Parent PLUS Loan Application and Information

About PLUS Loans

Federal PLUS loans enable parents of dependent students with good credit histories to borrow funds to help pay for their child's college education.  This federally funded loan has a fixed interest rate, currently set at 7.9%.  Repayment of the Federal PLUS Loan generally begins sixty days after the final loan disbursement for each academic year.  A PLUS denial is a denied credit check; students whose parent's credit check is denied are eligible for an additional Unsubsidized Stafford Loan.  For more information on a Federal PLUS Loan from the Department of Education click here.

Federal Direct Loan Participation

Youngstown State participates in the Federal Direct Parent PLUS Loan Program.  Parent PLUS loan disbursements will be funded directly through the Department of Education; there is no involvement from third party lenders or guarantors.  All Parent PLUS loan borrowers at YSU, current and future, must sign a Direct Parent PLUS Loan Master Promissory Note (part of process defined below).

Application Process

The Department of Education's PLUS Application site combines the YSU PLUS Loan Request and Direct Parent PLUS Master Promissory Note under one process.  To electronically sign the Direct PLUS Master Promissory Note (MPN) the parent must have a Federal FAFSA PIN number.  If the parent does not have a Federal PIN number click here to request a PIN.  Click the 'Apply Now' button to launch the Department of Education's Federal Direct Parent PLUS site.  Detailed instructions are provided below; please review prior to application.  The parent is the borrower and must provide their information during the log in process.

Step 1: Parent Logs in with Federal Pin Number

It is very important that the parent, not the student, log in using their parent PIN. Click the 'Sign In' button and enter your (parent) Federal PIN number and the additional information requested.  If the parent does not have a Federal PIN number (used to sign the Free Application For Federal Student Aid) a link is provided to the PIN site.

Step 2: Click 'Start PLUS Application Process'

Next click the PLUS Application link and read the information provided.  Then click the Parent PLUS icon to begin the application.

Step 3: Enter Parental Information

The first page of the Federal Direct PLUS application requires entry of demographic information for the parent applicant.

Step 4: Enter Student and School Information

The second page of the Federal Direct PLUS application requests student and school information.  Search for Youngstown State by selecting 'OH' in the state field and 'Youngstown State University' in the School Name field.  Be sure to select that you would like to specify a loan amount.

Step 5: Review Data Entered

Next you will be prompted to verify the information that has been entered.  Correct any information that was entered incorrectly.

Step 6: Credit Check

Federal Direct PLUS awards are based upon credit.  To qualify for the loan, the parent applicant must first pass a credit check.  Agree to the terms provided and click submit.  The credit check will end in approval or denial.

Credit check ends in Denial:
If denied, you will be given options that include appealing the credit decision, obtaining an endorser, and not pursuing a loan at this time.  Select the appropriate answer.  If forgoing a credit appeal, YSU will receive notification of the denial.  We will then cancel the PLUS award and add an Additional Unsubsidized Stafford Loan fund to the student's account in an offered status.  The student may then log in to their MyYSU portal account and accept all or a portion of the award.

Credit check ends in Approval:
If approved, continue with the steps below to complete a Federal Direct PLUS Master Promissory Note (MPN).
 

Step 7: Begin the Master Promissory Note process

Read the information provided upon completion of a successful credit check.  Click your student's name to begin the promissory note.

Step 8: Complete the MPN

The Federal Direct PLUS Master Promissory Note will require the completion of additional parental information and personal references.  Enter the required information then read and agree to the terms and conditions of the loan.

Step 9: Review and Sign the MPN

Review the information provided, complete the signature boxes and click 'Sign'.

Step 10: Print the MPN

An option is provided that will allow you to open a pdf and view/print the completed MPN.

Loan Certification and Disbursement

The Department of Education will notify YSU of approved PLUS applications.  If the student is enrolled at least half-time (6 hours) and is eligible for the PLUS loan, YSU will certify the loan for the lesser of the amount requested or remaining eligibility (Cost of Attendance minus other aid received).  If a completed MPN is on file, the loan certification and MPN will match creating the loan.  Disbursement of PLUS loan funds cannot occur until 10 days prior to the start of the term. Questions? Contact our office or make an appointment to speak with a financial aid counselor.