FEDERAL PARENT LOAN (PLUS)

The PLUS is a loan available for parents of dependent students. Parents are eligible to borrow up to the student’s cost of education, less any other financial aid.

The interest rate of the PLUS loan is fixed at 8.5%. Repayment on this loan begins 60 days after loan disbursement.

If you were awarded a PLUS loan as part of your financial aid package, your parent can follow the steps indicated below to initiate the loan process. The PLUS loan will remain in an offered status until the pre-approval process is complete. If you were awarded a PLUS loan and feel this amount is not substantial to cover the costs or if you would like to decrease your loan, your parent can complete the form at the bottom of this page entitled “Change Plus Loan Amt”. Your parent will receive a reply email indicating if they were eligible for the additional amount requested.

If you were not awarded a PLUS loan as part of your financial aid package and are a dependent student, your parent can follow the steps indicated below to initiate the loan process.

Steps to initiate PLUS loan process:

• Go to https://www.kheaa.com/miscssl/bor/credchk.jsp?schoolcd=000200200 to complete the pre-approval process on-line or call KHEAA at 1-877-353-8070.
• Once the pre-approval has been approved, the Master Promissory Note (MPN) can be completed on-line as well. When completing the MPN, a lender can be chosen from WKU’s Preferred Lender list. Once the MPN has been processed the lender will guarantee the loan. The parent's Federal PIN is needed to complete the MPN electronically.
• If the loan was approved, KHEAA will notify WKU and WKU will accept the loan on the parent’s behalf and certify the loan.
• If the loan was not approved, WKU will then award the student an additional unsubsidized Stafford Loan up to $5000 (depending on the student’s eligibility). If the student does not already have a Master Promissory Note on file, one can be completed electronically at www.kheaa.com, by selecting the “E-Sign Your MPN” button and proceeding as directed. (Note: If you are unable to sign the MPN electronically it may be that WKU has not had sufficient time to certify the loan. You may want to try again in a couple of days.)
• PLUS loan funds are disbursed at the beginning of each semester to the parent (if guaranteed prior to the start of the semester). For those guaranteed after the start of the semester, the loan funds are disbursed in the next applicable check cycle.