How do I change my loan amount on my direct PLUS loan? (2024)

How do I change my loan amount on my direct PLUS loan?

If you want to decrease the amount of your Federal Direct PLUS Loan, sign in to studentaid.gov and request the new (total) amount on your original application—do not submit the amount you wish to decrease the loan by. If you wish to cancel your Federal Direct PLUS Loan, please contact us.

Can I change my direct PLUS loan amount?

The PLUS Loan Application allows you to: request a Direct PLUS Loan; change the amount of a Direct PLUS Loan you previously requested; authorize how the school may use your Direct PLUS Loan funds to pay for educational expenses.

Can you adjust the amount of a parent PLUS loan?

Note: You can request an increase in the amount of a Direct PLUS Loan you previously requested if it's for the same school, same award year, and same student. The loan can't exceed the cost of attendance (COA) minus other aid.

Can you change student loan amount?

Your monthly payment amount depends on what repayment plan you're on, so you may be able to lower it by switching plans. If you're already on an income-driven repayment (IDR) plan, you may be able to lower your payment by updating your income information.

Can you adjust a loan amount?

If you wish to increase the loan amount borrowed, you will need to start a Personal Loan Refinance application. Please note that in the case additional funds are requested in the refinancing, it will be considered 'New Debt'.

What is the maximum amount to borrow on a federal direct PLUS loan?

Loan Terms

Maximum Loan Amount: Your child's cost of attendance minus other financial aid. For example, if your child's cost of attendance is $6,000, and he or she receives $4,000 in other financial aid, you can borrow up to $2,000 in PLUS Loans.

What is the maximum amount you can borrow in a Direct PLUS loan?

The yearly limit on an undergraduate PLUS Loan is equal to your cost of attendance minus any other financial aid you receive. For example, if your cost of attendance is $12,000 and you receive $4,000 in other financial aid, your parents could borrow up to $8,000.

Can you have 2 parent PLUS loans?

In this scenario, a borrower can have as few as two Parent PLUS Loans. By consolidating the Parent PLUS Loans into two separate Direct Consolidation Loans, and then consolidating the two Direct Consolidation Loans together, the final Direct Consolidation Loan will be eligible for the SAVE plan.

How to lower interest rate on parent PLUS loan?

Refinancing your existing Parent PLUS Loans with a private student lender is the only way to pursue a lower your interest rate. Your lender will determine your interest rate based on your credit.

Can a parent be removed from parent PLUS loan?

If your parent has federal loans, the only way to transfer parent PLUS loans is to refinance with a private lender. This will replace your parent's loan with a new private loan in your name.

Can I renegotiate my student loan?

Absolutely. But before you begin negotiating, your loans will probably need to be either in default or near default. Some lenders may suggest an alternative repayment plan, but if your loans are far beyond hardship assistance, you can start trying to negotiate a student loan settlement.

What if my student loan amount is wrong?

If you find an error on your student loan bill, call your loan servicer immediately and ask the servicer to fix it. If you're having trouble getting in touch due to long wait times, try email or online chat features.

Can you change your student loan plan at any time?

If you have Direct Loans you can change your payment plan at any time. If you have FFEL loans, you are allowed to switch your payment plans at least once a year, but you may be able to switch more often if needed.

How can I increase my student loan amount?

Request Additional Federal Student Loans

If you've exhausted other options and still need additional funds to help you pay for school, contact your school's financial aid office to find out if you're eligible for additional federal student loans.

How can I increase my loan amount?

What are the rules for loan modification?

Generally, you can qualify for a loan modification if you've had an income loss or reduction that caused you to miss your mortgage payments. Or you have to be in imminent danger of falling behind on payments. But you must have sufficient income to make modified payments.

What is the difference between a direct loan and a direct PLUS loan?

Like Direct Subsidized and Unsubsidized Loans, these loans have a fixed interest rate. Note that Direct PLUS loans are unsubsidized, meaning that interest accrues throughout the life of the loan, including while the student is enrolled in school.

What is the difference between a direct PLUS loan and a PLUS loan?

Direct PLUS Loans are federal loans that graduate or professional students and parents of dependent undergraduate students can use to help pay for college or career school. PLUS loans can help pay for education expenses not covered by other financial aid.

What is parent PLUS loan forgiveness?

Public Service Loan Forgiveness for Parent PLUS Loans

Parent borrowers may be eligible for Public Service Loan Forgiveness (PSLF) after making 120 qualifying payments (ten years). Parent PLUS loans are eligible if they are in the Direct Loan program or included in a Federal Direct Consolidation Loan.

Can direct PLUS loans be deferred?

You are eligible for this deferment if you're enrolled at least half-time at an eligible college or career school. If you're a graduate or professional student who received a Direct PLUS Loan, you qualify for an additional six months of deferment after you cease to be enrolled at least half-time.

Can you apply for a Direct Plus loan twice?

A parent can obtain a PLUS Loan for each child in each school year. You can obtain additional PLUS Loans for any year that you have an eligible child in school.

What is the typical repayment period for a direct plus loan?

You must repay the loan in 10 years. Extended Repayment Plan—Under this plan, you can choose to make fixed or graduated monthly payments for up to 25 years.

What is the parent plus loophole?

Key Points. Normally, parent PLUS loan borrowers can't access the most generous income-driven repayment plans without jumping through loopholes. The popular double consolidation loophole will be closing in 2025. Until it closes, the loophole allows parent PLUS loan borrowers to access the SAVE plan.

Can I put my parent PLUS loan in my child's name?

No, a Direct PLUS Loan made to a parent cannot be transferred to the child. Was this page helpful? How can I lower my student loan payments? Under what circ*mstances can my federal student loan(s) be forgiven?

Are parent PLUS loans inherited?

The borrower's family is not responsible for repaying the loans. A parent PLUS loan is discharged if the parent dies or if the student on whose behalf a parent obtained the loan dies. Learn more about discharge due to death and what documentation is needed for discharge. Was this page helpful?