Federal PLUS Loan Process
Federal Direct PLUS Loan Borrower Instructions
- Click here and at top right of the page click on the green "Log In" button and sign in using
your 4 digit pin used to sign the FAFSA.
- Then select "Request a Direct PLUS Loan" to complete the application and credit check.
- Once the PLUS Application has been completed you must complete the Master Promissory
Note. Select "Complete Master Promissory Note.
- All PLUS loans will be processed as a Fall/Spring loan with two equal disbursements.
If you choose "Maximum Loan Amount" on the application your loan amount will be calculated
by subtracting your student's aid package from the overall cost of attendance. Please have your student visit "YOUR CONNECTION" for exact cost of attendance figures.
Please note: It will take approximately 2-3 weeks for the Financial Aid Office to process your
Federal PLUS loan. Also, you must use Windows Explorer or Firefox 3.6.3 to complete the PLUS Loan process.
The Department of Education currently does not support Safari.
Federal Direct PLUS Loan
There are no set limits for Direct PLUS Loans, but you may not borrow more than the
cost of your child's education minus any other financial aid received. To be eligible
for a PLUS Loan, you must not have an adverse credit history. If you are found to
have an adverse credit history, you may still borrow a PLUS Loan if you get an endorser
who does not have an adverse credit history. (Refer to Step 1 above and select "Endorse a PLUS Loan")An endorser is someone who agrees to repay the Direct PLUS Loan if you do not repay
the loan. The endorser may not be the student on whose behalf a parent obtains a
Direct PLUS Loan. Please note, any applicant on or after March 29, 2015 per the Higher Education Act
(HEA), that is determined to have an adverse credit history, but is approved for a
Direct PLUS Loan after documenting extenuating circumstances or obtains an endorser
must complete PLUS Loan counseling. The Department of Education will notify the Direct PLUS Loan applicant who is required
to complete the new counseling requirement through an electronic or paper correspondence.
Dependent students whose parents have applied for but were unable to get a PLUS Loan
are eligible to receive additional Direct Unsubsidized Loan funds. Freshmen and Sophomore
students can receive an additional $4000 in an Unsubsidized Stafford loan for the academic year and Junior and Seniors can
receive an additional $5000 in an Unsubsidized Stafford loan if the parent is denied a PLUS loan. The Financial Aid Office will directly send a letter to the student
requesting permission to award the additional Unsubsidized Stafford loans.
Fees and Interest Rebate
|Loan disbursed on or after Oct 1, 2014 and before Oct 1, 2015
|Loan disbursed on or after Oct 1, 2015 and before Oct 1, 2016
*The Up-front Interest Rebate percentage is the amount given to borrowers after the
Origination Fee has been deducted from each loan disbursed. Parents must make all
of the first 12 required monthly payments on time or the rebate amount will be added
back to the principal balance of the loan.