After all other aid is considered, you may need to take out a loan to afford your college education. Some primary options are listed below.
Federal Parent PLUS Loan
Parents can apply for a Federal Direct Parent PLUS loan at: www.studentaid.gov
Approval is based on credit worthiness. If a Parent PLUS loan is denied, a student is typically able to borrow more through the Direct Unsubsidized Loan (as a freshmen or sophomore an undergraduate student may receive an additional $4,000 in the unsubsidized loan; as a junior or senior and additional $5,000 may be borrowed). The Federal Direct Parent PLUS loan has a fixed interest rate as of July 1, 2018 of 7.6%. See below for additional information on applying for the PLUS loan.
Students and parents/credit-worthy co-borrowers may want to explore funding options beyond the Federal Direct PLUS Loans. Marlboro College subscribes to an alternative financing options website that offers a comparison tool. Students and parents can get information and apply for a variety of alternative financing options by visiting www.elmselect.com. Marlboro College cannot recommend a specific lender due to federal guidelines.
How do I apply for the PLUS loan?
Only parents may apply for their undergraduate child to attend a college or university…
The PLUS loan application is available online at: www.studentaid.gov. The parent borrower needs to LOG IN.
Select “Parent Borrowers” from the tabs and then select “Apply for a PLUS Loan.” Continue to follow prompts to complete the application.
If approved, you will then need to “Complete the Loan Agreement for a PLUS loan MPN.”
Information you (the parent) will need to complete your MPN:
- Your personal information including social security number and your drivers’ license
- Your employer information
- You must complete the application and/or the MPN in 30 minutes or less
- You cannot use the back button
- There is no “save” option