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Federal Direct Parent Plus Loans

  •  The PLUS loan is a loan taken out by the parent of an undergraduate student to finance part or all of the tuition bill. 
  • The maximum amount a parent can borrow is up to the cost of education minus all other financial aid that was awarded to the student.
  • The US Department of Education Direct Loans is the lender.  
  •  The parent must pass a credit check processed by the US Department of Education Direct Loans in order to qualify for this loan.
  •  The interest rate is 7.21% and there is an origination fee that is deducted from each disbursement. For loans disbursed prior to October 1, 2014, the origination fee is 4.288% and for loans disbursed after October 1, 2014 the fee is 4.292%.   The loan is split equally into 2 disbursements, one each for the Fall and Spring semesters.
  •  Repayment begins sixty days after the Spring semester disbursement.  Repayment can be deferred as long as the student is enrolled at least half time.  However, interest will accrue during this deferment.  Please contact the lender to request paperwork for the deferment.
Federal Direct Parent PLUS Loan Online Application Instructions
The PLUS loan process requires the parent borrower to complete the loan application, authorize a credit check and complete a Master Promissory Note (MPN) - all online through the US Department of Education Direct Loans website.  The information entered by the parent borrower as well as the loan approval or denial is electronically submitted to Providence College.  We will automatically be notified within 3 business days of the online submission of the parent’s completed application.  Please follow the steps below to apply for the PLUS loan.


Please visit the Direct Loans website

  • Once on this site, click on the green ‘Sign In’ bar under ‘Manage my Direct Loan’
  • Enter in the required information using the information for the parent who is applying for the PLUS loan
  • The parent borrower will need to log in using their FAFSA pin.
    • If the borrowing parent does not have a FAFSA pin number, visit to request a pin.  Once on this site, select the option to ‘Apply For A Pin’.  The parent will be issued a FAFSA pin number within 3 business days
    • If the borrowing parent has already been issued a FAFSA pin number but does not remember it, visit to request a duplicate pin.  Once on this site, select the option to ‘Request A Duplicate Pin’.  The pin will be provided to the parent after they enter the required information and answer their security question.
  • Once the Parent is logged in, a new web page will open. Click on ‘Request PLUS Loan’ from the left hand column.
  • Follow the steps to complete the application and credit check.  Please be sure to select ‘Providence College’ in the School Name section. Once Providence College receives notification of an approved PLUS loan, we will process the loan within 5-7 days. Processed PLUS loans can be viewed in the Financial Aid Award section of the student's Cyber Friar account.
  • The results from the credit check will be available immediately.
    • If the credit is approved, you will be given instructions for completing a PLUS loan Master Promissory Note (MPN).
    • If the credit is denied, you will be given the options to not pursue the loan, obtain a credit endorser or appeal the credit decision. If you do not wish to pursue an endorser and the student is interested in the additional Unsubsidized Direct Loan, please have the student fill out the PLUS Denial Request Form and return to the Financial Aid Office.


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