Direct Parent PLUS Loans
Direct Parent PLUS Loans allow parents of dependent children to borrow loan funds through the U.S. Department of Education. Interest begins accruing as soon as the loan funds are disbursed. For more information about Direct Loans, please refer tohttp://www.direct.ed.gov/.
2015-16 Parent PLUS Loans
- Fixed interest rate of 6.84%
- Loans with a first disbursement date before October 1, 2015 have a 4.292% loan fee. Loans with a first disbursement date on or after October 1, 2015 have a 4.272% loan fee.
To be eligible for a Parent PLUS loan, you must:
- submit the FAFSA
- be a U.S. citizen or an eligible non-citizen
- have no prior outstanding student loan in default and not owe a repayment on any federal aid
- complete a Direct Parent PLUS loan application and Master Promissory Note (MPN)
In addition, your daughter must:
- be meeting Saint Mary's Financial Aid Standards of Satisfactory Academic Progress.
- be enrolled at least half-time as an undergraduate student.
- be considered a "dependent" student at the time the FAFSA is submitted.
- Review the eligibility requirements.
- Go to www.studentloans.gov and click the "Sign In" button. You will need your Federal Student Aid ID (FSA ID).
- Select "Start PLUS Application Process" and then "Parent PLUS" as the loan type.
- Once you have gone through the application process and received approval for the PLUS loan, complete the Master Promissory Note. If you have logged out of this site, you will need to log back in with your FSA ID prior to completing the next step.
- On the left-hand side of the page, select "Complete MPN" and then select "Parent PLUS" as the loan type.
- Continue following the steps as directed. When you are asked to select a state and a school, select "Indiana" under "School State" and "ST MARYS COLLEGE" under School Name.
If you are experiencing technical difficulties with the application or MPN process, please contact COD Applicant Services at 800-557-7394.