Apply for Parent PLUS Loan

    The Direct PLUS loan program is an educational loan offered by the Department of Education to the parent/step-parent or adoptive parent of a dependent student. It was created to assist in obtaining additional educational loan funding. PLUS loans are not included in the financial aid award letter, but are available to parents up to the cost of attendance minus other financial aid.

Factors to consider with a PLUS loan are:

The interest rate is 7.9%

A net fee of 2 1/2%, paid to the government to help reduce the cost of the PLUS program, is deducted from the loan.

The borrower has the option of beginning repayment on the PLUS loan either 60 days after the loan is fully disbursed or wait until six months after the dependent student on whose behalf the parent borrowed ceases to be enrolled on at least a half-time basis.

To be eligible, the borrower may not be in default on any federal education loans, be a U.S. citizen or eligible non-citizen and be able to pass a credit check.

Half of the loan is disbursed each semester. Funds are paid to the student’s account as they are received.

    The PLUS LOAN APPLICATION/CREDIT AUTHORIZATION FORM gives the school the required information needed to process a credit check for the borrower. MLC will electronically submit the PLUS Loan Application information to the Direct Loan Servicing Center. The credit approval (or denial*) will be made by the US Department of Education

PLUS loan borrowers need to access the following form and complete these steps:

•     Download the PLUS LOAN APPLICATION/CREDIT AUTHORIZATION FORM by clicking on this link. Mail or fax the completed form to MLC. Once we receive the outcome of the credit check, the Direct Loan Servicing Center will communicate the results to the borrower, and MLC will send an email with the next step in the process.
•     Sign the PLUS MPN (Master Promissory Note)--First time Parent PLUS Loan borrowers** whose credit is approved must sign the online PLUS Loan MPN. You will need your FAFSA PIN to electronically sign the MPN. https://studentloans.gov
  
  *If credit is denied, contact the MLC Financial Aid office to discuss other loan options
  **You can check if you have a valid MPN with the Department of Education by signing into the website, https://studentloans.gov and then selecting the "Completed MPN's" option