Federal Direct Parent (PLUS) Loan Program
The University of Rhode Island participates in the William D. Ford Federal Direct Loan Program. This program includes both student Subsidized and Unsubsidized loans, as well as Parent (PLUS) loans. The fixed interest rate for Parent (PLUS) loans for 2017-18 is 7% with an origination fee of 4.276%.The University receives funds directly from the U.S. Department of Education and disburses them to eligible students. You must file a FAFSA (www.fafsa.ed.gov) for the year in which you wish to receive the loans (i.e. 2017-18) in order to be eligible for these loans. You will need your FSA ID number to complete the Master Promissory Note.
Parents borrowing through the Federal Direct Parent (PLUS) Loan Program for the first time at URI must complete the following steps:
Step 1: Log on to the Direct Loan web site: studentloans.gov and complete a credit check*. If approved, continue with Steps 2 and 3.
Step 2: Complete a Master Promissory Note (MPN) in the parent’s name at: studentloans.gov
Step 3: Complete the URI supplemental Parent Loan application here.
*Credit Checks: Direct Parent (PLUS) Loan borrowers will be able to authorize and initiate a credit check via the Direct PLUS Loan Request process at any time on the studentloans.gov web site. The borrower will receive the results of a borrower-initiated credit check immediately. The credit check decision will be good for 180 days.
If the credit check is not approved, the borrower is asked how they wish to proceed, such as not pursuing a Direct PLUS Loan, obtaining an endorser, or appealing the credit decision. Regardless of the borrower’s choice, a paper Endorser package will be sent to the borrower. Students may be eligible for additional Unsubsidized loans. Please contact Enrollment Services for more information.
- Note: Returning Parent loan applicants with an MPN on file, need only complete the credit check (step 1) and URI supplemental application (step 3) each academic year.
If you are having issues logging onto the URI Supplemental Parent Loan site: Close your web browser (Internet Explorer, Firefox, etc) by clicking in the X in the top right corner of your screen. Then reopen your web browser in one window only. Internet Explorer works best. Navigate to web.uri.edu/enrollment and follow the link under Financial Aid to the Parent Plus Loan Application.