|Master Promissory Note (Parent)|
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|Direct PLUS Loans (Parent Loans for Undergraduate Students)
Direct PLUS Loans are unsubsidized loans for the parents of dependent students. Parents must be the student’s biological or adoptive parent or the student’s stepparent, if the biological or adoptive parent has remarried at the time of application. The student of the parent must be enrolled in at least six credits and have parent’s income and asset information provided on the FAFSA.
In order to receive a PLUS loan, parents must complete the PLUS Application and master promissory note . When applying for the PLUS loan, the Department of Education will perform a check on the parent’s credit history. If the parent is found to have an adverse credit history, the dependent student is eligible to borrow additional unsubsidized loan funds. If the parent’s credit history is found to be in good standing, then the parent may borrow the cost of attendance less any other financial aid that the student has received. The interest rate on the PLUS loan is 7.90%. There is also a 2.5% origination fee that is deducted prior to disbursement. PLUS borrowers must begin repayment 60 days after the loan has been fully disbursed. For more information on the PLUS loan, please contact Loren Lancaster, financial aid director, at 1-800-541-9281, ext. 6171, (406) 874-6171, or FinAid@milescc.edu