Federal Direct Parent Loan for Undergraduate Students (PLUS)

To receive a Federal Direct PLUS loan, a parent must be a biological or adoptive parent of the student for which the loan is being borrowed. The loan is based on the credit worthiness of the parent. The maximum a parent can borrow is the cost of education minus all financial aid the student receives. The interest on this loan begins to accrue when it is disbursed to the student's account, and continues to accrue until the loan is paid in full.

Repayment

Repayment may be deferred until after the student graduates and has a ten year term.

Interest Rate

New Loans originated after July 1, 2010 will have a fixed interest rate of 4.6%. Parent borrowers are charged a four percent (4%) origination fee that is deducted from the gross loan amount. A 1.5% fee rebate is offered to all borrowers in anticipation of on time repayment. The net loan proceeds are credited to the student's account electronically 10 days prior to the beginning of the each semester in 2 equal disbursements.

Master Promissory Note (MPN)

The MPN is a promissory note that can be used to borrow multiple loans for multiple academic years (up to 10 years). The MPN requirement will be for all first-time borrowers of a Federal Direct PLUS Loan who do not have any adverse credit issues. Parents will only need to complete one MPN while their student is attending.

Application Process

Federal Direct Student Loans

Before the Federal Direct Loans can be disbursed to your account, you must actively accept your loans and First-Time Borrowers must complete Entrance Counseling and a Master Promissory Note.

For First-Time Borrowers Only - Sign in to www.studentloans.gov with your Federal PIN to complete your Electronic Master Promissory Note (eMPN) and Direct Loan Entrance Counseling.

If you wish to reinstate a loan you have already declined or modify a loan you have already accepted please print, complete and return this Federal Direct Loan Update Form [pdf]

If you wish to decline a Federal Perkins Loan, please contact the Financial Aid Office

Federal Direct Parent Loan for Undergraduate Students (PLUS)

• Parents interested in a PLUS loan may now apply online at www.studentloans.gov
• A federal PIN is required to sign intowww.studentloans.gov .

If you did not use a PIN to electronically sign a FAFSA, or if you have forgotten your PIN, you may apply for one or request a duplicate here.

• First-time PLUS borrowers may also complete an Electronic Master Promissory Note (eMPN) at www.studentloans.gov

Alternative Student Loans

Comparing Alternative Loans

LMRC  has partnered with Simple Tuition, an interactive website that allows you to compare multiple alternative loan options. This website provides current rates and terms and allows you to search for loans that fit your criteria. Be sure to search the section for Undergraduates to find loans that will cover your time at Denison.

Self-Certification

The Higher Education Opportunity Act of 2008 added to disclosure requirements of the Truth in Lending Act (TILA) to require that applicants for private educational loans and institutional loans complete the Department of Education's Private Education Loan Applicant Self Certification Form [pdf].