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Eligibility criteria

  1. Parents of dependent students are eligible to apply
  2. Student must be enrolled at least half-time
  3. Not in default on another student loan
  4. U.S. citizen or eligible non-citizen
  5. Maintain Satisfactory Academic Progress

Amounts and selection process

Parents of dependent students may borrow a maximum of the cost of education minus other financial aid.

Terms

For the 2018-19 academic year, the interest rate will be a fixed rate of 7.6 percent. Interest accrues while the student is in school.* Standard repayment period is 10 years. A net 4.264 percent processing fee is deducted from the loan proceeds when the funds are disbursed. For loans in which the first disbursement is on or after October 1, 2018, the origination fee will be 4.248 percent.

Repayment begins 60 days after the loan has fully disbursed.

*Parent PLUS loans are eligible for deferment. Find out more about Parent PLUS loan deferment options.

Application process

  1. File the Free Application for Federal Student Aid (FAFSA)
  2. Complete PLUS Loan Request Form
  3. If you have an active credit freeze on your credit profile at one or more of the credit bureaus, you will need to remove this freeze with any credit bureau that you placed it with before we can process your loan request.
  4. Approved credit-worthy parent will receive instruction from Marquette to sign the electronic master promissory note
  5. Beginning March 29, 2015, new loans that are approved after documenting extenuating circumstances or obtaining an endorser will require the borrower to complete PLUS Loan Credit Counseling through studentloans.gov.

Options Following a Parent PLUS Denial

Federal PLUS loans are credit based. If it is determined that you have an adverse credit history, you may still qualify for a Direct PLUS Loan in one of the following ways:

  • Find an endorser with good credit (not the student for which the loan is being borrowed) or
  • Document extenuating circumstances to the U.S. Department of Education Office of Federal Student Aid. Visit studentloans.gov and select "Parent Borrowers" where you will find a link to "Document Extenuating Circumstances." Review does not guarantee approval; Federal Student Aid will determine your eligibility based on information provided.

In both cases, the parent will need to complete online PLUS Credit Counseling at studentloans.gov

If a parent is unable to secure a PLUS loan for a dependent undergraduate, the student may be eligible for additional Federal Direct Unsubsidized Loan to help with education costs. This additional student borrowing will likely be less than the PLUS loan amount, but can assist in meeting educational costs. If the student is eligible, the amount is capped at the annual combined Undergraduate independent level. This increase is not available if any parent passes the credit check or an endorser is approved. Contact Marquette Central for assistance.

For more about adverse credit history, see this information from Federal Student Aid.

Renewal process

Award is renewed only if all necessary forms are filed each year and students & parents continue to meet eligibility requirements.

 

OFFICE OF STUDENT FINANCIAL AID

The Office of Student Financial Aid provides undergraduate and graduate students with resources about types of financial aid and student employment.



FAFSA School Code: 003863

Questions or for more information, contact the Office of Student Financial Aid