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You can find out right now, on-line or over the phone if you
qualify for the PLUS Loan…without cost or obligation.
- On-line: log on to
www.collegelenderlist.com. Have your
child’s
financial aid award letter at hand. The site will tell you what
information about yourself and
your child you’ll need to apply for PLUS credit. Fill in the required
information, and you’ll get
a credit evaluation in seconds. You can then proceed on-line to complete
a PLUS
application.
- If you haven’t already used a PLUS Master Promissory Note (MPN), to
borrow a
PLUS for the same child, you’ll be prompted to complete a PLUS Master
Promissory Note (MPN), good for any PLUS Loans you choose to borrow,
through the same lender, for the same child, at Saint Martin’s or other
schools,
for up to ten years. You can complete the PLUS MPN on-line without
touching a
piece of paper. You can also choose to download and print the MPN from
your
computer, or to have Sallie Mae mail you a paper MPN, pre-printed with
the
information you‘ve supplied on-line. You’ll need to mail back the paper
MPN,
produced by either method, to Sallie Mae.
- You’re not in debt yet! Your PLUS Loan will not appear as a debt on your
credit report until
the first funds are sent to the school, after school starts. Even then,
only the first of required
multiple disbursements shows up on your credit report. And you can
cancel your PLUS
Loan without obligation anytime up to 14 days after funds go on your
child’s account…after
school starts. You may refuse any subsequent PLUS disbursements under
the same
conditions, or prepay the loan at any time without penalty.
Once you’re approved, you’re eligible. Approval
means you’re eligible for the PLUS, just as your child is eligible for
the grants, loans, and work-study
awards in his or her financial aid package.
What if your credit isn’t approved?
Mishaps and hardships occur in the best of families. We can’t certify a PLUS Loan for you, but we’ll award
your child an additional Federal Unsubsidized Direct Loan, which is
permitted only under these circumstances.
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