLUS loan?

Students can apply for a federal student loan and parents for a Parent PLUS Loan up until the last day of classes or June 30 of the award year, whichever comes first.

Can you claim parent PLUS loans on taxes?

Yes, the student loan interest, on a parent plus loan, is deductible since the loan was taken out when the student was your dependent. For additional information, see the following TurboTax Article: What is a 1098-E: Student Loan Interest.

What happens to parent PLUS loans if parent dies?

Your parent’s PLUS loan will be discharged if your parent dies or if you (the student on whose behalf your parent obtained the loan) die.