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Federal Direct Parent PLUS Loans

The Federal Direct Parent PLUS Loan allows parents of dependent students to obtain a credit-based loan from the U.S. Department of Education. These loans are designed to help with educational expenses up to the cost of attendance, minus all other financial aid.

For information on Parent PLUS loan interest rates and Parent PLUS loan fees, please visit the Federal Student Aid website.

Note: Federal regulations allow UAlbany to automatically apply funds from a Parent PLUS loan to tuition, fee, housing and food charges. Parents must complete a parent authorization form to allow UAlbany to use funds from a Parent PLUS loan to pay for other cost-of-attendance charges — such as lost room keys fees, health center charges or room damage fees — billed by the University.

Who can apply for a Parent PLUS loan?

A student's biological or adoptive parent — or the student's stepparent, if the biological or adoptive parent has remarried at the time of the application — can apply. A parent borrower cannot have adverse credit history.

Both the parent and student must be U.S. citizens or eligible non-citizens and meet other general eligibility requirements for federal student aid. Neither can be in default on any federal education loan or owe an overpayment on a federal education grant.

The student must also be enrolled in at least six credits (half-time) and have a valid, complete Free Application for Federal Student Aid (FAFSA) on file.

When should I apply for a Parent PLUS loan?

We recommend borrowers apply for the parent PLUS loan for the full academic year, so the best time to apply is after April 1 of the current academic year.

How do I apply for a Parent PLUS loan?

The application for a Federal Direct Parent PLUS Loan is available online. The parent borrower will be asked to sign in using their FSA I.D. and authorize an immediate credit check.

If you are approved and it’s your first time applying for a Parent PLUS loan for a student, please complete all sections of the Master Promissory Note (MPN).

Note: PLUS counseling is only valid for the duration of time that your credit check is valid (180 days). If an additional credit check is run, you may need to complete additional PLUS counseling.

General PLUS counseling is available to all applicants but is only required for applicants with adverse credit history who were initially denied and subsequently approved after documenting extenuating circumstances or obtaining an endorser.

We recommend that you log out and then log back on to review "My Loan Documents" on the left toolbar to ensure that the PLUS Loan Application and MPN are both complete.

What if I am denied a Parent PLUS loan due to my credit score?

The Federal Direct PLUS Loan application requires a credit check that is only valid for 180 days. Changes made to the loan after the 180-day mark may result in additional credit check(s).

If your Parent PLUS loan was denied, you have two options:

Obtain an endorser who does not have an adverse credit history. An endorser is someone who agrees to repay the Parent PLUS loan if you do not repay it. The endorser cannot be the child on whose behalf you are borrowing.
Document to the satisfaction of the U.S. Department of Education that there are extenuating circumstances relating to your adverse credit history.

The U.S. Department of Education (DOE) has implemented a reconsideration process for overturning PLUS denials. This process is limited to a select population. Please contact the Student Loan Support Center at 1-800-557-7394 to determine whether your denial can be reconsidered.

If you’re unable to obtain a Parent PLUS Loan, your child may be eligible to receive additional Federal Direct Unsubsidized Loan funds to help pay for their education. Please contact the Student Financial Center at [email protected] or 518-442-3202 for more information.

If a parent is later approved for the Federal Direct Parent PLUS loan and the student was awarded the additional unsubsidized loan in the interim, the unsubsidized loan will be canceled and the student will be packaged with the Parent PLUS loan.

When will I be required to start repaying the Parent PLUS loan?

Repayment typically begins 60 days after the last disbursement of the loan. Parents have three repayment options: a Standard Repayment Plan, Graduated Repayment Plan or Extended Repayment Plan.

You can request a deferment while your student is in school when you submit the Parent PLUS application.

If you request a deferment, you will not need to make payments while your child is enrolled at least half-time and for an additional six months after your child graduates, leaves school or drops below half-time enrollment.

