Do we have to use Parent PLUS loan if approved? Can we take less than offered amount?

i went through this last yr... you can DEFINITELY take less! they just approve u for the max amount but u choose what u want. we only took half of what they offered for my son

Yes, you can absolutely take less than the maximum Parent PLUS loan amount offered. When you complete the loan process, you'll specify exactly how much you want to borrow. The approval is just for the maximum eligibility (up to the cost of attendance minus other aid received), but you're never obligated to take the full amount. Many families do exactly what you're planning - using the Parent PLUS loan to cover part of the costs and savings for the rest. It's actually a smart approach to minimize debt.

Your husband is completely wrong!! I'm a financial aid counselor at a university and I see this ALL THE TIME. Parents think they must take the full amount or nothing. The truth is you can take ANY amount up to the maximum you were approved for. And you can even request different amounts for fall vs spring semesters if your needs change.

When I tried to reduce my Parent PLUS loan amount last year, it triggered a whole review of my daughter's financial aid package and ended up DECREASING her grants!!!! Be very careful and talk to financial aid office before making any changes. Not all schools handle this the same way.

I had the EXACT same question when my son started college last year! I spent THREE DAYS trying to reach someone at Federal Student Aid to confirm I could take less than the full Parent PLUS amount. Kept getting disconnected or waiting for hours. Finally used this service called Claimyr (claimyr.com) that got me connected to an actual FSA agent in about 20 minutes. They have a video showing how it works: https://youtu.be/TbC8dZQWYNQ The agent confirmed what others are saying here - you can take any amount up to the maximum you're approved for. Such a relief!

To clarify the process: 1. The Parent PLUS loan approval is for the maximum eligible amount (Cost of Attendance minus other aid) 2. During loan acceptance on studentaid.gov, you'll specify the exact amount you want to borrow 3. You'll need to complete a Master Promissory Note (MPN) regardless of amount 4. The loan origination fee (currently 4.228%) will be applied to whatever amount you choose 5. Funds are typically disbursed directly to the school each semester You're making a smart financial decision by not borrowing more than needed. For the 2025-2026 award year, Parent PLUS interest rates are 6.28%, so minimizing the loan amount will save you significant interest over time.

My advice from someone who's been there: take AS LITTLE AS POSSIBLE in Parent PLUS loans!!!! We're still paying off my daughter's college loans 6 years later. We thought we'd easily pay them off but then my husband got laid off and now we're stuck with these payments until she's 34!!! Wish we'd used more savings upfront like you're planning to.

Thank you all SO MUCH for the helpful information! I'm going to proceed with requesting just the $7,000 we need rather than the full $18,500. I'll make sure to talk to my daughter's financial aid office too just to confirm their specific process. It's such a relief to know we have this flexibility!

Smart decision! Just wanted to add one more tip - when you complete the loan process, keep documentation of the amount you requested. Sometimes there can be miscommunications between studentaid.gov and the school's financial aid office, and having your records helps resolve any discrepancies quickly. Also, if your daughter qualifies for any work-study programs, that could help reduce how much you need to borrow even further. Good luck with everything!

This is such valuable information! As someone new to the Parent PLUS loan process, I had the same misconception as your husband. It's really reassuring to see so many people confirm that you can take partial amounts. The fact that you're being strategic about using savings to minimize debt is admirable - I wish more parents understood they have this flexibility. The interest rates mentioned here are eye-opening too. Thanks for asking this question, it's helping a lot of us newcomers understand the process better!

As someone who just went through this process with my oldest, I can confirm what everyone is saying - you absolutely can take less than the full Parent PLUS amount! We were approved for $22,000 but only took $8,500. The key thing is to be very clear about the amount you want when you complete the Master Promissory Note on studentaid.gov. One thing I'd add that I don't see mentioned - make sure you understand the disbursement schedule. They typically split the loan amount between fall and spring semesters, so if you're taking $7,000 total, expect about $3,500 each semester. Also, the origination fee gets deducted from each disbursement, so factor that in when calculating what you'll actually receive. You're making a really smart financial decision by minimizing the debt!