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Federal Direct Parent PLUS Loan Information Guide & Request Form

Steps in the PLUS Loan Process

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  1. File the Free Application for Federal Student Aid (FAFSA)
    The first step in applying for the PLUS Loan at CSU Long Beach is to complete the FAFSA. Additional supporting documents may be required to complete the student’s financial aid file; the Office of Financial Aid will send document requests by mail.
  2. Review / Accept the Financial Aid Offer
    Once the student’s file is complete, the Office of Financial Aid will prepare the Financial Aid Award Offer. Students should review their award offer, and accept and/or decline their awards prior to parents requesting a PLUS Loan.
  3. Submit the Parent PLUS Loan Request Form
    Complete the attached 2009-203 Federal Direct PLUS Loan Request Form (PDF) and return it to CSU Long Beach’s Office of Financial Aid (either by mail or fax). This form will authorize the U.S. Department of Education to perform the credit review; you will receive notification of the credit decision from the U.S. Department of Education by mail.
  4. Complete the Direct Parent PLUS Loan Master Promissory Note (MPN)
    In addition to the PLUS Loan Request Form, Parents borrowing the PLUS Loan must also complete a Federal Direct PLUS Loan Master Promissory Note (MPN). The MPN must be completed in order for loan funds to be disbursed (if credit-approved). Once completed, the MPN will remain valid for 3 years; you will not have to sign a new Direct PLUS MPN in subsequent years. You will need your U.S. Department of Education PIN to sign the MPN electronically (this is the same PIN you used to sign the FAFSA).
Federal Direct Loan Processing Begins July 15, 2009

Frequently Asked Questions About PLUS Loans

How Much Can I Borrow?
You can borrow up to the full cost of education minus other aid received.
What is the interest rate for the PLUS Loan?
The interest rate is fixed at 7.9% for the life of the loan.
What fees are associated with a PLUS Loan?
A federal origination fee of 4%; however Direct Loans applies an immediate rebate of 1.5% at disbursement, so the net fee is only 2.5%.
When do payments start?
Repayment begins once the loan is fully disbursed. If, for example, you obtain a loan for the academic year (August 2009 – May 203), there will typically be two disbursements: the first in late August/early September, and the second in late January. Repayment begins after the second disbursement.
Is it possible to postpone repayment of a PLUS Loan?
Yes, a parent borrower can receive a deferment or forbearance on their PLUS loans. However, interest will accrue during the deferment or forbearance.
Is there a minimum monthly payment?
Yes. The amount borrowed and length of repayment term will determine the actual monthly payment; however, the minimum monthly payment will be $50.
Is there a credit check performed prior to making the loan?
Yes. The parent borrower must be creditworthy or obtain a creditworthy endorser on the loan.