Plus Loan Application
Prospective borrowers wanting a Plus loan to pay for their graduate education or their child’s education must complete both the FAFSA and the supplemental Plus loan application. Even though the Plus loan is not a need-based loan, the government still requests that you submit the FAFSA application by the deadline.
The Plus loan also requires that borrowers complete and submit a supplemental plus loan application. The Supplemental Plus Loan application authorizes the U.S. Department of Education to perform a review of your credit history. You will receive notification of your credit decision from the U.S. Department of Education by mail.
If your credit check is positive then your school’s financial aid office will request that you complete and submit the MPN (Master Promissory Note) indicating that you are held responsible if the Plus loan isn’t repaid.
Most borrowers can complete and submit the MPN electronically by using their FAFSA PIN that they received when they first submitted their FAFSA.
The MPN must be submitted before your school’s financial aid office is able to disburse the Plus loan award. The Grad PLUS MPN is valid and may be used to process subsequent Federal Direct Graduate PLUS Loans for up to 10 years after the original Grad PLUS MPN is signed.
The FAFSA and the MPN can be submitted either electronically or through mail, while most financial aid offices request that you mail your Plus Loan Supplemental Application back to your financial aid office. Once they’ve processed the paperwork, they will indicate to the Department of Education that the documentation has been recorded.
Before your Plus loan is disbursed, you may cancel all or part of the loan by notifying your school’s financial aid office. After your loan money is disbursed, you may cancel all or part of your loan within a certain timeframes. For details, refer to the Borrower’s Rights and Responsibilities Statement that accompanies your PLUS MPN.
It's important to you communicate with your school's student loan office if you decide to cancel or change the loan amount you would like to borrow. Borrowers are held responsible for all loan amounts that are disbursed to them.
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