Visit StudentLoans.gov. A FAFSA PIN number is required by a parent (and if necessary, the endorser) to borrow a Federal Direct PLUS loan. If you need to create or request a duplicate PIN number, visit pin.ed.gov. Graduate students should meet with a financial aid counselor before beginning this process.
A parent or graduate student borrower begins by logging in as him or herself, then:
1. Select Request a Direct PLUS loan. Complete the application for the 2013-2014 academic year at Manhattan College. Parents will apply for a Direct Parent PLUS loan, while graduate students will apply for a Direct Graduate PLUS loan.
2. Finally, you will authorize a credit check and receive an immediate credit decision. If approved, you must proceed to complete a Master Promissory Note (MPN). If denied, see PLUS Loan Denial Options above.
We will receive confirmation of your loan status from the U.S. Department of Education in 1-2 business days. You are encouraged to print the MPN for your records, but may always log back on to StudentLoans.gov for an electronic copy.
The Master PLUS Promissory Note (MPN) will simplify the processing of your loan(s). The Federal Direct PLUS MPN is a promissory note that can be used to make one or more Federal Direct PLUS Loans to a parent borrower to help pay for the educational costs of a dependent, undergraduate student.
A parent who wants to borrow Federal Direct PLUS Loans for more than one dependent student must complete a separate Federal Direct PLUS MPN for each student but the online application includes an easy option to apply a single application entry for two separate dependents. In addition, if each parent wants to borrow Federal Direct PLUS Loans for the same student, they must individually complete a separate Federal Direct PLUS MPN.
The loan will be applied to your student's account. The loan will be disbursed in two equal amounts between Fall and Spring less the origination fee. Your student can check on the PLUS loan disbursement by viewing their Account Summary on Self-Service. In accordance with federal student aid regulations, Federal Direct Loan disbursements may occur as early as ten days prior to the beginning of the semester if all requirements are met.
The dependent, undergraduate or independent, graduate student must be enrolled at least half-time (six credits) and meet satisfactory academic progress requirements.
For undergraduate students, the borrower must be a natural parent, adoptive parent, or stepparent (if his/her income and assets are considered in the expected family contribution) of the dependent student.
Federal PLUS regulations define credit eligibility as having no "adverse credit" including:
|LOANS||Amount||Who is Eligible||How to Apply||Interest Rate and Repayment|
|Federal Direct Subsidized Stafford Loan||Max loan limits are $5,500 for freshmen (only $3,500 may be in subsidized loan), $6,500 for sophomores (only $4,500 may be in subsidized loan), $7,500 thereafter (only $5,500 may be in subsidized loan).
Independent students may be eligible for $4-5,000 in additional loan funds.
|US citizens or permanent residents demonstrating financial need||Submit FAFSA and loan application||Fixed rate - Begins 6 months after student leaves school or drops below half time enrollment (6 credit hours.|
|Federal Direct Unsubsidized Stafford Loan||Students who have not received the max Federal Direct Subsidized Stafford Loan. Independent students may have additional eligibility.||Submit FAFSA and loan application||Fixed rate - Begins 6 months after student leaves school or drops below half time enrollment (6 credit hours). Interest accrues while in school.|
|Federal Direct Plus Loan||Up to the cost of education less aid received||Parents of dependent students||Submit FAFSA and loan application||Fixed rate - Begins 60 days after entire loan is disbursed or 6 months after student leaves school.|
We understand that getting denied for a PLUS loan can be a stressful situation and raise concerns about a student's ability to finance a college education. The Financial Aid Administration office will receive electronic notification of denied PLUS loans in 1-2 business days after a credit denial decision is determined by the U.S. Department of Education.
A parent or graduate student who is denied for a PLUS loan should not attempt to cosign a private loan or borrow a private loan without a credit-worthy cosigner, as credit eligibility criteria are more restrictive with private lenders.
Students must still adhere to tuition payment deadlines, regardless if a PLUS loan review is pending or an option below does not return a favorable outcome. Students should never ignore tuition bills, but should contact a Student Accounts and Bursar Services representative to discuss payment options.
Parents who attempted to borrow the Parent PLUS loan but were denied can have their student provide a written request to be awarded an additional unsubsidized Stafford Loan equal to the limits of an Independent Student at their class level (earned credits).
The additional unsubsidized Stafford Loan will disburse to the student account less the net of 1.051% mandatory, federal government origination fee; half of the borrowed amount will disburse each semester (Fall/Spring).
You may add a credit-worthy endorser (similar to a cosigner) to your PLUS Loan if you aren't approved on your own credit. An endorser is any credit-worthy person who will sign the MPN with the parent borrower and take on equal liability for the PLUS Loan debt.
Note: The endorser is liable only for the specific loan amount that he or she has agreed to endorse.
If it is determined that the parent has an adverse credit history and obtained an endorser for a Federal Direct PLUS Loan, the Federal Direct PLUS MPN becomes a "single-loan" promissory note. No further Federal Direct PLUS Loans may be made under that Federal Direct PLUS MPN. Further information regarding PLUS loan endorsement can be found online or by calling COD Applicant Services at 1-800-557-7394.
You may appeal your credit denial decision with the U.S. Department of Education. If an endorser is approved, your Direct PLUS loan decision will be overturned from a denial to an approval. The student then becomes ineligible for an additional Unsubsidized Stafford Loan. The originally denied parent must also complete a new Parent PLUS MPN.