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