Current Students: Federal Parent PLUS Loans
Loan funds are designated for student educational expenses and must be repaid.
Parents can apply for a federal loan to help pay their child’s educational expenses but, unlike the federal direct student loan, there is a credit check involved.
If for any reason the parent is declined on the Federal Parent PLUS loan, the student is then eligible for an additional unsubsidized direct student loan in a specific amount listed for independent students.
The PLUS loan is in the parent’s name and there is a 10-year repayment period that begins after the loan has been disbursed in full. There is a process to defer payments. However, we ask families to consider this option carefully and discuss the ramifications with a PLUS loan representative/loan servicer prior to borrowing.
For 2013-2014, the interest rate for the Federal Parent PLUS Loan is 6.41% with a 4.2% origination fee. Parents may apply for the Parent PLUS loan at www.studentloans.gov. The parent will need their own FAFSA PIN to complete the process.
The federal government offers a loan calculator so that you can input your loan amount and find out the monthly payments you can expect in the future.
Parents must sign a master promissory note (MPN) with the federal government before the loan will be processed. This is done at www.studentloans.gov and you need your FAFSA pin www.pin.ed.gov to sign. The MPN is your agreement with the federal government acknowledging that you are aware that this is a loan that you will pay back. Be sure to sign the appropriate PLUS loan MPN (parents sign the PLUS MPN and not the Graduate PLUS MPN).
Please contact the Financial Aid office with any questions about loans. You can reach us at firstname.lastname@example.org, 1-800-343-4919 or 830-792-7217, or visit us in person in the Welcome Center. Our office is open Monday – Friday from 8am – 5pm.
We are here to help you through this process.
The Office of Financial Aid at Schreiner University is committed to assisting students in obtaining the best financial aid award possible. However, it is the student’s responsibility to comply with all requirements necessary to complete the financial aid process. In addition, the Office of Financial Aid is not responsible for the student's financial obligations to Schreiner University. Each student must verify their account balance and make arrangements for any amounts not covered by financial aid.