Can spouses apply jointly for Parent PLUS loans or must we submit separate FAFSA applications?

Parent PLUS loans don't work like regular loans from a bank where co-borrowers apply together. Only one parent can be the borrower on a Parent PLUS loan. The other parent could be an endorser (similar to a co-signer) if the borrowing parent doesn't pass the credit check, but you can't be joint applicants. The loan will only appear in one parent's name, even though you both might contribute to repayment. And to clarify - after your daughter's FAFSA is processed and she receives her financial aid offer from the school, THEN one of you can apply for the Parent PLUS loan at studentaid.gov using your FSA ID.

i went thru this last year... you absolutely CANNOT apply jointly!!! only 1 parent!! we made that mistake and it delayed everything for weeks!! Pick whoever has better credit to be the borrower

Hello! Financial aid advisor here. I'd like to clarify a few things: 1. Only one parent can be the borrower on a Parent PLUS loan - this is a federal rule, not just a technical limitation 2. Your FAFSA will determine your daughter's SAI (Student Aid Index) and eligibility for grants, work-study, and direct student loans 3. After the FAFSA results are processed, one parent applies for the Parent PLUS loan using their own FSA ID 4. The credit check looks for adverse events, not a specific credit score threshold 5. If denied, you have options: get an endorser, document extenuating circumstances, or your student becomes eligible for additional unsubsidized loan amounts The parent with the stronger credit history (fewer delinquencies, bankruptcies, etc.) should apply. Income isn't considered for approval, just for determining if special circumstances exist if initially denied.

Just a heads up about Parent PLUS interest rates - they're higher than Direct student loans (currently 6.57% for the 2024-25 year vs 5.5% for undergrad student loans). Plus the loan fee is around 4.2%. Make sure you've maxed out your daughter's federal Direct loans before taking Parent PLUS. Those have better terms and put the responsibility on her rather than you. Just my two cents!

My wife and I went through the exact same confusion last year for our twins. We spent TWO WEEKS trying to reach someone at FSA to clarify this. Kept getting disconnected or wait times of 2+ hours. FINALLY we used Claimyr (claimyr.com) to get through to an agent and got everything sorted in 20 minutes. They have this video showing how it works: https://youtu.be/TbC8dZQWYNQ Saved us from missing deadlines because we needed to know which parent should apply. Definitely recommend if you need to speak with an actual person about your specific situation.

The whole parent plus loan system is COMPLETELY flawed!!! My ex-husband and I both wanted to help our son but neither of us could cover the full amount alone. Guess what?? We BOTH had to take out SEPARATE Parent PLUS loans for smaller amounts because there's NO JOINT OPTION. Now we each have separate loan payments, separate servicers, and it's an absolute NIGHTMARE to manage. The system is rigged against divorced parents who want to share responsibility.

One thing to be aware of is that Parent PLUS loans don't qualify for as many repayment plans as student Direct loans. While Direct loans have income-driven repayment options like SAVE and IBR, Parent PLUS loans only qualify for Income-Contingent Repayment (ICR) after consolidation. The standard repayment term is 10 years, which can mean high monthly payments depending on how much you borrow. Make sure to use the loan simulator on studentaid.gov to estimate what your monthly payments would be before borrowing.

As someone who just went through this process with my oldest last year, I can confirm everything others have said - only ONE parent can be the borrower on each Parent PLUS loan. We learned this the hard way when we initially tried to apply together and got confused by the system. Here's what worked for us: I applied as the primary borrower since my credit was cleaner (fewer late payments over the years), even though my spouse makes more money. The income doesn't matter for approval - it's really just about adverse credit history like defaults, bankruptcies, etc. One tip that saved us: create a shared spreadsheet to track all the loan details, payment dates, and servicer information. Even though only one parent's name is on the loan, you'll both want visibility into the repayment process. We also set up automatic payments from a joint account so we're both contributing even though technically I'm the only one legally responsible. The whole process becomes much clearer once your daughter's FAFSA is processed and you see her aid package. Then you'll know exactly how much gap you need to cover with Parent PLUS. Good luck!

Just wanted to add something that might help with your decision-making process! When choosing which parent should apply, consider not just credit history but also your long-term financial plans. The Parent PLUS loan will only appear on one parent's credit report, which could affect that person's ability to qualify for other loans (like a mortgage refinance or car loan) down the road. Also, if you're planning to have more kids go to college, think about whether you want all the Parent PLUS loans concentrated under one parent's name or if you might want to alternate who applies each year. Some families I know have strategically done this to spread the credit impact. One more thing - make sure whichever parent applies has their FSA ID ready to go! The application process is much smoother when you're not scrambling to create or recover login credentials at the last minute.

As someone who works in higher education finance, I want to emphasize a crucial point that hasn't been mentioned yet: timing is everything with Parent PLUS loans! While you can apply for a Parent PLUS loan as soon as your daughter's FAFSA is processed and she receives her aid package, I strongly recommend waiting until you've had a chance to appeal her financial aid award if needed. Many families don't realize they can request a professional judgment review if their financial circumstances have changed since filing the FAFSA. Also, consider applying for the Parent PLUS loan closer to when tuition is due rather than immediately after aid processing. Interest starts accruing as soon as the loan is disbursed, so there's no benefit to borrowing months before you actually need the funds. Most schools will work with you on payment plan timing. One last tip: before committing to Parent PLUS, exhaust all other options first - institutional scholarships, external scholarships, work-study maximization, and even employer tuition benefits if available. Parent PLUS should truly be your last resort given the higher interest rates and limited repayment flexibility compared to other federal aid options.

Great thread with lots of helpful information! As a newcomer to this process, I'm finding all these details really valuable. I wanted to add one thing I learned recently that might help other families - if you're considering Parent PLUS loans, it's worth checking if your state offers any alternative parent loan programs first. Some states have their own parent loan programs with potentially better interest rates or more flexible terms than federal Parent PLUS loans. For example, I found out my state has a program through the state education department that offers slightly lower rates and different repayment options. It's worth doing a quick search for "[your state name] parent education loans" before committing to Parent PLUS. Also, don't forget to factor in the origination fee when calculating the true cost of Parent PLUS loans - that 4.2% fee mentioned earlier gets deducted from your loan disbursement, so you actually receive less than you borrow but still owe the full amount plus interest. The advice about timing the application is spot-on too. We're planning to wait until we get our final aid package and exhaust all other options before applying. Thanks everyone for sharing your experiences - this is exactly the kind of real-world guidance that's so hard to find elsewhere!

Thanks everyone for all this incredibly detailed information! As someone just starting this process, I'm feeling much more confident about navigating Parent PLUS loans now. A few key takeaways I'm noting for my own family's planning: - Only one parent can be the borrower (no joint applications) - Choose the parent with cleaner credit history, not necessarily higher income - Consider long-term credit impact when deciding which parent applies - Explore state alternatives and exhaust all other aid options first - Time the application closer to when tuition is due to minimize interest accrual - Don't forget about that 4.2% origination fee in your calculations One question I haven't seen addressed - if we end up needing Parent PLUS loans for multiple years, is there any advantage to keeping the same parent as borrower each year for consistency, or are there benefits to alternating between parents as some have suggested? I'm trying to think through the pros and cons of each approach for our long-term financial planning. This community is such a valuable resource - thank you all for sharing your real experiences and expertise!