Federal Direct Grad PLUS Loans

The Federal Direct Grad PLUS Loan allows eligible graduate or professional students to obtain a credit-based loan from the U.S. Department of Education. These loans are designed to help with educational expenses up to the cost of attendance, minus all other financial aid.

For information on Grad PLUS loan interest rates and Grad PLUS loan fees, please visit the Federal Student Aid website.

Who can apply for a Grad PLUS loan?

Graduate students who are attending at least half-time, have borrowed their entire annual or lifetime amount of Federal Direct Subsidized and Unsubsidized Loans, and still have a portion of their cost of attendance that remains uncovered by financial aid, may apply.

Student applicants cannot have adverse credit history, or be in default on any federal education loan or owe an overpayment on a federal education grant.

Students also must be a U.S. citizen or eligible non-citizen, seek a degree and meet other general eligibility requirements for federal student aid. They also must have a valid, complete Free Application for Federal Student Aid (FAFSA) on file.

When should I apply for a Grad PLUS loan?

We recommend borrowers apply for the Grad PLUS loan for the full academic year, so the best time to apply is after June 1 of the current academic year.

How do I apply for a Grad PLUS loan?

The application for a Federal Direct Grad Plus Loan is available online. The borrower will be asked to sign in using their FAFSA PIN and authorize an immediate credit check.

If you are approved and it’s your first time applying for a Grad PLUS loan, you must complete a Master Promissory Note (MPN) and Grad PLUS loan counseling.

General PLUS loan counseling is available to all applicants but is only required for applicants with adverse credit history who were initially denied and subsequently approved after documenting extenuating circumstances or obtaining an endorser.

We recommend that you log out and then log back on to review "My Loan Documents" on the left toolbar to ensure that the PLUS Loan Application and MPN are both complete.

What if I am denied a Grad PLUS loan due to my credit score?

The Federal Direct PLUS Loan application requires a credit check that is only valid for 180 days. Changes made to the loan after the 180-day mark may result in additional credit check(s).

If your Grad PLUS loan was denied, you have two options:

Obtain an endorser who does not have an adverse credit history. An endorser is someone who agrees to repay the Grad PLUS loan if you do not repay it.
Document to the satisfaction of the U.S. Department of Education that there are extenuating circumstances relating to your adverse credit history.

When will I be required to start repaying the Grad PLUS loan?

You don't have to start making payments until six months after you graduate, leave school or drop below half-time enrollment. During any period when you’re not required to make payments, interest will accrue on your loan.

There are several repayment options available that are designed to meet the individual needs of borrowers, including income-driven repayment plans that determine your monthly payment amount based on your income and family size. Generally, you’ll have 10 to 25 years to repay your loan, depending on the repayment plan that you choose. Learn about your repayment options.

Private Loans

Private, or alternative, education loans are credit-based loans that are offered by several financial lending institutions. Private loans are designed to finance your remaining cost of attendance after all other sources of aid are exhausted.

The University at Albany strongly encourages students to complete the Free Application for Federal Student Aid (FAFSA), which is necessary to receive Federal Direct Loans. Qualified borrowers can receive Federal Direct Loans regardless of their financial need.

Shortly after UAlbany receives your FAFSA, you will receive an award letter itemizing your financial aid eligibility. If you still feel it’s necessary to borrow using a private loan, you can research any financial lending institution of your choice to cover your remaining educational expenses.

As you decide how much to borrow, only borrow the funds you need. A refund from your private loan may be nice up front, but it could be very costly down the road. Asking a parent, grandparent or other family member to act as a cosigner on the private loan with you may help reduce your interest rates.

Learn more about the differences between federal and private student loans on the Federal Student Aid website.

If you need to adjust your private loans, please email [email protected] for assistance. You may also want to review our Request a cost of attendance increase page.

Private Loan Disclosures

Financial lending institutions are required to provide students with three loan disclosures in accordance with the Truth in Lending Act. Each disclosure gives borrowers specific information about the loan.

