Does Parent PLUS loan cover all 4 years of my daughter's college or reapply annually?

You'll need to submit a new FAFSA each year and reapply for the Parent PLUS loan annually. The loan amount is for one academic year only. Your credit will be checked each time you apply, and your daughter's aid package (including any grants and scholarships) might change year to year, which would affect how much you need to borrow through PLUS. Make sure you stay on top of the FAFSA deadlines - the 2025-2026 application opens in December 2024.

Plus loans r YEARLY!!! My son is sophmore now and we had to do everything AGAIN this year. The whole process takes FOREVER and its super annoying. And yes they check ur credit EVERY TIME so dont let ur score drop lol

Parent PLUS loans are indeed annual. Here's what you need to know: 1. You must complete a new FAFSA for each academic year 2. You'll apply for a new PLUS loan each year with a fresh credit check 3. The loan amount is determined annually based on the Cost of Attendance minus other financial aid 4. Interest rates can change each year (they're set July 1st for the upcoming academic year) 5. You'll sign a new Master Promissory Note if you're approved through a different school I recommend setting calendar reminders to apply for FAFSA as soon as it opens for each year. The early applicants often have access to more institutional aid, which could reduce your PLUS loan dependency.

When we applied for my son's PLUS loan, we got denied the second year because my husband had changed jobs and our debt-to-income ratio was different. It was a NIGHTMARE!!! We had to scramble to find alternative loans with much higher interest rates. No one warned us this could happen. Make sure your credit stays in good shape all 4 years!!!

Hi there! I've been working with student loans for over a decade and can confirm that Parent PLUS loans are awarded on an annual basis. Each new academic year requires a new application and credit check. However, don't worry too much - the credit check for PLUS loans only looks for adverse credit history, not credit scores. As long as you don't have any significant delinquencies, tax liens, foreclosures, or bankruptcies in the last 5 years, you should qualify. The approval standards are actually less stringent than many private loans. If your financial situation stays relatively stable, you're likely to be approved each year. And if something does change and you get denied, there are options including getting an endorser or documenting extenuating circumstances.

we did plus loans for my twins and tbh it was way easier the second and third years cuz you kinda know what youre doing!! first year was confusing but after that it was pretty quick. the amounts did change tho cuz one daughter got more scholarships and the other one went on academic probation and lost some aid lol

Just want to add - I was in the exact same boat last year with my son. Trying to reach someone at Federal Student Aid to get clear answers about the PLUS loan reapplication process was impossible until I found Claimyr. It let me skip the 3+ hour holds when calling FSA and got me connected to an agent in about 10 minutes. I just used it again for this year's PLUS loan questions. You can see how it works at https://youtu.be/TbC8dZQWYNQ and the website is claimyr.com. Totally worth it for important questions like credit requirements and application timing.

One more thing to consider - while you do have to reapply annually, you might want to plan ahead for the total four-year cost. Many families I've worked with create a four-year financing plan, knowing they'll use PLUS loans each year. This helps them avoid surprises and potentially reduce the total amount borrowed. For example, you might consider making interest payments while your daughter is in school to prevent the interest from capitalizing, which could save thousands over the life of the loans.

I'm in year 3 of PLUS loans for my daughter and I WISH someone had told me how the amounts would change each year. Her first year we got $22,000, second year $19,500 (because tuition went up but her institutional aid didn't), and this year we needed $25,000 because she lost a scholarship. The whole system feels designed to keep parents uncertain and anxious every single year.

As someone who just went through this process with my first child, I can confirm everything everyone is saying - it's definitely annual! One thing I learned that might help you is to start each year's FAFSA application as early as possible (it opens October 1st now). The earlier you apply, the better chance your daughter has of getting more grants and scholarships, which means less you'll need to borrow through PLUS loans. Also, keep detailed records of what you borrowed each year and the interest rates - it really helps when planning for repayment later. The uncertainty is stressful, but at least PLUS loans are pretty reliable if your credit stays decent. Good luck with the next three years!

Just wanted to add my experience as someone who's completed the PLUS loan process for all 4 years with my son who graduated last year. The annual reapplication definitely becomes routine, but here are a few things that helped us: 1) We set up a dedicated folder (digital and physical) to track all PLUS loan documents each year, 2) I created a simple spreadsheet to track the different interest rates and amounts borrowed each year, and 3) Most importantly, we treated each year as a separate financial decision rather than assuming we'd automatically borrow the same amount. Some years we were able to borrow less because of summer earnings or additional scholarships. The key is staying organized and not getting overwhelmed by the year-to-year uncertainty. It's definitely stressful, but thousands of families successfully navigate this process every year. You've got this!

I'm in a very similar situation with my daughter starting college next year, and this thread has been incredibly eye-opening! I had no idea we'd need to reapply annually - I was assuming the PLUS loan approval was good for all four years. Reading everyone's experiences, it sounds like the key things I need to prepare for are: keeping our credit in good shape each year, applying for FAFSA as early as possible (October 1st!), and being ready for the loan amounts to potentially change based on tuition increases and changes in her other aid. The idea of making interest payments during school to prevent capitalization is something I hadn't considered but makes a lot of financial sense. Thanks to everyone who shared their real experiences - both the success stories and the cautionary tales. It's helpful to know what to expect, even if the annual uncertainty is stressful. At least now I can plan accordingly instead of being caught off guard!