2008-2009 Academic Year
The Federal Direct PLUS Loan Program allows parents of undergraduate students to borrow up to the full cost of attendance minus other financial aid. Eligibility is based on a satisfactory credit check. The interest rate is fixed at 7.9 percent and there is a loan origination fee of 4.0 percent deducted from each disbursement. A 1.5 percent rebate of the loan amount for on time payments is currently added back to each disbursement. Therefore, the net disbursement amount equals 97.5 percent of each disbursement of the loan. Interest accrual begins on the date of the first disbursement. The first payment is due within 60 days after the final loan disbursement. For many parents interest paid on PLUS Loans is tax deductible. For more information on education tax benefits, see the Internal Revenue Service's Publication 970, "Tax Benefits for Education," available online at http://www.irs.gov/formspubs/index.html. Maximum Loan Amount PLUS Loans may cover the full cost of attendance minus other financial aid. The cost of attendance includes actual tuition, fees, and room, as well as standard allowances for meal services, books and supplies, transportation, and personal expenses. If your son or daughter is the recipient of financial aid, the maximum amount you can borrow through the PLUS Loan program is listed in the “Other Resources” section of the student’s Financial Aid Award Notification or can be found under Financial Aid Status by Year section on WebAdvisor. Determine how much you wish to borrow for a full academic year. The total loan amount will be split evenly for the fall and spring semesters. Application Process The PLUS Loan application process involves two steps, a) completing the Loyola College Federal Direct PLUS Loan Request Form, and b) completing the Federal Direct PLUS Loan Master Promissory Note (MPN). a) Federal Direct PLUS Loan Request Form. You may complete this form online by clicking here. Using the information provided on this form, the Financial Aid Office will originate the loan and initiate a credit check through the Federal Servicer. If your loan application is not approved, you will be contacted by the Federal Servicer (in writing) and given the option of appealing the credit decision or resubmitting the application with a credit-worthy endorser. Questions concerning your credit decision should be directed to the Federal Servicer’s Applicant Service at 800-557-7394. If you do not wish to pursue either of these options, your son or daughter may apply for an unsubsidized Federal Direct Stafford Loan by contacting the Financial Aid Office at 410-617-2576, 800-221-9107, fax 410-617-5149, or email financialaid@loyola.edu.
b) Federal PLUS Loan Master Promissory Note. The PLUS Loan MPN allows parents to borrow for multiple years (up to 10 years) under one note for each child enrolled in college provided you do not require an endorser. Complete the MPN online at https://dlenote.ed.gov.
You must have a Department of Education issued Personal Identification Number (PIN) before completing and signing the electronic MPN. If you do not have a Federal PIN, or have lost your PIN, you may obtain one at the Federal PIN Website, www.pin.ed.gov.
Completing the MPN The electronic MPN can be completed in 9 steps. We estimate that it will take 30 minutes to complete the electronic MPN process. Make sure you allow enough time to complete the entire process in a single session. If you exit this web site before submitting your signed MPN in Step 8, your information will not be saved. Step 1… Pin Registration
Step 2… Disclosure and Consent Step 3… Provide Name, Student’s Information and School Step 4… Complete MPN Step 5… Review/Read Draft MPN Step 6… Sign your MPN Step 7… Review Signed MPN/Enter Confirmation Code Step 8… Confirm Acceptance of MPN Terms and Submit MPN Step 9… Success! Print your MPN
Flexible Repayment Options Standard Repayment Plan: Fixed monthly payments for up to 10 years.
Extended Repayment Plan: Fixed monthly payments for 12 to 30 years, depending on the total amount of your Direct Loans.
Graduated Repayment Plan: Payments that start off lower, and then gradually increase, usually every two years. You'll repay your loan in full within 12 to 30 years, depending on the total amount of your Direct Loans.
Consolidation: Direct Consolidation Loans allow borrowers to combine one or more of their Federal education loans into a new loan that offers several advantages. For more information on loan consolidation visit http://loanconsolidation.ed.gov/borrower.
Additionally the Federal Direct Loan Program offers a quarter point (0.25) interest rate reduction for borrowers using the Electronic Debit Account (EDA) repayment method.
For information about repaying your PLUS Loan, please visit the Federal Direct Loan Servicing Center’s website at https://www.dlssonline.com.
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