PLUS Loans are federal loans that graduate students and parents of dependent undergraduate students can use to help pay for college. The U.S. Department of Education makes Direct PLUS Loans eligible to borrowers through academic institutions that participate in the federal Direct Loan Program. WSU is one of these universities.
WSU uses its own “in-house” loan application for processing Direct PLUS Loans found on myWSU versus the federal government’s application found on studentloans.gov. SFS’s PLUS application is only accessible to you once Third Party Access has been granted to your parent borrower and in turn, links it directly to your myWSU account.
The Benefits of WSU’s PLUS Application
- Both your parent borrower and you will receive all communications about the loan’s status; where just your parent receives this information when the application processes through the federal government’s system.
- Troubleshooting is quicker and updated more often with WSU’s application versus possible delays in the federal application. This allows SFS to be more responsive to your needs.
- Because the application links directly with your myWSU account, duplicate applications for the same loan are eliminated.
General Reminders about Direct PLUS Loans
- The U.S. Department of Education is the lender.
- The borrower must not have adverse credit history.
- The maximum loan amount is the student’s cost of attendance (determined by WSU) minus any other financial aid received.