Federal Direct PLUS Loan: How to Apply
To apply for a Federal Direct PLUS Loan, you will need to log in to the U.S. Department of Education’s Direct Lending website to:
- Request the loan. A credit check will occur, and will be valid for 90 days) and
- Complete a Master Promissory Note (MPN). You must use your full legal first and last name when completing the MPN (no initials), or the Department of Education will be unable to link it to the loan record sent by the school.
You will need to sign in using your SSN, date of birth, and federally assigned PIN, which is the same number used to electronically sign the FAFSA.
- Your student must file a FAFSA before we can originate your PLUS Loan.
- The maximum PLUS Loan amount is the student’s Cost of Attendance minus any other financial aid she/he is eligible to receive. If you apply for an amount exceeding this maximum, we will reduce your loan at the time of origination.
- Federal PLUS Loan funds will be evenly divided over the student’s academic year, unless the loan period given on your application indicates differently.
- The PLUS Loan origination fee is 4.288% for loans first disbursed prior to October 1, 2014. The PLUS Loan origination fee is 4.292% for loans first disbursed on or after October 1, 2014. Since this fee is deducted before loan funds are disbursed, the net amount released will be less than the actual gross loan amount borrowed.
- The interest rate is fixed at 6.41% for loans first disbursed between July 1, 2013 and June 30, 2014. The interest rate is 7.21% for loans first disbursed between July 1, 2014 and June 30, 2015.
NOTE: Avoid disbursement delays! Make sure your child has added your name to his/her record with the Lewis & Clark Registrar’s Office. This facilitates the disbursement of funds to the student account.