What are the eligibility requirements?
Below is a list of eligibility requirements associated with the applicant for the PLUS product:
Must be borrowing to pay for the educational costs of a dependent undergraduate student who meets the requirements for an eligible student
Must be a U.S. citizen or national, a U.S. permanent resident or eligible non-citizen, as applicable
Must provide his or her valid Social Security Number
Must not be in default on any federal student loans
Must be the natural or adoptive parent, legal guardian who has been appointed by a court and who is specifically required to use his or her own resources to support the student, or step-parent (if their income and assets would have been taken into account when calculating a dependent student’s expected family contribution) of the eligible student
Must not have any property subject to a judgment lien for a debt owed to the United States
Must fulfill additional requirements imposed by the guarantor of a loan for which the principal and interest have been discharged or written off
Must not have borrowed in excess of any annual or aggregate Federal Stafford Loan limit
Must not be liable for an overpayment nor have exceeded annual or aggregate limits imposed on any Title IV program
Must meet the guarantor’s requirements with respect to state of residence or regional service area
Must not have been determined ineligible solely due to the individual’s error or as a result of providing false or misleading information for a FFELP loan that has already been obtained
Must comply with the requirements for submission of a Statement of Educational Purpose
Must be determined to have no adverse credit
Must meet the guarantor’s requirements with respect to state of residence or regional service area
Must not have fraudulently borrowed a loan, provided information that caused his or her loan to exceed applicable annual loan limits during an academic year, nor knowingly exceeded an aggregate loan limit for the FFELP, FDLP, or Federal Perkins Loan Program
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