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The Federal PLUS Loan is offered to parents of dependent students as part of the student’s financial aid award offer. Biological parents are eligible to apply for this loan whether or not their information is provided on the FAFSA. A stepparent is eligible to apply for a Federal PLUS loan only if his or her information was provided on the FAFSA. Grandparents and other relatives are not eligible for this type of loan.
The University of Colorado-Boulder participates in the William D. Ford Direct PLUS Loan program for parents. The lender is the U.S. Department of Education rather than a bank or other financial institution.
The Federal PLUS Loan proceeds are credited to the student’s university bill three (3) days prior to the beginning of the semester. Any remaining proceeds will be sent to the parent via paper check unless the parent authorizes the funds to be released to the student’s bank account via direct deposit, which is much faster.
|TIP: It is generally a good idea for parents who think they might be denied a Federal PLUS Loan or who have other exceptional circumstances preventing them from borrowing a loan to contact our office before applying.|