At Carlow, we understand that many parents are actively involved in financing their child's education. Here are some resources to help you navigate the financial aid process with your student.
Federal Direct Parent Plus Loan
To cover remaining costs after other financial aid is applied, a parent may wish to apply for a Parent PLUS loan. The application process involves a credit check, but if you have an adverse credit history, you may have the opportunity to obtain an endorser, which is like a cosigner, or to appeal the decision. Parent borrowers who have obtained an endorser or successfully appealed the decision must complete the PLUS loan counseling at www.studentaid.gov. All parents who borrow a PLUS loan will need to create an FSA ID and sign a Master Promissory Note. If a parent is denied a PLUS loan, the student may be eligible to borrow additional Federal Direct Unsubsidized Loan.
Parent PLUS Loan repayment begins 60 days after full disbursement (pay out) of the loan. Contact your loan servicer if you wish to request a deferment while your child is enrolled at least half-time.
Apply for a Parent PLUS loan
Private Alternative Loan
Loans are also available from private lenders such as banks and credit unions. Some lenders have products specifically for parent borrowers. A list to get your search started is available at www.elmselect.com. Rates, terms, and conditions will vary by lender.
Family Educational Rights and Privacy Act (FERPA) - The Buckley Admendment
The Family Educational Rights and Privacy Act (FERPA) (20 U.S.C. § 1232g; 34 CFR Part 99) is a Federal law that protects the privacy of student education records. Educational records are defined by FERPA as records that relate directly to the student and that are maintained by an educational institution or agency or by a party acting for the agency or institution. The law applies to all schools that receive funds under an applicable program of the U.S. Department of Education. Carlow University students are encouraged to authorize their parents and guardians to access their education records. To authorize such disclosure, students must provide written confirmation to the Registrar's Office.
More information about FERPA