Parent Plus Loan Application - Keuka College printable pdf download

2016-2017 FEDERAL DIRECT PARENT PLUS LOAN

The federally sponsored Direct Parent PLUS loan is an option for parents (including biological, adoptive or

step-parent) of a dependent student who is enrolled at least half time in an undergraduate program. The lender

is the U.S. Department of Education rather than a bank or other financial institution. Maximum eligibility for

the PLUS loan, along with other aid resources, may not exceed the cost of attendance.

The interest rate for the current year (2015-2016) Direct Parent PLUS loan is fixed at 7.21%. (Rates for the

2016-2017 year will be set by the U.S. Department of Education prior to June 30, 2016.) There is a 4.272%

origination fee deducted from each disbursement. Repayment on a PLUS loan begins 60 days after the final

loan disbursement for the academic year unless the parent borrower makes deferred payment arrangements

with the Federal Student Aid Center 1-800-4-FED-AID. Deferred payment on a PLUS loan begins six months

after the student graduates or drops below six credits (half-time) in a semester.

The parent should apply for a loan to cover the full 2016-2017 academic year. (We recommend the student

or parent contact the Student Accounts Office at 315-279-5237 to get an estimate of the balance due before

applying.) Funding will be equally disbursed as early as 10 days prior to the start of classes for the fall and

spring semesters, assuming all paperwork has been completed by the parent borrower.

To qualify for a Direct PLUS loan for the 2016-2017 academic year:

1. The parent can apply online at

The application must be completed by the parent borrower in whose name the loan will be made. Only

one parent may sign this document. The parent borrower must pass the credit check to be eligible for the

PLUS loan

2. The same parent borrower who completed the PLUS loan application must go online and complete

an electronic Master Promissory Note (MPN). Simply log onto and click

on the SIGN IN button in the “Manage My Direct Loan” box. Scroll down the page until you see

“Master Promissory Note” on the left hand side of the page and click on “Complete MPN”. (The

parent will need to use their FSA ID to complete the MPN. Should the parent have misplaced

their FSA ID, they may log onto to request a duplicate).

Disbursement of funds will not occur until notification of the successfully completed credit check AND

the signed MPN is received by the Office of Financial Aid.

Keuka College

Office of Financial Aid

141 Central Avenue

Keuka Park, NY 14478

Phone: (315) 279-5232 Fax: (315) 536-5327

finaid@keuka.edu

Parent Plus Loan Application - Keuka College