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University of Wyoming

Federal PLUS Loan


also known as - Parent Loan.

The Federal PLUS Loan enables parents to borrow money to help pay for part of their child's education. In order to apply for a PLUS Loan the student must first submit a Free Application for Federal Student Aid. After all the other aid has been offered, the parent can request a PLUS Loan application. To be eligible to receive a PLUS Loan the parent will be required to pass a credit check. For pre-approval of your PLUS loan the parent can go online to Education Assistance Corporation or call 1-800-592-1802.

Your parent may complete the PLUS loan application online by going to the forms page. As they complete the PLUS application they will be asked to choose a lender, the amount they wish to borrow, and for which semesters they are borrowing for. Once their application is submitted and when you meet all requirements, we will cerify the application. With your parent's authorization, the PLUS loan funds will be deposited directly to your UW student account when your lender sends the funds to UW, and will be applied toward the payment of you UW charges. Any remaining amount will be mailed to you at your local address in the form of a credit balance check.

NOTE: If you are eligible to receive a subsidized Stafford Loan you must accept that loan before you can be issued a parent loan. If your PLUS Loan application is turned down you may apply for an unsubsidized Stafford Loan.

Repayment

A loan is a form of aid that must be repaid with interest. The PLUS Loan repayment begins immediately following the second disbursement, and deferment is not an option unless the parent is currently going to college. The interest rate on this loan is variable, but it cannot exceed 9%. There are several different options for repayment of your loan. If you have questions about repayment, it is best to contact your lender.

Problem Resolution - Ombudsman's Office

Experience has shown that the best and quickest way to resolve a problem is to contact the person or office involved. If you are having a problem related to your loan, and you are unable to resolve that problem to your satisfaction with UW, you may contact the Ombudsman's office in the U.S. Department of Education. A representative of that office will research your situation, help you to understand the loan process and requirements, and intervene on your behalf should that become necessary.

Office of the Ombudsman
Student Financial Assistance
U.S. Department of Education
Room 3012, ROB #3
7th & D Streets, S.W.
Washington, D.C. 20202

Customer Service Phone: 877-557-2575
Website: http://ombudsman.ed.gov