Apply for a Parent Loan

FEDERAL PLUS LOAN FOR PARENTS

The federal PLUS loan is available to parents and step-parents of students who have submitted a FAFSA and are enrolled at least half-time. Parents may borrow up to the cost of attendance minus any other financial aid awarded. The parent must receive credit approval or may be approved by a credit-worthy endorser. To apply for a PLUS loan, follow the three steps below. More information about PLUS loans ➔

STEP 1 of 3: Complete PLUS Loan Application

Sign in to the https://studentaid.gov using the parent’s FSA ID
Select “I'm a Parent” (under the "My Checklists" section)
Select “Apply for Parent PLUS Loan”
Complete the application and credit check and submit

STEP 2 of 3: Complete Master Promissory Note (MPN) for Parent PLUS Loan

If your credit is approved for the PLUS Loan, you will need to sign a Master Promissory Note on the same site (https://studentaid.gov) 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.

Select “Complete MPN”
Select “Parent PLUS"
Complete MPN and submit

STEP 3 of 3: Complete Gordon College PLUS Loan Authorization Form

Once your PLUS loan application and MPN are completed, you will need to let the College know the dollar amount that you would like to borrow. A 4.228% 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 $10,442 in order to cover the 4.228% fee. Please take this into account when determining the loan amount you would like to borrow. The Plus Loan Authorization Form is available to complete online by clicking the link below:

Complete the PLUS Loan Authorization Form Online ➔

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. Compare interest rates, origination fees, and repayment terms with the federal Parent PLUS loan.

Go to the Gordon College ELM Select portal ➔