PARENT PLUS LOAN BORROWERS
St. Elizabeth School of Nursing administers federal PLUS loans through the Federal Direct PLUS Loan Program (DL).
Before applying, make sure you know your Federal Student Aid PIN that you used to file your student's Free Application for Federal Student Aid (FAFSA). Just like on the FAFSA, the PIN serves as your electronic signature on your Master Promissory Note (MPN).
It is recommended that you apply for the amount you will need for the entire year, not just 1 semester at a time.
Steps for Parent Borrowers to take for Federal Direct PLUS Loans:
Select this link to complete your STE Plus Loan Confirmation Form. Make sure you indicate the loan period(s) and amounts you wish to borrow. Once complete, make sure you return to this page for Step 2.
Federal Direct PLUS Loan
Complete the Federal Direct PLUS Loan application process, which includes 4 steps ((1) complete parent personal info, (2) complete student and loan info, (3) review application, (4) credit check and submit) at https://studentloans.gov/myDirectLoan/index.action, AND complete a Federal PLUS Master Promissory Note if you have not already done so for your student attending St. Elizabeth.
Direct PLUS Loan terms, which are subject to revision by federal regulation, include:
The borrower has the option of beginning repayment on the PLUS loan either 60 days after the loan is fully disbursed or may wait until six months after the dependent student on whose behalf the parent borrowed ceases to be enrolled on at least a half-time basis. Generally, the Direct PLUS Loan has a 10-year repayment term.
- Parents may apply for up to the full cost of education for the school year minus all other student aid. Parents are encouraged to apply for the amount needed for a full academic year at the time of application, rather than by semester. The amount of the loan is disbursed equally between the semesters and applied directly to the student’s tuition account.
Additional information of the Federal Direct PLUS Loan is available from the Department of Education at the following website: https://studentloans.gov/myDirectLoan/index.action.