Parent Plu Loan at Old National Bank

The Parent Plu Loan from Old National Bank is a flexible, parent-focused education loan designed to help families bridge the gap between financial aid and the true cost of college. Tailored for parents or legal guardians who want to take an active role in financing an undergraduate student’s education, this loan delivers straightforward application steps, multiple repayment options, and customer-centered servicing to make funding college simpler and more predictable.

Who this loan is for

The Parent Plu Loan is intended for parents or legal guardians who are prepared to assume responsibility for tuition, fees, room and board, and other education-related expenses on behalf of a dependent undergraduate student. It is ideal for families who:

• Need to cover the gap between scholarships, grants, and other aid and the full cost of attendance.
• Prefer to protect the student’s credit history by having the parent hold the debt.
• Want control over loan amounts, timing of disbursements, and choice of repayment strategy.

Key features and benefits

• Flexible loan amounts: Borrow up to the documented cost of attendance less other financial aid, allowing you to tailor borrowing to actual needs.
• Multiple rate options: Choose from competitive fixed-rate or variable-rate structures (rate offers depend on creditworthiness and market conditions).
• Repayment flexibility: Multiple repayment plans are available, including interest-only, deferred payments while the student is enrolled at least half-time, and immediate full repayment to suit different family cash flows.
• No prepayment penalty: Pay down or pay off the loan early without fees, saving on interest over time.
• Autopay discount: Reduce your interest rate with automatic monthly payments from a qualifying account.
• Fast decisions: Streamlined application and credit review processes designed to deliver timely approvals so funds can be arranged prior to tuition due dates.
• Disbursement to school: Funds are typically sent directly to the school to cover tuition and institutional charges; any remaining amount is issued to the student or parent for authorized expenses.
• Customer support: Dedicated servicing team available to explain options, assist with repayment plan selection, and provide hardship assistance when needed.

Eligibility requirements

To apply for the Parent Plu Loan, applicants generally need to meet the following criteria:

• Be a parent or legal guardian of a dependent undergraduate student enrolled at an eligible college or university at least half-time.
• Be a U.S. citizen or eligible non-citizen (documentation may be required).
• Have established creditworthiness as determined by a credit check; applicants with limited credit history may qualify with a creditworthy cosigner.
• Provide requested documentation, which may include proof of identity, income verification, and the student’s enrollment confirmation.

How funds can be used

Loan proceeds may be used to pay for a broad range of education-related costs, including:

• Tuition and mandatory fees
• On-campus or off-campus room and board
• Books, supplies, and equipment required for coursework
• Transportation and other approved education-related living expenses

Application process — simple steps

1. Estimate need: Review the student’s financial aid offer and the school’s cost of attendance to determine the borrowing amount required.
2. Complete the application: Submit the Parent Plu Loan application with basic personal and financial information. A credit check will be performed as part of the review.
3. Provide documentation: Upload or deliver requested documents such as proof of income, identification, and student enrollment verification if required.
4. Receive decision: Most applicants receive a timely credit decision. If approved, you will be offered loan terms including the available rate and repayment options.
5. Sign promissory note: Accept the loan terms by signing the promissory note and any required disclosures.
6. School certification and disbursement: The loan is certified and funds are disbursed directly to the school; any remaining funds are provided for approved expenses.

Repayment options and management

The Parent Plu Loan offers repayment choices to match household budgeting needs:

• Deferred repayment: Make no payments while the student is enrolled at least half-time; interest may accrue during this period and be capitalized when repayment begins.
• Interest-only payments: Pay only accrued interest during school and grace periods to keep principal from growing.
• Immediate repayment: Begin paying principal and interest right away to minimize total interest costs.
• Loan consolidation: Consolidation options may be available to combine multiple education loans into a single payment for simplicity.

Responsible borrowing and planning

Borrowing for college is an important decision. Before applying for the Parent Plu Loan, review the student’s financial aid package, explore scholarships and grants, and consider how loan payments will fit into your family budget. Use available repayment calculators and speak with a loan specialist to compare scenarios — shorter terms increase monthly payments but lower total interest, while longer terms reduce monthly cost but increase interest paid over the life of the loan.

Customer support and servicing

Old National Bank provides attentive customer service throughout the life of the loan: from application guidance to repayment assistance. If circumstances change, options such as temporary forbearance, modified payment plans, or other relief measures may be discussed with your servicing representative to help manage financial stress responsibly.

Why families choose the Parent Plu Loan

Families select the Parent Plu Loan for its clarity, flexibility, and parent-centered approach. It empowers parents to support their student’s education without drawing on the student’s credit, offers a variety of repayment choices to match changing budgets, and provides straightforward servicing to keep repayment manageable and transparent.

Whether you’re planning for the upcoming semester or mapping out a multi-year funding strategy, the Parent Plu Loan at Old National Bank combines practical features with attentive service to help your family invest in higher education with confidence and control.

Address Bank: Chicago, Illinois Evansville, Indiana, U.S.
Bank: Old National Bank
Headquarters: Evansville, Indiana
Products: Student Loans
Type: Parent Plu Loan