Federal Direct PLUS Loans

How to apply for a Federal Direct Parent PLUS Loan

1. The Parent PLUS Loan is not based on financial need; however, SPC requires completion of the FAFSA (Free Application for Federal Student Aid).
2. Complete the SPC Federal Direct Parent Loan for Undergraduate Students (PLUS) form.
3. Complete the Federal Direct PLUS Master Promissory Note. This only needs to be completed once while your student attends St. Petersburg College.
4. Your student will need to accept the loan in MySPC.
5. If your student attends less than full-time during any term, the Cost of Attendance and financial aid award amounts will be adjusted. This could result in reduction or removal of loans or other financial aid.
6. If your student will be graduating at the end of fall term, they will have their Federal Direct Stafford and Federal Direct Parent PLUS loan amounts adjusted based on enrollment during the fall term.

Your loan will be submitted to the National Student Loan Data System (NSLDS) and will be accessible by guaranty agencies, lenders, and schools determined to be authorized users of the data system.

To be considered for a Federal Direct Parent PLUS Loan:

• The student must complete a FAFSA (Free Application for Federal Student Assistance) 
• The parent must obtain a FSA ID
• Students and parents must be a U.S. Citizen or eligible non-citizen
• Students and parents must not be in default on a federal education loan or owe an overpayment on an educational grant
• Student must be seeking a degree
• Student must be enrolled at least half-time (minimum of six credits) 
• Student must attend classes and maintain Satisfactory Academic Progress 
• Applicant cannot have an adverse credit history. A credit check is required for approval.
• Applicant must complete the SPC Federal Direct Parent PLUS Loan Certification Form 
• Applicant must complete the Federal Direct PLUS Master Promissory Note  

There is a loan fee charged prior to funds being received at SPC.

Interest is charged on Parent PLUS Loans.

How much money can my parents borrow?
Parents may borrow the full yearly Cost of Attendance (as established by Financial Assistance Services) minus all other eligible financial assistance.For example, if the Cost of Attendance is $6,800 and the student receives $4,000 in other financial assistance, your parent(s) could borrow up to, but no more than, $2,800. There is no cumulative borrowing limit.

Parent PLUS Loan

Parent PLUS Loan Denial Options

Parent PLUS Loan Repayment