Offices Applying for Federal Parent Loans for Undergraduate Students (PLUS) For BSMIS Students

Federal Parent Loans for Undergraduate Students (PLUS) loans are borrowed by the parent(s). All PLUS loans must be borrowed through the Federal Direct Loan Program (officially known as William D. Ford Federal Direct Loan Program). Your lender will be the U.S. Department of Education.

Federal PLUS loans are, in part, credit based. Requirement #1 is to apply for the loan; an electronic signature on the application is giving the Department of Education permission to run your credit in an effort to find out if you are approved for the PLUS loan. If approved, you would complete Requirement #2 and #3 in the ‘Requirements’ section below.

Requirements:

1. Application
2. Master Promissory Note (MPN)
3. Marlboro College’s PLUS processing form

How do I apply?

• Log onto www.studentloans.gov. In the Manage My Direct Loan section click on Sign In. You will need your social security number, date of birth and PIN from the FAFSA to sign in.
• To obtain information on browser compatibility, on this website refer to the Learn More section and click on What you need for Direct Loans
• Information you, the parent, will need to complete your MPN :
  • Your PIN from the FAFSA to electronically sign the MPN (if you need to file for a pin log onto www.pin.ed.gov.)
  • Your personal information including social security number and your drivers’ license
  • Your employer information
• In the Manage My Direct Loan section click on Sign In.
  1. For the application select Request a PLUS Loan then Parent PLUS.
  2. For the MPN select Complete Master Promissory Note then Parent PLUS.
• Helpful hints:
  • You must complete the application and the MPN in 30 minutes or less
  • You cannot use the back button
  • There is no save option
• If you have questions or encounter problems with the Department of Education website contact them directly at 1-800-557-7394.

Why is a master promissory note (MPN) needed for my PLUS loan?

If you are borrowing a Federal PLUS loan you must complete a master promissory note. This note is your contract; by signing it you are agreeing to repay your loan and abide by the terms and conditions of the loan. If you applied for and borrowed a PLUS loan in the 2010-2011 or 2011-2012 award year check with the financial aid office to see if a new MPN is needed.

What are the benefits of the Direct Loan Program?

The loan has a fixed interest rate of 7.9%. PLUS loans can be less expensive over the life of the loan than alternative or private loans.

Where do I obtain the Marlboro College PLUS processing form?

The Marlboro College PLUS processing form is available online .

Do I have a deadline?

Marlboro College’s deadline is September 7, 2012.