Loans

Loans for Parents

Federal PLUS Loans are available to parents and/or step-parents with a good credit history to help pay for the education of a dependent undergraduate student who is enrolled at least half-time.

The interest rate for the PLUS loan is fixed at 6.41%. Loan fees up to 4.204% may be deducted from your loans by the government. All loan funds are disbursed in two equal amounts. Funds are disbursed prior to the beginning of each semester and applied to charges on the student’s account. Repayment begins 60 days after the date of the second disbursement, or the parent may request delayed repayment until six months after the student is no longer enrolled at least half-time.  (Interest may be repaid or capitalized upon the loan entering repayment.). If a credit balance occurs, a check is issued to the parent who applied for the loan unless indicated otherwise on the PLUS application or a signed authorization from the parent requests the balance to be issued to the student. Parents may borrow up to the total cost of attendance less any student aid received.

How to Apply

Complete the Free Application for Federal Student Aid (FAFSA) 

Accept your award on MyWashburn

  • Select the Financial Services tab
  • Select the Financial Aid Awards link available in the left column
  • Select Aid Year and click Submit
  • Select the “Terms and Conditions” tab - All students must read and accept the terms and conditions before accepting your financial aid. 
  • Select the “Accept Award Offer” tab to accept/decline awards.

Complete the Master Promissory Note (MPN)

  • Sign in to studentloans.gov
  • Select "Request a Direct PLUS Loan" and choose “Parent PLUS”

 

PLUS Master Promissory Note

The PLUS Master Promissory Note (MPN) provides an easier application process because the student signature is not required. And you may borrow under one MPN for up to 10 years, which means you may only have to complete it once for each child. However, a credit check is conducted each year that you accept a PLUS loan.  It is recommend that you do not submit your PLUS Master Promissory Note before 1 June as PLUS loan credit checks are only good for 60 days.

 

Features and Benefits

  • PLUS funds may cover the full cost of education—including tuition & fees, room & board, books & supplies, transportation costs, and living allowance
  • Available to parents of dependent undergraduates regardless of income or assets
  • Requires no collateral.
  • Fixed interest rate at 6.41%.
  • Repayment begins 60 days from the date of the second disbursement or may be deferred.
  • For many parents, interest is tax deductible. Check with your tax advisor for details.

Washburn University PLUS Estimated Eligibility*

Total College Cost

$17,085

Less Estimated Student Financial Aid *

- 9,250

Equals PLUS Loan Eligibility

$ 7,835

*Estimated Student Financial Aid assumes a $3500 subsidized Stafford Loan, $2000 unsubsidized Stafford Loan, $3250 Federal Work Study, and $500 Academic Scholarship.

Flexible Repayment Options

  • Standard Principal and Interest Plan
  • Payment Plan based on Income
  • Payment Plan with payments that may be as low as interest-only while the student is in college
  • Payment plan with payments deferred until the student graduates or drops below half-time attendance.
  • Interest rate reductions in repayment for signing up for automatic monthly payments from a checking or savings account.
Complete the FAFSA

When completing the Free Application for Federal Student Aid (FAFSA), please add Washburn University’s federal school code of 001949.

FAFSA
FINANCIAL AID FORECASTER

Better understand your options for paying for college. Use the FAFSA4caster to estimate your eligibility for federal student aid.

FAFSA4caster