Parent PLUS Loan

A PLUS Loan for parents is available to parents of dependent students. The student must first complete a FAFSA. Visit the Federal Student Aid website for complete information regarding this loan program. PLUS loans are credit worthy. Should a parent not pass the credit check the student will be offered an additional $4,000 in an unsubsidized loan.

Lawrence Tech parents borrow directly from the Federal Direct PLUS loan program.

Parent Plus request

Who Can Borrow

Under the Federal Direct PLUS Program, parents (or stepparents) of dependent students may borrow up to the full cost of their child's education minus other aid. Credit checks are required, and parents who have an adverse credit history (determined by federal credit regulation) may not be able to borrow under the PLUS program. Origination fee and Interest rates for the Parent Plus can be found here:

The Loan Maximum is the student's cost of attendanceminus other financial aid received for the loan period. Youdetermine the amount to borrow based on the portion of your educational costs tobe financed. Visit our estimate page for an example of how to estimate your amount. 

A parent borrowing the first time must complete an electronic master promissory note (MPN). Once we receive credit approval and  acknowledgement of the signed MPN, the funds pay to the student's account (no earlier than 10 days prior to the start of the semester).

A Master Promissory Note (MPN) is used to make one or more loans to the same borrower over one or more academic years. The Direct Loan Disclosure Statements and disbursement notices indicate the amounts of the individual loans you are taking under the MPN. This allows you to sign one MPN for all PLUS loans for the student on whose behalf you ar borrowing. There is a ten year limit on the life of a note. You are agreeing to repay the U.S. Department of Education all loans made to you under the terms of the MPN and you understand that multiple loans may be made to you under this same MPN.

Because the MPN covers current and future loans, individual loan information cannot be displayed. You will receive Disclosure Statements for each new loan. This statement provides comprehensive information about the loan type, the amount, loan period and expected disbursements. It is important that you keep all of the statements you receive. When loan proceeds are paid, you will receive a disbursement notice from the Federal Direct Loan Program.

PLUS loan payment deferments available

Parents borrowing a PLUS loan beginning July 1, 2008 may defer payments on interest only or on both interest and principal while the student for whom the loan was taken is enrolled at least half time. Parents must request the deferment of payment from the Federal Direct PLUS Loan Program. You make your deferment selection as part of completing the Parent PLUS Request at


Cancellation of loans

PLUS Loan borrowers have the right to cancel their loan disbursements within 14 days of the disbursement notice. Should you decide to cancel the disbursement of your PLUS Loan, you should contact the One Stop Center at in writing within the specified time period. By canceling the disbursement, you will be responsible for any unpaid tuition and fees, as well as repayment of loan funds already paid to you. 


The PLUS Loan Process

It's fast and easy - one parent logs on using his/her FSA ID; one link access for applying; receiving credit result and signing the Master Prom Note. If applying for the upcoming fall semester credit checks are available after May 1.

Lawrence Tech will receive an electronic document with the information necessary to process a PLUS loan for you. Be sure to indicate the amount of funds you want to borrow and at the same site you can request a deferment of payment.


If you are denied credit Direct Loan will ask if you would like to appeal the decision; get an endorser or accept the denial and have the Federal Direct Unsubsidized replacement loan processed for the student.