Federal Direct Plus Loans (parent only)

Federal Direct Parent Loan for Undergraduate Students (PLUS Loan)

  • For returning students, we request that parents do not apply for the PLUS loan until after May 1 prior to the year the student will attend (i.e. May 1, 2013 for 2013-2014 academic year).
  • For parents of incoming freshman students, we normally request you apply for the PLUS loan between April 1 and June 15. This will allow sufficient time for processing of the loans prior to billing for the fall semester. 
  • FAFSA is now REQUIRED to apply for the loan.
  • A parent is the borrower.
  • Parent must pass a credit check
  • The interest rate for new PLUS loans is a fixed rate of 7.9%
  • Loan funds are sent to the school by the U.S. Department of Education (USDE)
  • Please be advised that if you do not indicate a loan term on your loan application, the loan term will default to the academic year (fall/spring). It is EXTREMELY IMPORTANT to indicate correct loan term dates to ensure the correct processing of your PLUS loan.
  • The loan term dates are used as follows:
    • PLEASE NOTE: YOU CAN ONLY APPLY FOR ONE ACADEMIC YEAR AT A TIME (DO NOT PUT THE DATES FOR YOUR STUDENT'S ENTIRE ACADEMIC CAREER!)
    • For the entire academic year (Fall/Spring), use 8/27/13 - 5/18/14
    • For the Fall only, use 8/27/13 - 12/15/13
    • For the Spring only, use 1/28/14 - 5/18/14
    • For the Summer, use 5/14/13 - 8/17/13 (no matter what session you are enrolled) -
      • PLEASE NOTE:  you must complete a separate application for summer - if you apply for the PLUS loan for summer and wish to have one processed for fall or fall/spring, you may contact our office to have that done - you will need to tell us the amount you wish to borrow - we can only do this if your credit check has NOT expired and can only take the request from the parent who borrowed the PLUS loan.
  • The school can refuse to certify a student's loan application OR certify the loan for an amount less than the student would otherwise be eligible. The school must document the reason for its action and explain the reason to the student in writing. The decision of the school is final and cannot be appealed to the Department of Education.
  • Effective for any loan disbursed after July 1, 2008, the Federal Direct PLUS Loan will be deferred until six months after the student ceases enrollment at least part-time.  If you would like to start repayment, you must contact USDE once the loan has been processed by Millersville University.
  • During the repayment period, under certain circumstances, the USDE may grant deferments, forbearances, or cancellations. Parent must contact USDE.
  • PLUS application can be obtained from the USDE
  • Enables parents with good credit histories to borrow to pay the educational expenses of each child who is a dependent undergraduate student enrolled at least half time.
  • Yearly limit is equal to the student's Cost of Attendance minus any other financial aid received by the student.
  • Fees of 4% of the loan will be deducted from the total loan amount at the time of disbursement. We recommend when calculating how much you need, you anticipate the 4% of fees which are withheld [i.e. the calculation would be amount you need divided by 0.96. Example: If you anticipate you need $5000 to cover expenses, then you would want to apply for $5,000 / 0.96 = $5,209 (rounded off to the next whole dollar)]
  • Parent may cancel all or a portion of the loan within 14 days after the date the school has sent notification that the loan funds have been credited to the student's account. Contact the Office of Financial Aid to cancel the loan.
  • Interest is charged from the date the first disbursement is made until the loan is paid in full.
  • Parent has up to 10 years to repay loan depending on the size of the parent's debt.
  • The student must be a degree seeking student.

FEDERAL DIRECT PLUS LOAN ONLINE APPLICATION 

In order to complete the application online follow these steps:

  • Click on the above link
  • Click on the green SIGN IN button (left side of screen)
  • Sign in with your SSN, first two letters of your last name, DOB, and PIN (this is all parents' information) - you must have a PIN (the same one as you had for the FAFSA) - if you do not have a PIN, you can apply for one.  If you do not remember the PIN, you can request it.
  • Once you have that information and have signed in, select "Start PLUS Application Process" - select "Parent PLUS" and follow the instructions to complete the application.