What is Parent PLUS Credit Counseling?
PLUS Credit Counseling will help students and parents understand the obligations associated with borrowing a PLUS loan and assist them in making careful decisions about taking on student loan debt.
PLUS Credit Counseling is required if the U.S. Department of Education has informed you that you have an adverse credit history and you have:
Obtained an endorser or
Documented extenuating circumstances to the satisfaction of the U.S. Department of Education
PLUS Credit Counseling can be completed voluntarily at any time. If PLUS Credit Counseling is completed voluntarily and you are determined to have an adverse credit history by the U.S. Department of Education within 30 days of PLUS Credit Counseling completion, your PLUS Credit Counseling requirement will be considered to be fulfilled.
Who should complete this?
Parents of eligible dependent undergraduate students
What is the Annual Student Loan Acknowledgement?
Colleges are required to inform parent and student borrowers of their current amount of federal student loan debt before disbursing a federal loan. Borrowers will also be required to acknowledge that they have seen the full debt total annually.
Federal student loans will not be disbursed until this requirement is completed.
What am I acknowledging?
If this is your first time accepting a federal Parent PLUS Loan, you are acknowledging that you understand your responsibility to repay your loan.
If you have existing federal Parent PLUS Loans, you are acknowledging that you understand how much you owe and how much more you can borrow.
How do I complete this?
Each year, after June 15th, log into StudentAid.gov using your FSA ID and password to complete the Annual Student Loan Acknowledgement requirement. Due to system limitations, this requirement will be listed on you MySam as “Requested” until mid-July.
After mid-July check your MySam to see this requirement listed as “Completed.”