Federal Direct PLUS Loan Instructions*Parent Borrowers: Please read all of this information carefully. If you have any difficulty completing the Federal Direct Loan Master Promissory Note contact the Direct Loan Applicant Services at (8. ![]() Discuss with your student whether or not you wish to accept the offer of the Federal Direct PLUS Loan. If you wish to apply for the Federal Direct PLUS Loan, have your student accept the offer on their Appal. Net account. To understand more about a Federal Direct PLUS Loan, interest rates, credit check, and endorser alternative, go to Applying for Direct Loans. Once the decision to apply for a Federal Direct PLUS Loan has been made, you will need to do the following: 1. Decide which parent will be applying for the Federal PLUS Loan. The following steps must be completed by the SAME PARENT. The parent applying for the Federal Direct PLUS Loan must have a Federal Student Aid ID (FSA ID)* in order to complete steps 5- 7. If you do not have an FSA ID, visit the fsaid. Go to studentloans. ![]() Federal student loans are available through the Federal Direct Loan Program. They allow students and parents/guardians to borrow money at low interest rates directly. Federal Direct Loan Program. Department of Education offers eligible students at participating schools Direct Subsidized Loans, Direct Unsubsidized Loans and. WHAT IS A FEDERAL DIRECT STUDENT LOAN? A Federal Direct Student Loan provides low interest loans that enable students to borrow up to $5,500 at the freshman level, $. Ford Federal Direct Loan (Direct Loan) Program awards are processed through the Common Origination and Disbursement (COD) System. This is the official Federal Direct Loan website. Here you can go to the Parent Borrowers tab, and click Apply for a PLUS Loan. To learn more about the Federal Direct PLUS Loan application process, click here. Sign in at studentloans. FSA ID. This is the same ID that you use to electronically sign the Free Application for Federal Student Aid (FAFSA) with your student. If you do not have a FSA ID, visit the fsaid. Once you are signed in with your FSA ID, select Complete MPN under the Master Promissory Note section and then select Parent PLUS to begin the credit check and application processes. Complete the entire Federal Direct PLUS Loan Master Promissory Note (MPN) process confirming that you have completed all steps. Note that the parent borrower completing the MPN must be the same parent who submitted the Federal Direct PLUS Loan Request Form. ![]() The Federal Direct Loan program will complete a credit check. Once your Federal Direct PLUS Loan MPN has been processed and the credit check is approved, the Federal Direct Loan program will notify the ASU Office of Student Financial Aid that the Federal Direct PLUS Loan is approved. You, the borrower, will be notified as well. Print your confirmation and disclosure notice for your records. If your Federal Direct PLUS Loan is denied because of the credit check, then you may still be eligible to re- apply using an endorser (co- signer). If applicable, information about this option will be sent to you from the Federal Direct Loan Program. If you are unable to secure a PLUS loan, then your student may be eligible for an additional Federal Direct Unsubsidized Loan of up to $4,0. The Office of Student Financial Aid will receive the notice of denial automatically from the Federal Direct Loan program, and an offer of this loan will be made to your student. Federal Direct Stafford Loans (Subsidized & Unsubsidized). Office. Students must be awarded financial aid to accept loans. View Seven Steps to Financial Aid for an overview of the financial aid process. The interest. on the loan is paid by the Department of Education as long as the student maintains. Grace period: Students who received a Direct Subsidized loan that was first disbursed between July. July 1, 2. 01. 4, are responsible for paying interest that accrues during. If you choose not to pay the interest that accrues during your grace. A Federal Direct PLUS loan is available to a graduate or professional student, or the parent of a dependent undergraduate student. Federal Direct Subsidized and Unsubsidized Loans. Undergraduate students enrolled half-time or higher are eligible for both Federal Direct Subsidized and Unsubsidized. ![]() Maximum time frame: If you are a first- time borrower on or after July 1, 2. Direct Subsidized loans. This limit does not apply to Direct Unsubsidized. Direct PLUS loans. If this limit applies, you may not receive Direct Subsidized. This is called. your . You can find the published length of your. The. Direct Unsubsidized Loan should be borrowed cautiously since the borrower will be. Interest only payments may be. If interest is not paid while in school. The interest rates are calculated using a base 1. Treasury Note Index of 1. Direct Subsidized loans and. Direct Unsubsidized loans for undergraduate students, 3. Direct Unsubsidized loans for graduate/professional students. Complete the Master Promissory Note (MPN). A new MPN is necessary if it has been more. MPN was completed. First- time student loan borrowers at SJSU. ELC. For step- by- step instructions on how to accept loans, view Accepting a Federal Direct Stafford Loan. First time student loan borrowers at SJSU must complete. ELC session prior to receiving their first loan disbursement. There are. no exceptions to this federal requirement. Students MUST e. Sign the MPN prior to receiving a loan. Under the Federal Direct Loan Program, the MPN must be signed every. Students are. responsible for interest accrued.
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