FEDERAL PLUS LOAN FOR PARENTS
In order to apply for a PLUS Loan, there must be an FAFSA completed for that student. There are three steps that a parent must complete in order to apply for a PLUS Loan. Steps 1 and 2 can be completed by the Department of Education’s Federal Student Aid Website. Step 3 can be completed on the Gordon College website.
STEP 1 of 3: Complete PLUS Application
STEP 2 of 3: Complete PLUS Master Promissory Note
If your credit is approved for the PLUS Loan you will need to sign a Master Promissory Note to accept the loan. If your credit is denied, please contact our office. Students whose parents are credit denied for a PLUS Loan may be eligible for additional unsubsidized Stafford loans.
STEP 3 of 3: Complete Gordon College PLUS Loan Authorization Form
Once your PLUS loan application and MPN are complete you will need to let the College know the dollar amount that you would like to borrow. A 4.272% Origination Fee is deducted from the loan amount you request at the time of disbursement. For example, if you need $10,000 disbursed to the school, you would need to request $10,446 in order to cover the 4.272% fee. Please take this into account when determining the loan amount you would like to borrow. The Plus Loan Authorization Form is available for download on the Gordon College website and can be faxed, mailed or emailed to us.
ALTERNATIVE PARENT LOANS
Several private lenders offer education loans for parent borrowers. You may inquire about parent loans through your bank or credit union, or see our preferred lender list on the ELM Select site.