STEP 1: How to determine the amount of Parent PLUS Loan to borrow
Before the parent begins the application for the Parent PLUS Loan they will be asked to determine the amount they wish to borrow or the parent may select the maximum loan indicator within the loan application.
To determine the amount to request in a Parent PLUS Loan: take the “Anticipated Balance Due” listed on your students billing statement, multiply it by two (to account for fall and spring semesters), and add 4.236% (loan origination fees). If you want to request the maximum amount of loan up to the cost of attendance, then you will select this option within the application.
STEP 2: Before Warren Wilson College can process a parent loan on behalf of the student, a parent must
complete the PLUS Loan Application. The application must be completed online at www.studentloans.gov. A parent must sign in to begin the process using their FSA ID and password. Once the parent signs in, select Apply for a Direct PLUS Loan. Then locate the Direct PLUS Loan Application for Parents and click the Start icon. Follow the prompts and complete the online application.
- If approved the WWC Financial Aid Office will apply and accept the amount requested to the student’s financial aid offer.
- If denied, the parent borrower will receive an email from the federal processor giving the applicant the option to appeal the credit status or obtain an endorser. If they wish to continue with a credit appeal or seek an endorser the parent borrower will also need to complete credit counseling. If the parent borrower seeks an endorser, the endorser will need to complete an endorser addendum. The endorser will need a FSA ID to complete this step.
- If denied and the parent indicated they will not be seeking an endorser the WWC Financial Aid Office will offer the additional unsubsidized eligibility to the student and notify the student by email to accept or decline the loan offer on Net Partner.
STEP 3: After completion of the Parent PLUS Loan application, the parent will complete the Master Promissory Note or MPN.
The parent will need to complete their MPN on www.studentloans.gov
STEP 4: After the WWC Financial Aid Office receives your completed loan paperwork it will be processed within 3 to 5 business days.
If you have questions regarding the process for a Federal Direct Parent PLUS Loan please contact the financial aid office.
Call or Text 828.771.2082 or by email email@example.com.