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Federal Parent Direct PLUS Loan Information

The University of Oklahoma participates in the William D. Ford Federal Direct Loan Program. This is a parent loan for dependent undergraduate students which the parent repays.
Please review the basic information listed below about the Federal Direct Parent PLUS Loan program. If you wish to apply, the link is in the How to Apply section at the bottom of this page.

Applying for the Federal Direct PLUS Loan

  • Who Can Borrow? ...More
    • Parents (biological, adoptive, step) of dependent students. A dependent student is required to include parent information on the Free Application for Federal Student Aid (FAFSA). Stepparents are only eligible if their income information appears on the FAFSA.
    • Parent must be a U.S. citizen or eligible non-citizen. Eligible non-citizens must submit copies of immigration documentation (front and back) to OU Financial Aid Services. More information can be found in The Guide to Federal Student Aid or within the PLUS Loan application website.


  • Student Eligibility Requirements ...More
    • Must be a U.S. citizen or eligible non-citizen (see definition in The Guide to Federal Student Aid or within the PLUS Loan application website). Eligible non-citizens must submit copies of immigration documentation (front and back) to OU Financial Aid Services.
    • Must be making Satisfactory Academic Progress.
    • Must be enrolled at least half-time (6 hours per semester).
    • Additional information will be on the direct loan website.


  • Interest Rates and Loan Limits ...More
    • You can borrow no more than the student’s Cost of Attendance minus any other aid received. The school will certify and originate your loan for the amount requested on the application OR up to remaining cost of attendance, whichever is lower.
    • The fixed interest rate for Federal Direct PLUS loan is 7.90%.
    • Interest is charged from the date of the first disbursement until the loan is paid in full.
    • More information will be listed on the loan application website.


  • Credit Criteria for Federal Direct PLUS ...More
    • You must pass a credit review to qualify for the Federal Direct PLUS loan.
    • If you do not meet the credit criteria, you may consider applying with a credit-worthy endorser.
    • Federal Direct PLUS loan credit decisions are valid for 180 days.
    • If the Parent PLUS Loan is denied, the student will be offered a Dependent Unsubsidized Stafford Loan if there is remaining loan eligibility. A complete financial aid application must be on file including the FAFSA. Processing is normally 4-8 weeks for this loan. After being awarded, the student will be notified via OU email to log into oZONE and view the award on the OU-FAN (Financial Aid Notification).


  • PLUS Application Deadlines ...More

      You may begin the 2012-13 PLUS application process in April, 2012 at studentloans.gov. Apply by the recommended deadlines below for priority processing.

      SemesterRecommended
      Deadlines
      Fall 2012 - Spring 201306/01/2012
      Fall 2012 only06/01/2012
      Spring 2013 only11/01/2012

      Note: You may only apply for the PLUS loan for up to two consecutive semesters within an aid year (such as Fall-Spring). If your student will be attending OU for both the Fall and Spring semesters, apply for the Fall-Spring loan period.


  • PLUS for Study Abroad ...More
    • A parent may apply for a Federal Direct PLUS loan for most OU Study Abroad programs.
    • The student must complete the FAFSA by June 1, 2012 for Fall/Spring programs.
    • The student MUST also complete the OU Financial Aid Services Study Abroad Form by June 1, 2012.
    • However not all study abroad programs may meet the federal requirements for federal financial aid including the PLUS Loan.

      • Summer financial aid study abroad programs have additional requirements. We encourage all parent PLUS borrowers to review the OU Education Abroad website for more information.


  • How to Apply for the PLUS Loan ...More
    • The student and parent complete the Free Application for Federal Student Aid (FAFSA). OU FAS recommends the student complete the FAFSA to be considered for most financial aid programs including some scholarships before a loan is borrowed. Parents who do not wish to file the FAFSA will be required to sign a form that will be sent from our office.
    • The parent borrower requests a U.S. Department of Education PIN number at www.pin.ed.gov.
    • The parent borrower completes a Federal Direct Parent Loan application online and the MPN (Master Promissory Note) at StudentLoans.gov. Note: the loan application will not be available until mid April.
    • Additional information may be required from the parent before the loan can be processed.


  • PLUS Application Processing Time ...More
    • After your PLUS loan application and MPN are received at OU FAS, processing takes 4-8 weeks.
    • Additional information may be needed from you for processing and disbursement.
    • Applications received after the recommended deadlines below are reviewed by OU FAS on a non-priority basis and are subject to additional federal deadlines.
    • A student may incur late charges at the Office of the Bursar if their account is not paid by the required due dates.


  • Disbursement Information ...More

      The PLUS loan is disbursed through the OU Office of the Bursar. Disbursement normally occurs at the start of the semester following the schedule below if the loan funds have been received at OU. Parent PLUS Loans are disbursed based on the option selected by the parent when completing the Parent PLUS Application online. Disbursement may be made to the student or the parent.

      Disbursements approved for the student will go to the student's bursar account. The refund may be sent to the student's personal bank account by signing up for e-refund through the Office of the Bursar. This is the fastest method for PLUS loan disbursement.

      PLUS Loan disbursements to the parent will be mailed to the parent after being processed by the Office of the Bursar. This may take up to 1-2 weeks after funds become available.

      Disbursement begins the week before classes begin if PLUS Loan funds have been received and the student meets the minimum enrollment requirements.

    • Repayment Information ...More
      • Repayment of the Direct Loan PLUS begins 60 days after the full amount borrowed for that loan period has been disbursed. Repayment will normally begin while the student is still in school. For additional information regarding repayment options for the Direct PLUS Loans visit www.dl.ed.gov or contact Direct Loan Applicant Services Center toll free at 1-800-557-7394.

    Begin Direct PLUS Loan Application

    Type Direct PLUS Loan in the Ask the Sooners search for more information.