There is no deadline for the Parent PLUS loan (minus that it needs to be applied to prior to the end of the academic year). You can apply for the loan throughout the academic year. I would more check when the bill needs to be satisfied by, aka a plan (loan, payment plan, etc.) in place.
There is no deadline for the Parent PLUS loan (minus that it needs to be applied to prior to the end of the academic year). You can apply for the loan throughout the academic year. I would more check when the bill needs to be satisfied by, aka a plan (loan, payment plan, etc.) in place.
Application Deadlines
The PLUS Loan Application becomes available by the end of the May prior to the start of fall term, and we recommend all these steps be completed prior to August 1 for the fall term (or prior to December 1 for spring term).
PLUS loans do not have a grace period; but if you received a PLUS loan as a graduate or professional student, you'll automatically get a six-month deferment after you graduate, leave school, or drop below half-time enrollment.
When the student leaves school, you get a six-month grace period before payments begin. In other words, if a student graduates in May, the first payment on the Parent PLUS Loan would not be due until November.
To be eligible for a Direct PLUS Loan for parents, you must be a biological or adoptive parent (or in some cases a stepparent), not have an adverse credit history, and meet the general eligibility requirements for federal student aid (which the child must meet as well).
While getting a graduate degree earlier in life may provide certain advantages, there is no age limit for applying for grad school. People pursue graduate studies at various stages of life. So, there's no such thing as being “too late” for grad school.
Unlike other types of federal student loans, grad PLUS loans don't have a specific limit on how much you can borrow per year, nor do they have an aggregate limit. Instead, you might be able to borrow up to your school's certified cost of attendance, minus other financial aid you've received.
If your credit report indicates you are 90 days or more delinquent on any debt, are in default, have a bankruptcy, foreclosure, repossession, tax lien, wage garnishment or a write-off of any Title IV federal financial aid during the last five years, you will not be eligible to borrow a Grad PLUS Loan.
If you're a parent or graduate student seeking a Direct PLUS Loan, one of the requirements to qualify is that you must not have an adverse credit history. If your application is denied because of an adverse credit history, don't give up. You still have options.
Completing the Online Application: (Note: The online PLUS application for 2024-2025 should not be submitted before June 1, 2024.) You may apply for a Direct PLUS Loan at www.studentaid.gov. If you have problems with the online application you can contact Direct Loan Applicant Services at 1-800-557-7394 for assistance.
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.
How to Use the Double Consolidation Loophole: The key to using the double consolidation loophole is to consolidate each of your Parent PLUS Loans twice. In this scenario, a borrower can have as few as two Parent PLUS Loans.
PLUS loans don't require good credit, making them an ideal option for low-credit borrowers. However, you can't have an adverse credit history, such as bankruptcies or loan defaults within the past five years.
Unlike all other federal student loans, there are no explicit borrowing limits for parent PLUS loans. Parents may borrow up to the full cost of attendance, which is determined by the institution, not the government, and includes books, travel and living expenses. There are no ability-to-repay standards for PLUS loans.
The U.S. Department of Education makes Direct PLUS Loans to eligible graduate or professional students through schools participating in the Direct Loan Program. (We also offer Parent PLUS loans.) A Direct PLUS Loan is commonly referred to as a grad PLUS loan when made to a graduate or professional student.
PLUS loans are federal loans that parents can take out to cover their child's college costs. The parent, not the student, is responsible for repaying the PLUS loan. PLUS loans don't qualify for all of the income-driven repayment (IDR) plans that student loans do.
Note: You can request an increase in the amount of a Direct PLUS Loan you previously requested if it's for the same school and same award year. The loan can't exceed the cost of attendance (COA) minus other aid.
Most graduate school deadlines fall from October 31 to December 1, according to College Cures. Take the last few weeks of October and the first few weeks of November to compile and finalize your graduate school applications.
As the saying goes, “It's never too late to make a new start.” Adult learners may be surprised to learn that going back to school at 50 is not uncommon and that many older students earn their degrees for a variety of reasons.
While the majority of college students in the United States once took between four and five years to earn the 120 credits required to graduate with a bachelor's degree, about 22 percent of undergraduate students take more than four years to graduate [1]. Many factors can affect that timeline.
Parent PLUS loans can potentially be forgiven after 10 years under specific conditions, such as through the Public Service Loan Forgiveness (PSLF) program after consolidation into a direct consolidation loan. Parent borrowers must enroll in the Income-Contingent Repayment (ICR) plan to qualify for PSLF.
The Parent PLUS loan application is based on the borrower's credit history; no loan officer will look at your income or other debt or otherwise evaluate whether you can afford to make the payments. It is your responsibility to make sure you aren't borrowing more than you can afford to pay back.