Undergraduate PLUS Loan
PARENT LOAN FOR UNDERGRADUATE STUDENT (PLUS)
Plus loans are often used to supplement a student’s financial aid package when the financial aid package does not completely cover all of the dependent student’s educational expenses. A dependent student is an unmarried, undergraduate student under the age of 24 who is not a veteran, not a ward of the court, not an orphan, and does not have any dependents. A PLUS Loan is a legally binding contract that must be repaid with interest even if you student does not graduate or find a job after graduation.
- Your student’s eligible or ineligible Pell Grant file must be completed before your PLUS loan can be certified
- Your student must be currently attending at least 6 credit hours each semester to receive a loan disbursement
- Complete admissions file with high school/college transcript evaluated or GED or Ability-To-Benefit Test
- All loans will be packaged for TWO SEMESTERS
Qualifications to be considered for a parent PLUS loan
A parent must:
- Pass a credit check
- Be a U.S. citizen or eligible non-citizen
- Have no prior defaulted loans or owe a refund to any student financial assistance program
- Have your student complete the FAFSA
Application Process
- Borrowing PLUS Loan Funds:
- Complete and return Wallace State's PLUS Loan Profile with copy of legibly signed driver's license
- The loan office will process your PLUS Loan in accordance with federal regulations. Academic Progress is checked and loan amounts are certified in accordance with federal regulations.
PLUS loan borrowers must go to http://www.simpletuition.com/wallacestate to start the process and complete their Master Promissory Note (MPN).
The Financial Aid Office encourages borrowers to compare lenders to make an informed choice. Borrowers can choose any Stafford/PLUS lender that participates in the (FFELP) Federal Family Education Loan Program and any lender for a private loan.
If the lender of your choice is not listed at www.simpletuition.com/wallacestate you must provide the name and the 6-digit Lender ID on your Loan Profile. If the lender you choose does not process through our guarantor’s normal process there could be a delay in funds disbursement. If your funds are sent by paper check, an endorsement will be needed before disbursement.
