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PLUS
Loans (Parent Loans)
The
PLUS loan is a low variable interest rate loan made
available to parents of a dependent undergraduate
student. Parents will generally be required to
pass a credit check when applying for the PLUS loan.
The
yearly limit of the PLUS loan cannot exceed cost of
attendance minus other financial aid. Repayment
starts within 60 days after the loan is fully disbursed.
There is no grace period for these loans.
A parent who wishes
to apply for a Parent PLUS Loan may do so by completing
the following steps:
STUDENT/PARENT
Step 1 Student completes
FAFSA.
Step 2
Financial Aid Office “offers” Parent PLUS Loan award.
Step 3 Parent applies
through one of our approved electronic lenders listed
below to receive an instant credit pre-approval or
denial decision. Parent has the option to choose a
lender that is not listed below. Delays in processing
may occur as some lenders do not process their fund
disbursements electronically, nor do some lenders offer
an electronic application process. We will, however, do
our best to honor all request in as efficient manner as
possible.
Step 4 If the Parent
PLUS is approved and the parent wishes to
proceed with the loan he/she must:
Complete a Master Promissory Note
(MPN) electronically at: http://www.schoollenderlist.com/apsu-plus
If the parent
does not wish to complete the MPN electronically, a
paper version of the MPN will be mailed to him/her once
the PLUS loan has guaranteed by your lender.
If the Parent PLUS is denied
the dependent student may be
eligible to apply for an unsubsidized loan. Although we
do not encourage additional indebtedness, we do want to
provide the necessary steps if unsubsidized loan is
needed. The student would need to do the following:
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Once denial decision made allow 72
hrs. for our office to receive the decision
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To request additional unsubsidized
loan amount, the student must complete the
Adjustment Form for Loans and submit to the
Financial Aid Office.
Step 5 Student/parent can
review their loan status through
AP
One Stop by
choosing Loan Application History under the Financial
Aid link.
FREQUENTLY USED LENDERS
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