Federal PLUS loan information:

The Federal PLUS Loan is loan designed to aid parents in meeting the costs of a college education for their student. This is a credit tested loan and you will need to complete an application and Master Promissory Note. If you are not approved for a PLUS loan your student will be eligible for an additional award of an Unsubsidized Stafford Loan.

Parent-borrowers may choose to borrow from any financial institution that participates in the Federal PLUS Loan program. Although it is not required, it is strongly recommended that you select the same lender from year to year for consolidation purposes. Saint Martin’s University has partnered with the guarantee agency American Student Assistance (ASA) to provide the online application & MPN. The steps below will guide you through choosing a lender. All MPN’s must be completed through ASA. If you would like to choose a lender not available through ASA you may do so. In those cases you will need to contact the lender directly.

Applying for a Plus loan:

As a resource to parents who do not have a pre-existing relationship with a financial institution offering Federal PLUS Loans, a list is provided through the Saint Martin’s University website. This list contains names of lenders with whom Saint Martin’s University has built a solid working relationship to provide good customer service to parents. Loans through other financial institutions are processed by the Financial Aid Office with the same level of commitment and priority as loans with our recommended lenders.

Repayment and benefits may vary between lenders. Typically loans go into repayment 90 days after the loan is fully disbursed, unless a parent requests & qualifies for a deferment or forbearance. Please refer to the website below for detailed information, or check with the lender of your choice.

The recommended lender list is reviewed and updated annually to ensure accountability to parents. Among the things considered, the lender must:

• Have a record of excellent customer service;
• Offer online services including all aspects of the loan application process to parent-borrowers o Have a record of efficient and accurate loan processing;
• Adhere to business practices that in no way result in denial of a borrower’s access to a PLUS loan because of his/her race, sex, color, religion, national origin, age or handicapped status.

How to apply online:

• Go to www.stmartin.edu/financial_aid/
• Click on Recommended Lender List o Click on College Lender List o Check the box and click “Accept”
• Select “Washington” in the state box and “St Martin’s” as the school 
• Click “Search” o Once the page loads, click the “Federal PLUS Loan” tab above the list of lenders o Pick the lender that you wish to use
• Click “Apply now” (This will take you to the ASA Direct) DO NOT click on the icon for the bank o Click “I accept”
• Click on “Are you a first Time User”
• Follow the steps to create your user name and password o Once signed onto ASA Direct click on the “Apply for the PLUS Loan” link o Follow the steps as prompted to complete the Federal PLUS Master Promissory Note
• Please note that you will be asked for your FAFSA Pin # to complete the process and sign electronically
• Contact ASA at 800-999-9080 if you have any problems with the website

Know all you need to know?  Parents can apply through the link below at  Recommended Lender List

Need to know more?  See links at the top of the page.