Financial Aid Office

The biological or adoptive parent of a dependent undergraduate student who meets all the eligibility requirements may apply for a PLUS loan, even if they are not listed on the FAFSA.  A step-parent, if still married to the student's biological parent, and whose income is reported on the student’s FAFSA, is also eligible to borrow on behalf of the student. Grandparents, other relatives or legal guardians are not eligible for the Parent PLUS loan

• Students must have a FAFSA on file for the current academic year
• The student must be enrolled at least half-time in a degree seeking program
• Both the student and parent  must be a U.S. citizen or an eligible non-citizen
• The student must be making satisfactory academic progress per the policies of the college
• Both the parent and the student cannot be in default on their own federal student loans or owe a refund on any federal grant or loan.

Parent PLUS loans for Summer 2024 are part of the 2023-2024 academic year. Parents should select the academic period for 05/2023 to 08/2024 when applying for the loan at https://studentaid.gov. An application for a summer PLUS loan should not be requested until the student has registered for a minimum of six credit hours of required coursework throughout the summer (this can be from a multiple summer sessions). 

Parents who also intend to file a PLUS loan application for the 2024-2025 academic year, will need to file a separate application for that loan period on or after JUNE 1, 2024.  

• Parent signs in at https://studentaid.gov using their Federal Student Aid (FSA) ID and password. 
• Click on “Request a Direct PLUS Loan”
• Complete all information and submit request for credit approval. Please ensure you choose the correct school name. Buffalo State is listed as "SUNY College at Buffalo." Refer to the image below:

• If credit approved, complete a Federal Direct PLUS Master Promissory Note
• If denied, the school will receive an electronic notification and an additional unsubsidized loan will be offered to the student if they are eligible

Exception: Under certain extenuating circumstances (which must be documented) a parent may be eligible for an automatic denial of the PLUS loan without completing the online credit check. Please contact our office prior to applying for a PLUS loan if you feel that you have an extenuating circumstance. Several examples are listed below:

• The parent borrower is incarcerated
• The parent borrower has filed for bankruptcy and is prohibited from borrowing additional loans
• The parent borrower’s income is limited to public assistance or disability benefits

• The parent is not a U.S. citizen or an eligible non-citizen (must provide proof of citizenship such as passport, visa status, etc)

If the parent is not credit approved for the PLUS loan, an increase in the student’s unsubsidized loan will be offered to them if they are eligible. Based on their remaining eligibility for aid, freshmen and sophomores may typically borrow up to an additional $4,000 in the unsubsidized loan; juniors and seniors may borrow up to an additional $5,000 annually. Students will need to accept, reduce, or decline any additional loan that is offered to them.

• Credit approval will be given to anyone who does not have adverse credit; it is not based on a low income, the amount of loan requested, the amount of debt a family has, or a parent’s FICO score. Even parents who do not have a credit history may be approved. A parent will generally be approved for a PLUS loan as long as they do not have adverse credit as defined below

In addition to other conditions (e.g., bankruptcy, foreclosure, tax lien, or a default determination) the applicant has one or more debts:

• That is 90 or more days delinquent;
• That are in collection or have been charged off during the two years preceding the date of the applicant’s credit report; and
• The total combined outstanding balance of those debts is greater than $2,085

The following options are available for parents whose PLUS application is denied:

• Use a credit-approved endorser
• Request an appeal of the credit decision based on extenuating circumstances
• Request reconsideration if it is offered to you
• The student’s unsubsidized loan may be increased by either $4,000 or $5,000 for the year, depending on their academic level
• Choose not to pursue the PLUS loan; no additional action will be taken on the credit decision and the school will be notified of the denial
• Parents who are not initially credit approved for the PLUS loan, but who qualify by documenting extenuating circumstances or obtaining an endorser, must complete a PLUS loan counseling requirement at https://studentaid.gov before the loan can be originated.

• Loan amounts can be up to the student’s cost of attendance minus any other aid that the student has received including other loans

• An origination fee will be deducted from the loan by the Department of Education prior to the disbursement of the loan (you should allow for this deduction when determining the amount you wish to borrow). The current origination fee is 4.228% on the gross amount of the loan.  The fee on a loan of $10,000 would be $422.

• A PLUS loan can be requested for the entire academic year and disbursed equally between the fall and spring semesters (preferable), or it can be borrowed for one semester at a time. Credit approvals/denials expire after 180 days.   

If a parent receives credit approval, they will also need to complete a Direct PLUS Master Promissory Note at https://studentaid.gov. If a parent is applying for a PLUS loan for more than one student in college, a separate note is required for each student. If more than one parent is applying for a PLUS loan for the same student, each parent must complete a note.

• Repayment of a Direct PLUS loan begins 60 days after the final disbursement of the loan, or may be deferred upon request.  Interest will continue to accrue during this time and it is recommended that interest-only payments be made, if possible, to keep the principal amount of the loan from increasing.