Federal PLUS (Parent) Loans
- Available to parents (in certain circumstances stepparents) of dependent
- DWU works with the parent to determine the amount that a parent is
eligible to borrow.
- A credit evaluation is required.
- Payments usually begin within 60 days after the beginning date of
the repayment period (the date of the last disbursement of the loan).
Check with your lender about deferment options.
- The parent/borrower is responsible for the interest during the life
of the loan (the federal government does not pay any interest).
- The lender of these Federal Direct Loans is the U.S. Department of
Education (the Department) rather than a bank or other financial institution.
- Frequently Asked Questions
Federal PLUS Loan pre-approval process
Complete the DWU
PLUS Loan Credit Check Form and return it to our office:
||Fax: (605) 995-2638 or
||DWU Financial Aid
1200 W. University Ave.
Mitchell, SD 57301
Once you have completed this form, you will be notified if you have been
approved or denied.
If you, the parent, have been approved and wish to complete
the application process please follow the steps below.
Applying for the Federal PLUS Loan
***Please review all steps before beginning
- Step 1- Contact the Financial Aid Office
for assistance to determine the amount you will need to borrow in the
Federal PLUS loan.
- Step 2- Please complete the PLUS
Master Promissory Note online. (See instructions below to navigate
this website) Note: The Direct PLUS master promissory note only needs
to be done once at DWU
- Under “Manage My Direct Loan” sign in and then go
to left hand side under “PLUS Loan Process”
- Select “Request PLUS Loan”
- Select the loan type: Parent PLUS and fill the information in
- Once your application has been approved please make sure you complete
the MPN by selecting your student’s name located in the middle
of the page
- Step 3- Complete the PLUS
Loan Amount form and the PLUS
Excess Cash form and return them to the DWU Financial Aid Office
for final processing. (If you are unable to print these forms, contact
the DWU Financial Aid Office.)
If you, the parent, have been denied, the student may
qualify for an additional Federal Unsubsidized Stafford loan. The financial
aid office will automatically receive a notice of the PLUS loan denial
and revise the student’s award letter with the additional Federal
Unsubsidized Stafford loan.
The maximum amount borrowed (determined by the financial
aid office) cannot exceed the student's cost of attendance minus other
Interest rate and fees
The Federal Direct PLUS Loan (Parent Loan for Undergraduate Students) has a fixed interest rate of 7.9%.
Parent borrowers are charged a four percent origination fee which is deducted from the gross loan amount prior to disbursement to DWU. The net loan proceeds are credited to the student?s account electronically approximately 7-10 days prior to the beginning to each term in equal disbursements depending on when the parent has requested and completed all paperwork for this loan.