Application Disclosure

The application disclosure is generally presented to the borrow with the loan application. Otherwise the lender is required to mail the application disclosure to the borrower within three days after an application is received.

The application disclosure contains important information about the range of rates, fees, other terms, the total cost of the loan and federal student loan options. The application disclosure must be accepted and signed by the borrower and cosigner for the application process to continue.

Self-Certification Form

The self-certification form must be completed by the borrower and returned to the lender during the application process. The self-certification form is available once the approval disclosure has been accepted and the promissory note has been signed.

The self-certification form is intended to promote intelligent borrowing by educating borrowers about federal financial aid availability and encouraging them to seek other forms of financial aid before borrowing an alternative loan. The borrower is required to provide their cost of attendance and financial aid award information on this form.

Once the self-certification form is completed, the borrower is required to sign and return the form to the lender.

Approval Disclosure

The lender sends the approval disclosure to the borrower electronically or by mail once the borrower’s loan has been approved or conditionally approved but before the promissory note is signed.

The borrower and cosigner must accept the approval disclosure within 30 calendar days of the credit offer. The approval disclosure must list the deadline and how the lender requires the terms of the loan to be accepted. If any permissible changes are made to the loan (for example, to accommodate a borrower’s request), a new approval disclosure and 30-day acceptable period is required to accept the new terms.

The approval disclosure must be accepted and signed by the borrower and cosigner (if applicable) for the application process to continue.

Final Disclosure

The lender gives the final disclosure to the borrower after the loan terms have been accepted. The three-day recession period starts after the final disclosure is given to the borrower.

The final disclosure notes the borrower’s right to cancel the loan, including the deadline for cancelation and how the lender accepts cancelation requests. The final disclosure also provides the borrower with the final information on the cost of their loan.

Student Loan Practices Code of Conduct

The University at Albany works diligently to ensure that its officers, employees and agents avoid conflicts of interest in connection with their responsibilities relating to providing and administering student loans for our students. In accordance with state and federal law, you should be aware that the following activities are prohibited. Some of these prohibitions involve technical definitions which can be found by referring to the applicable state and federal law.

The University at Albany does not enter into any revenue-sharing arrangement with any lender.
No officer, employee or agent of the University at Albany who is employed in the Office of Financial Aid or who otherwise has responsibilities with respect to education loans, will solicit or accept any gift or other thing of value from a lender, guarantor, or servicer of education loans. You should be aware that certain items provided or contributed by lenders are not considered gifts, such as training materials, philanthropic contributions unrelated to education loans, and entrance and exit counseling services.
No officer, employee or agent of the University at Albany who is employed in the Office of Financial Aid or who otherwise has responsibilities with respect to education loans, will accept from any lender or affiliate of any lender, any fee, payment, or other financial benefit (including the opportunity to purchase stock) as compensation for any type of consulting arrangement or other contract to provide services to a lender or on behalf of a lender relating to education loans.
The University at Albany will not, for any first-time borrower, assign, through award packaging or other methods, the borrowers loan to a particular lender or refuse to certify, or delay certification of, any loan based on the borrowers selection of a particular lender or guaranty agency. The University at Albany will not request or accept from any lender, any offer of funds to be used for private education loans, including funds for an opportunity pool loan, to students in exchange for the campus providing concessions or promises regarding providing the lender with a specified number of loans made, insured, or guaranteed, a specified loan volume, or a preferred lender arrangement for such loans.
The University at Albany does not request or accept from any lender any assistance with call center staffing or Office of Financial Aid staffing.
No employee of the University at Albany who is employed in the Office of Financial Aid or who otherwise has responsibilities with respect to education loans or other student financial aid and who serves on an advisory board, commission, or group established by a lender, guarantor, or group of lenders or guarantors, will receive anything of value from the lender, guarantor, or group of lenders or guarantors for such service.