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Federal PLUS Loan

Applying for Federal PLUS

The University of Oklahoma requires students to complete the Free Application for Federal Student Aid (FAFSA) to receive a Federal PLUS Loan. While a student does not have to show "financial need" for the Federal PLUS loan, the FAFSA information will help evaluate eligibility for other aid, including some institutional scholarships. Students must also be making "Satisfactory Academic Progress" for parents to borrow a Federal PLUS Loan. Students and parents are encouraged to complete the FAFSA online at www.fafsa.ed.gov.

Parent borrowers must also complete a web-based PLUS Loan application. Parents can shop for a lender by using the "Begin PLUS Application" button. Once a lender has been selected, parents apply on that lender's application site. Parents borrowing again from the same lender for the same child must re-apply each academic year but do not have to complete a new Master Promissory Note (MPN).

The lender will evaluate credit eligibility and transmit the loan certification request (or credit denial) to OU electronically. OU will issue an "OU-FAN" (OU Financial Aid Notification) to the student via email to advise the student of the aid offered, including the PLUS loan. When the student receives the OU-FAN showing the PLUS loan, the loan certification has already been transmitted electronically back to the lender.

  • Interest Rates and Loan Limits ...More
    • Parents may borrow up to the cost of attendance (student budget) less any financial aid (including scholarships and any other resources) the student will receive. The PLUS Loan interest rate is currently variable, with a maximum rate of 9%. Effective July 1, 2006, the PLUS Loan interest rate will be fixed at 8.5% Interest begins accruing on the loan upon disbursement; the PLUS Loan is NOT deferred while the student is in school.


  • Credit Criteria for Federal PLUS ...More
    • Parents must apply for the PLUS Loan annually and must show satisfactory credit ratings to qualify. If you have any one of the following items on your credit report within the last five years, you may not be eligible for a PLUS Loan:
      1. Government Claim on Defaulted Loan or Title IV Write-Off
      2. 90 days or more delinquent on any debt, Collection Account, or Charge-Off
      3. Foreclosure, Foreclosure proceedings started, or Deed-in-Lieu of Foreclosure
      4. Credit Line Closed, Lease or Contract Terminated by Default
      5. Voluntary Surrender, Repossession or Wage Garnishment
      6. County/State/Federal Tax Lien, Government Claim on Secured Real Estate

      If you meet one of these criteria, you may still be able to borrow the PLUS Loan if the lender will consider supporting documentation provided by the borrower; contact your lender for details. If the PLUS Loan is denied due to credit, the student will be offered a "Dependent Unsubsidized Stafford Loan" if eligible. Contact Financial Aid Services for information on other alternatives.


  • Who Can Borrow? ...More
    • Parents may only borrow Federal PLUS Loans on behalf of undergraduate "dependent" students. Independent students are students who will be 24 years of age before the beginning of the aid year, or are graduate/professional students, or are married, or are orphans or wards of the court at age 18, or who have legal dependents other than a spouse, or who are on active duty or veterans of the U. S. Armed Forces. These students should complete the Free Application for Federal Student Aid to pursue financial aid as independent students.
    • Only parents (natural parents, adoptive parents, or stepparents whose income information appears on the FAFSA) of the student may apply for this loan. Other persons cannot borrow this loan.
    • Only U. S. citizens or eligible non-citizens (see the definition in The Student Guide) can apply for this loan. Eligible non-citizens must provide front and back copies of immigration documentation to OU Financial Aid Services to prove their eligible status. Both the student and the parent borrower must be either U. S. citizens or eligible non-citizens.


  • PLUS for Study Abroad ...More
    • A parent may apply for a PLUS loan for most study abroad programs at OU. However, not all study abroad programs at OU will meet the federal requirements for the Parent PLUS loan, including most programs offered in the summer. The student must be enrolled in OU credit hours to qualify for a Parent PLUS loan. Not all programs require OU students to enroll for credit hours.
    • The following steps must be completed for financial aid:
      1. Complete the Parent PLUS loan application (in the Parent Information section of this website).
      2. Have the Free Application for Federal Student Aid (FAFSA) on file.
      3. The student MUST complete and submit the OU Financial Aid Services Study Abroad Form by the recommended deadlines. This form is available online by typing Study Abroad Form in the Ask the Sooners search or by contacting our office.
      4. This form is required by OU FAS to determine if the study abroad program selected by the student can be approved for aid (including the PLUS Loan).
      5. Failure to complete this form can result in the cancellation of any or all aid offered for the study abroad term(s).
    • WARNING FOR PARENTS - certification of the PLUS Loan by OU does not guarantee that the PLUS loan will be disbursed. PLUS loans are initially certified for the students´ enrollment on the Norman campus. Enrollment may not yet be posted at the time of PLUS certification. If the student does not submit the required Study Abroad Form to our office for processing, the student may not be enrolled in an eligible study abroad program for the PLUS loan, and the loan must be cancelled. Parents and students can avoid this situation by making sure the Study Abroad Form is submitted by the student well in advance of their planned study abroad semester(s). Please contact our office for more information.
    • Visit the OU Education Abroad website at www.ou.edu/ea for more information.


  • Enrollment Requirements for Summer PLUS ...More
    • An undergraduate student must enroll in a minimum of six (6) credit hours (part-time for financial aid purposes) at OU in the summer session for the Parent PLUS loan to be disbursed. Mini-sessions count as summer enrollment for PLUS but intersession classes do not.
    • Type SUMMER or PLUS in the Ask the Sooners search for additional information.


  • PLUS Application Deadlines and Loan Periods ...More

      The recommended application date for the Fall/Spring Federal PLUS Loan is before June 1st. Fall only or Fall/Spring applications received after October 1st will be reviewed on a non-priority basis and are subject to additional federal deadlines. Spring only applications received after April 1st, will be reviewed on a non-priority basis and are subject to additional federal deadlines. PLUS Loan processing normally runs 4-6 weeks. Apply by the recommended deadlines to avoid additional delays.

      When applying for the Parent PLUS Loan online, you will be asked what "loan period" you are applying for:

The Plus Loan Periods are:
SemesterLoan Period Dates
Summer 2008 06/02/08 - 07/28/08
2008 - 200908/25/08 - 05/15/09
Fall 2008 only08/25/08 - 12/19/08
Spring 2009 only01/20/09 - 05/15/09
Summer 2009 will be available March 2009


Begin PLUS Application

Note: You may only apply for the PLUS loan for up to 2 consecutive semesters within an aid year (such as Fall-Spring). If your student will be attending OU for both the Fall and Spring semesters, we urge you to apply for the Fall/Spring loan period. Parents can begin applying for Summer 2009 PLUS Loans in March 2009.