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Parent Loans

Parents or step-parents of undergraduate dependent students can choose to utilize the Federal Parent PLUS loan to pay educational expenses not already covered by other financial aid. PLUS loans are not subsidized and parents are responsible for all interest that accrues on the loan from the day it is disbursed until the loan is paid-in-full.  Any interest paid on the PLUS loan is tax deductible. Students must be enrolled in a minimum of 6 credits.

Interest Rates & Processing Fees:

  • 6.31% (fixed) for loans disbursed between July 1, 2016 and June 30, 2017
  • 4.272% of the amount borrowed is assessed as a processing fee by the federal government for loans disbursed between October 1, 2015 and September 30, 2016
  • 4.276% of the amount borrowed is assessed as a processing fee by the federal government for loans disbursed between October 1, 2016 and September 30, 2017

Loan Application

Parent borrowers must complete the entire Parent PLUS Loan application process as outlined below:

1. Determine the amount you need to borrow

  • The maximum amount you are eligible to borrow is listed on your students award letter as Federal Parent PLUS Loan. This amount is based on the total cost of attending college minus other financial aid received.
  • Consider only borrowing the amount you need to pay your students GVSU bill and other educational expenses not covered through other resources.
  • List the actual amount you wish to apply to receive on your Federal Direct Parent PLUS Loan Application. If you are unsure about how much to borrow, please contact the Financial Aid Office before completing the Parent PLUS Loan Application.

2. Complete the Federal Direct Parent PLUS Loan Application

  • The parent PLUS Loan Application is available online at
    • Fall/Winter 2016-2017: Available Now
    • Spring/Summer 2017: Available Now
    • Fall/Winter 2017-2018: Coming this May!
  • You (parent borrower) must sign in with your FSA ID. If you do not have an FSA ID, you can create one at
  • Once you have signed in, click Apply for a PLUS Loan.
  • Once the process is complete, you will receive immediate notification of your approval/denial.
  • The GVSU Financial Aid Office will receive notification and proceed with processing your request.

3. Complete the Parent PLUS Master Promissory Note (MPN)

  • Complete the on-line Master Promissory Note (MPN) for Parent PLUS Loans at, which is the same site used to fill out the Parent PLUS Loan Application.
  • Make sure you complete all 4 steps and receive notice that your MPN is successfully submitted.
  • Be sure to print a copy of your MPN for your records.

4. Funds disburse to your student's account

  • If your loan application is approved and the Master Promissory Note (MPN) is completed, loan funds are sent directly to GVSU from the U. S. Department of Education and credited directly to your student's account.
  • If you apply for a full academic year loan, half of the amount you apply for is disbursed at the start of the fall semester and the other half at the start of the winter semester
  • Funds will first cover any charges on the student's account. Any excess funds are released to the student via direct deposit or sent to the students permanent address unless the parent borrower requests the refund to be released to himself/herself.

* GVSU does not determine PLUS approval and cannot guarantee availability of other resources to cover your students educational costs. For more information about the credit approval/denial process visit and select "Credit Check" under "FAQ".

Loan Disbursement

Parent PLUS loans are applied to the student's account before any other student aid or payments. If the Parent PLUS loan is greater than the total charges on the account, a refund will be sent to either the student or the parent, depending on what has been authorized. If a credit card payment has been made prior to the parent plus loan which results in a credit balance, the credit card will be refunded.

Loan Deferment

**Please make note that if you checked the deferment box on the PLUS loan application this does not automatically defer the payments. The parent must complete the requirements for a deferment with the loan servicer.**

If you would like to request a deferment you can contact your Federal Direct Loan servicer and request a deferment. If you do not know your loan servicer, you can retrieve Federal Direct Loan information online as well as access your loan history by going to the National Student Loan Database and using your Federal Student Aid PIN. For loan servicer contact information please see the list of Federal Loan Direct Loan Servicers.

If you choose an alternative loan, most often you are the cosigner for the student; not the primary borrower. Learn more about alternative loans.