Parent Loans
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Many parents find the Federal Parent Loan for Undergraduate Students (PLUS) a useful way to finance all or part of college expenses. The Federal PLUS Loan Master Promissory Note (MPN) is a legal document that holds you responsible for repayment of current and future loans. The Federal Parent PLUS Loan MPN is valid for 10 years and does not require you to complete another Note for subsequent borrowing. You cannot apply for the Federal PLUS Loan more than 90 days before the start of loan term. You can begin this process May 1st. This Federal PLUS Loan will be guaranteed by American Education Services (AES). The funds will be delivered through Electronic Funds Transfer (EFT) directly to your student's school account in the Student Business Services Office.
Please follow the instructions to complete the Federal PLUS Loan MPN online.
1. Go to www.aesSuccess.org.
2. Under "Apply for a Loan" select "Apply for PLUS Loan" then click "continue".
BEFORE you begin this next step, please read the instructions carefully below.
If you are a FIRST-TIME PLUS LOAN Applicant......
You will have to create an account at this point before actually applying for the Federal PLUS Loan. Click on "Create Account". After you have selected this option, continue to follow the prompts and complete each item. You are now ready to complete the pre-approval process for the Federal PLUS Loan. Follow all of the prompts and answer all items carefully to complete the pre-approval process.
Once your application for the Federal PLUS loan has passed the credit check process, you will be required to complete the actual Federal PLUS Master Promissory Note (MPN) online. At this time, you will be asked for the amount of funds you wish to borrow. PLEASE NOTE: When selecting the "requested loan amount", keep in mind the 3% origination fee and apply for the full academic year.
Example: Fall & Spring 8/2008 - 5/2009
Fall only 8/2008 - 12/2008
Spring only 1/2009 - 5/2009
Any incomplete or missing information will delay the processing of your loan, please review your application carefully before proceeding to the next step). At the end of the process, you will have three (3) options for completing the loan process:
Option 1: Sign the PLUS MPN electronically with your U.S. Department of Education Personal Identification Number (PIN). (If you do not have a PIN, go to www.pin.ed.gov, or contact customer service at 1-800-801-0576). Electronically signing the Federal PLUS Loan MPN is the fastest and most efficient way to apply for a Federal PLUS Loan.
Option 2: Print the MPN form, sign and mail to AES: P.O. Box 8177, Harrisburg PA 17105.
Option 3: Request that AES print the MPN form, send it to you to complete, and then you return to AES.
RENEWAL Federal PLUS Loan APPLICANTS....
If you completed the online process last year, your account should have already been created. Enter your User ID and password. If you forgot your User ID or password, select the link for "Forgot my password" or "Forgot my User ID". If you completed a paper Federal PLUS loan MPN last year and did not use the online process following the instructions for FIRST-TIME PLUS Loan Applicant.
Complete the prompt to "request loan amount" of the Federal PLUS loan funds needed. Since you completed the Federal PLUS MPN last year, you will not need to complete a new MPN this year. Remember there is a 3% origination fee and apply for the full academic year
If you have any questions about this process, please call AES at 1-800-692-7392.
Example: Fall & Spring 8/2008 - 5/2009
Fall only 8/2008 - 12/2008
Spring only 1/2009 - 5/2009
How much can I borrow?
A parent may borrow up to the total cost of attendance, including tuition, books, living and travel expenses less any financial aid the student receives. Choosing a lender is an important step in the PLUS process. Please see the list of Keystone College's Suggested Lenders