How to Check Your Parent PLUS Loan Status
Stay informed about your Parent PLUS loan. Learn how to track its status and understand key details for effective financial oversight.
Parent PLUS loans are federal student loans designed to help parents finance their child’s education. These loans can cover educational expenses not met by other financial aid. Regularly checking the status of a Parent PLUS loan is important for financial management, providing clarity on repayment obligations and ensuring accurate record-keeping.
Identifying Your Loan Servicer
Federal student loans, including Parent PLUS loans, are assigned to a loan servicer by the U.S. Department of Education. This servicer manages the loan from disbursement through repayment, handling payments and providing borrower assistance. The primary method for identifying your assigned servicer is by logging into the Federal Student Aid (FSA) website, StudentAid.gov, using your FSA ID.
Your FSA dashboard on StudentAid.gov will display a “My Loan Servicers” section, which lists the name and contact information for your assigned servicer. You cannot choose your federal loan servicer; one is automatically assigned. Loan servicers can change, for example, if loans enter default or if a servicer’s contract is not renewed. If you are unable to access StudentAid.gov, check past loan statements or correspondence, which typically include servicer details.
Accessing Your Active Loan Information
Once you identify your Parent PLUS loan servicer through StudentAid.gov, visit that servicer’s official website. Each servicer maintains an online portal where borrowers can manage their loan accounts. You will typically need to create an online account or log in if you already have one.
Within the servicer’s portal, look for sections labeled “account summary,” “loan details,” or “payment history.” These areas provide comprehensive information about your active loan. While online portals offer the most efficient access, you can also contact your loan servicer directly by phone or mail for assistance.
Understanding Your Loan Details
When accessing your Parent PLUS loan details through your servicer’s portal, several key data points are available. The “Current Balance” indicates the total amount of principal and accrued interest currently owed on the loan. The “Interest Rate” is the fixed percentage at which interest accrues on your loan over its lifetime.
Your “Next Payment Due Date and Amount” specifies when your next payment is due and how much it will be. The “Payment History” section provides a record of past payments. The “Loan Status” indicates the current state of your loan, such as “In Repayment,” “Deferment,” “Forbearance,” or “Default.” “Disbursement Dates” show when the loan funds were sent to the school. Understanding these details helps with effective loan management and repayment.
Checking a Pending Application Status
For a Parent PLUS loan application that has been submitted but not yet disbursed, the process for checking its status differs from that of an active loan. You can typically check the status of a pending Parent PLUS loan application by logging into your StudentAid.gov account. On the website, you should look for a “My Documents” or “My Aid” section, where your PLUS loan application status might be on file.
Another method for inquiring about a pending application is to contact the financial aid office of the school your child attends. They can provide updates on the award status and any steps required before disbursement. If you have questions regarding the credit appeal process related to your application, contacting the Federal Student Aid Information Center is also an option.