Federal PLUS (Parent) Loans

• Available to parents, or in certain circumstances, stepparents, of dependent students.
   
• 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).

Federal PLUS Loan pre-approval process
Complete the PLUS loan pre-approval process by calling Education Assistance Corporation (EAC) at 1-800-458-4011

You, the parent, will need the following information to complete the process

• Your social security number
• Date of birth
• Name of school student is attending
• Student’s social security number
• Student’s date of birth
• Select a lender from our preferred lender list

Once you have completed this process, you will be informed if you have been approved or denied. EAC will notify Dakota Wesleyan University of the results.

If you, the parent, have been approved and wish to complete the application process please follow the steps below.If you are not able to complete this process online, please contact DWU’s Financial Aid Office for a paper application.

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 decline and revise the student’s award letter with the additional Federal Unsubsidized Stafford loan.

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- Complete the Federal PLUS Master Promissory Note (MPN). Please choose a lender from the list provided and select “Apply Here” to complete the Federal PLUS loan MPN. If you would prefer not to use one from this list, please select “Other Lenders” and a list of additional lenders will be provided. DWU’s guarantee agency, Education Assistance Corporation (EAC), will notify DWU that you have completed the Federal PLUS MPN.
   
• 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.)

Loan limits
The maximum amount borrowed (determinded by the financial aid office) cannot exceed the student's cost of attendance minus other financial aid.

Interest rate and fees
Any federal Plus loans borrowed AFTER July 1, 2006 will have a fixed interest rate at 8.5 percent.

Any federal Plus loans borrowed BEOFRE July 1, 2006 will have a variable interest rate. The rate is 7.94 percent.

The parent/borrower is responsible for the interest during the life of the loan (the Federal Government does not pay any interest).

A guarantee fee and an origination fee may be withheld from the disbursement amount. All fees charged will be disclosed on the Notice of Guarantee and Disclosure Statement.