With the financial process underway for the 2017-2018 school year, Student Financial Services (SFS) wants to inform students and families of some important financial aid topics.
If a student completed the 2017-2018 WSU General Scholarship application, SFS will begin awarding scholarships this month; however, please note the process of awarding scholarships happens throughout the academic year and not just at this time. Students will receive an email notification from SFS if they are awarded a scholarship. There are still plenty of other scholarship opportunities for students to take advantage of for the upcoming school year. We encourage students to utilize our Scholarship Search Engine to view a variety of different scholarship opportunities from donors outside of the WSU community.
Financial Aid Types: Parent PLUS Loans
If you are a parent or stepparent of a dependent undergraduate student, a PLUS loan enables you to borrow money that can be applied to your student’s educational expenses.
PLUS loans are loaned directly from the federal government to the borrower. This loan is not based on your family’s income or asset information provided on the FAFSA. In order to receive a Parent PLUS Loan, parents need to meet the credit eligibility requirements, and students must be enrolled at least half-time. Parent PLUS Loan amounts will differ for each student. Parents can borrow as much as they need, as long as it does not exceed the cost of attendance.
How do you apply for a Parent PLUS Loan?
The first step for students is to grant their parent borrower myWSU access. Step two is the parent borrower must complete WSU’s loan application. Finally, all parent borrowers must complete a Master Promissory Note (MPN) online. tThe parent on the application must be the same parent on the MPN.
What if my parent is credit denied?
If a PLUS application is denied, the parent can appeal the credit decision with the Federal Direct Loan program and/or add an endorser to the loan. If the parent chooses not to pursue one of those options, SFS may be able to award an additional unsubsidized loan to your student. These options are further discussed here.
What is the interest rate on the Parent PLUS loan?
The interest rate on a Parent PLUS loan is determined annually by the U.S. Department of Education. Each loan will have a fixed interest rate for the life of the loan. You can view the latest interest rate information at studentaid.ed.gov/interest.
Contact SFS, we are here to help!
The Student Financial Services office is happy to assist students and their families through the financial aid process. If you have a question or concern, feel free to contact SFS Mon-Fri from 8 a.m. to 5 p.m. PST by calling 509-335-9711 or emailing firstname.lastname@example.org. If students or parents are visiting the Pullman campus, you can also schedule an appointment to meet with a Financial Aid advisor Mon-Fri from 9 a.m. to 4 p.m. online here: financialaid.wsu.edu.