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Parent PLUS Loan

Financial Aid Office
(440) 826-2108, (877) 826-1600 (toll-free), (440) 826-8048 (fax)

Office Hours

Academic Year: Monday - Friday, 8:30 a.m. - 5 p.m.
Summer: Monday - Friday, 8 a.m. - 4:30 p.m.


BW's Federal ID Code: 003014


Federal Direct Parent PLUS Loans are non-need based loans to help parents finance their student's education. They are available to parents of undergraduate students attending BW at least half-time and maintaining satisfactory academic progress. Parent PLUS Loan borrowers must be U.S. citizens or eligible non-citizens. Eligibility for the Parent PLUS Loan is based on creditworthiness, regardless of borrower's income.

Maximum Annual Loan Limit

  • Cost of education less any other financial aid received by the student.
  • Parents are encouraged to budget their costs for the entire academic year when determining the Parent PLUS loan amount needed.

Interest Rate

The fixed interest rate for Parent PLUS Loans is 7.00 percent.


There is a 4.264 percent loan origination fee (subject to change).

Loan Disbursement

Parent PLUS loan amounts are divided equally by academic terms of enrollment on file with the Financial Aid Office. For example, if a parent receives a $4,000 Parent PLUS loan and the student is enrolled during the fall and spring semesters, the parent will receive a $2,000 disbursement (less fees) in the fall and a $2,000 disbursement (less fees) in the spring.


Repayment begins 30-60 days after the final disbursement of the loan for each academic year. (For example, a parent borrowing a Parent PLUS Loan at the beginning of the student's freshman year typically enters repayment in February/March of the student's freshman year.) There are no prepayment penalties.


Parents may postpone repayment on a Parent PLUS loan until six months after the dependent student leaves school or drops below half time. During the postponement period, parents receive interest statements and have the option to pay the accrued interest. If parents choose not to make interest payments, the unpaid accrued interest will be capitalized. For additional information see Parent PLUS Deferment Information from the Department of Education.

How do I apply?

Parent PLUS Loan applications for the upcoming academic year will be available in May and can be processed at any time during the academic year. Borrowers should allow 4-6 weeks of loan processing time for funds to be credited to their student's billing account, especially during the July/August peak loan processing season.

You will need your FSA ID number to complete this process. If you do not have an ID, read these instructions on how to create a FSA ID. Since this is a parent loan, the application requires the parent borrower's sign-in and application information.

STEP 1: Visit Click the green "Log In" button to login in with your parent Username and FSA ID.

STEP 2: Click on "Request a PLUS Loan" for the credit check.

If the loan is approved...

STEP 3: Click on "Complete Master Promissory Note" if you do not already have a valid PLUS Master Promissory Note (MPN) for BW on file with the Department of Education. The MPN allows eligible borrowers to apply for multiple loans, over multiple years, for a single dependent child.

STEP 4: The Department of Education will transmit loan information to BW.

STEP 5: BW will originate the loan and transmit it to the Department of Education.

What if my Parent PLUS Loan is denied?

If a Parent PLUS Loan is denied, a student can request a Direct Unsubsidized Loan by submitting the Federal Direct Loan change form on our forms page. You also may wish to obtain a Direct PLUS Loan endorser which is someone who is willing to repay the Direct PLUS Loan if the borrower does not.

Federal Direct PLUS Loan Change Request Form

The Federal Direct PLUS Loan change request form, available on our forms page, is used to submit requests to change Parent PLUS Loans that have already been approved through the Department of Education. When changing the amount of a Parent PLUS Loan, please keep in mind the maximum annual loan limit and fees listed above.


Information on Federal Direct PLUS Loans (from the Department of Education)

Repayment calculator – This tool calculates an estimated monthly payment.

National Student Loan Data System (NSLDS) – This is the Federal Department of Education's database for tracking all federal loans and you can find information on your Parent PLUS Loan history.

Federal Loan consolidation – This is for Parent PLUS borrowers who have PLUS loans with different lenders/servicers and wish to combine their PLUS Loans into one Consolidation Loan.

Direct Loan servicing site – This is for information regarding Direct Loan repayment.