The Federal Direct Parent PLUS Loan is a credit-based loan with a fixed interest rate of 6.84%, with default and up front origination fees of 4.272% (beginning for 2015-2016). Students must be enrolled at least half-time in a degree seeking program, be meeting the Federal Academic Progress Standards (SAP), and have a completed FASFA on file for parents to access a PLUS loan. The parent borrower must be either a biological or adoptive parent, or step parent. Parent borrowers and their student must also be U.S. citizens or eligible non-citizens and are not currently in default on Federal aid. Through the Federal Direct PLUS Loan Program, parents of dependent students may borrow up to the cost of education less any other financial aid received by the student. Repayment does not begin until 60 days after the loan is fully disbursed to the school (for a full-year loan, after the spring portion is disbursed to Pitt-Bradford). You may indicate on your Federal Direct Parent PLUS Loan application that you would like an automatic deferment while your student is attending school and/or a request for a 6 month deferment post enrollment. For additional information about the Federal Direct Parent PLUS Loan, please visit
Please be aware, although the studentloans.gov website states you will hear from the school within 24 hours of submitting the application, we are not able to contact you until we receive the information from Federal Loan Servicing. We will process your loan record after it is received from Federal Direct loans. This processing time may take up to two weeks. Once your loan is processed, your student will receive a revised award letter via their Pitt email.
If a parent is denied a Federal Direct Parent PLUS Loan, the student may automatically be considered for an additional unsubsidized Federal Direct Student loan in an amount up to $4,000/year for freshman and sophomores and up to $5,000/year for juniors and seniors. Borrowers also have the option to either appeal the credit decision with the U.S. Department of Education or get an endorser for the loan by choosing the associated bubble on the results page after submitting your online Federal Direct Parent PLUS Loan application at
If there is a Federal Direct Parent PLUS Loan denial and certification of additional unsubsidized Federal Direct Student loan has occurred, the same parent borrower or another parent borrower can later appeal or seek an endorser and be approved. If this is the case, the student’s additional unsubsidized Federal Direct Student Loan will be cancelled.
Repayment Options: Additional information regarding repayment can be found at
How to Apply:
1. First, complete the Free Application for Federal Student Aid (FAFSA).
2. Then, calculate how much you want to borrow and determine the loan period. The total amount you can borrow is equal to your student's Cost of Attendance minus other Estimated Aid (these figures are listed on your student's Student Aid Summary on Pitt-Pay).
3. Next, calculate the loan fee. Divide the total loan amount by 0.95708 (= 4.292%).
Request $10,448 ($10,000/0.95708 = $10,448) to receive a total of $10,000 (NOTE: Loans disbursing after October 1, 2015 and before October 1, 2016 will have a loan fee of 4.272%)
4. Initiate a Federal Direct Parent PLUS Loan application and sign a master promissory note at http://www.studentloans.gov(if you have questions when on this site, you can reach a customer service representative at 1-800-557-7394).
If you have received an advese credit decision, but are eligible due to documented extenuating circumstances or by obtaining an endorser, you will be required to complete Federal Direct Parent PLUS Loan
Please note that it can take approximately 2-4 weeks for a Federal Direct Parent PLUS Loan to be processed; parents are encouraged to file the application early to allow time for the loan funds to arrive at the school. Directions for Changing your Federal Direct Parent PLUS Loan: If you would like to change your Federal Direct Parent PLUS loan, the parent borrower must submit a written request to the Financial Aid Office. Please be sure to sign the request and include a phone number where the parent borrower can be contacted. If you would like to increase the Federal Direct Parent PLUS Loan and it is more than 180 days since the initial credit check was completed, the Parent Borrower will need to complete a new PLUS loan application at www.studentloans.gov.
Federal Loan Servicers: For questions about loan repayment or deferment, a borrower can contact his or her Federal Direct Parent PLUS Loan servicing center. Not sure who your Federal loan servicer is? Look it up on National Student Loan Database System, http://www.nslds.ed.govor call the Federal Student Aid Information Center at 800-4-FED-AID.
FedLoan Servicing (PHEAA)
Overseas borrowers: 717-720-1985
Great Lakes Educational Loan Services, Inc.
International Phone: 317/806-0580
International Fax: 570/706-8563
633 Spirit Drive
Chesterfield, MO 63005
298 N. Seven Oaks Drive
Knoxsville, TN 37922
60 South 400 West
Salt Lake City, UT 84101-1284