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 unless the lender no longer participates in the Federal Family Education Loan Program (FFELP). You cannot apply for the Federal PLUS Loan more than 90 days before the start of loan term. You can begin this process June 1st. The Federal Parent PLUS loan is subject to a credit check process, you will be required to complete the actual Federal Parent PLUS Master Promissory Note (MPN) online or via paper depending on the lender you chose. You will have to enter the amount of funds you wish to borrow. PLEASE NOTE: When selecting the "requested loan amount", keep in mind the 3% origination fee and if you are going to apply for the full academic year or semester by semester (see example below).
Sample Loan Term Dates
Fall & Spring Semester - August 2009 to May 2010
Fall Semester Only - August 2009 to December 2009
Spring Only - January 2010 to May 2010
A parent may borrow up to the total costs of attendance, including tuition, books, living and travel expenses LESS any financial aid the student receives.
The loan funds will be delivered through Electric Funds Transfer (EFT) directly to your student's school account in the Student Business Services Office , Ward Hall 1st floor. If loan funds are disbursed by check you the parent will be notified by the Student Business Services to endorse the check.
For current interest rates: Click Here
For more information and how to apply for Federal Parent PLUS Loans click on the link below:
http://www.elmselect.com
Keystone College's suggested lender list is determined by sending an annual "Request for Information Questionnaire" otherwise known as an "RFI" to at least 10 lenders that participate in the Federal Family Education Loan Program (FFELP) & Alternative Loan programs. Our decision is based on the best possible product available to our students and/or parents.
Although we have created a Suggested Lender List; this list is only a guideline of what options are available and this does NOT in any way prohibit you the student and/or parent from choosing any lender of your choice. Nor does it delay the loan certification process for another lender that was chosen.