Parent PLUS Loans
Federal Direct PLUS Loan
Saint Martin's University will be processing all federal student loans
through the Federal Direct Loan (DL) Program, including the PLUS Loan,
beginning with the 2010-2011 academic year. Under the Federal Direct Loan
Program, the funds for your federal loans will come directly from the
Department of Education
The Federal Direct PLUS Loan is an optional federal loan program for
parents who wish to access additional resources beyond what a student is
eligible to receive. This credit-based parent loan option may cover up to
the total coast of attendance (COA) as defined by Saint Martin's University,
minus student aid. The Interest rate for the Federal Direct PLUS Loan is
fixed at 7.9 percent.
Since the Federal Direct PLUS Loan is a federal loan, there are more
benefits in a Federal Direct PLUS Loan versus student benefits if they
borrow through an alternative ( private) loan.
If you are not approved for a PLUS Loan your student will be eligible for
an additional award of an Unsubsidized Stafford Loan.
Who can apply for a Federal Direct PLUS Loan?
- A students biological, adoptive parent or the student's stepparent,
if the biological or adoptive parent remarried at the time of the
application
- A parent borrower cannot have adverse credit history
Parent and student must be:
- U.S. Citizens or eligible non-citizens
- Must not be in default on any federal education loan or owe an
overpayment on federal education grant
- Must meet other general eligibility requirements for federal student
aid programs
Applying for a Federal Direct PLUS Loan
To complete an application:
- Go to
https://studentloans.gov/myDirectLoan/index.action
- The parent borrower will be asked to sign in using their FAFSA PIN
- Click on "Start PLUS Application Process"
- The parent borrower will authorize an immediate credit check
- If the credit is approved and it is the first time that the parent
borrower is seeking the Federal Direct PLUS, the borrower will be
directed to complete the DL Parent PLUS MPN
We highly recommend completing the PLUS MPN after you have been approved
for the PLUS Loan.