Offices Q&A: Federal Parent Loans for Undergraduate Students (PLUS)
Effective July 1, 2010 all Federal Parent Loans for Undergraduate Students (PLUS) loans must be borrowed through the Direct Student Loan Program (also known as William D. Ford Federal Direct Loan Program). These changes stem from the passage of the Health Care and Education bills signed into law in late March, 2010.
If you will be applying for a federal PLUS loan the following information will guide you through the loan application process.
Requirements:
- Application/Master Promissory Note (MPN)
- 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 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”
- Documents you will need to complete your MPN:
- Your PIN from the FAFSA to electronically sign the MPN
- Your personal information including social security number and your drivers’ license
- Your employer information
- Helpful hints:
- You must complete your MPN in 30 minutes or less
- You cannot use the back button
- There is no save option
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.
What are the benefits of the Direct Loan Program?
The fixed interest is 7.9%; this is a reduction in the rate from the program previously used at Marlboro.
Where do I obtain the Marlboro College PLUS processing form?
The form is located at http://www.marlboro.edu/admissions/finaid/. Select the type of student under “Forms and deadlines”. After making your selection you will find the form listed in the “Forms” section.
Do I have a deadline?
Marlboro College’s deadline is July 1, 2010.
