Offices & Services

Office of Student Financial Aid

PLUS Loan Instructions

Federal William D. Ford Direct Parent Loans for Undergraduate Students (PLUS)

The Federal Direct PLUS Loan Program allows parents of undergraduate students to borrow up to the full cost of attendance minus other financial aid. Eligibility is based on a satisfactory credit check. The 2019-20 interest rate is fixed at 7.08 percent and there is a current loan origination fee of 4.236 percent deducted from each disbursement. Interest accrual begins on the date of the first disbursement. The first payment is due within 60 days after the final loan disbursement. However, parents can postpone repayment of the principal until 6 months after the student graduates. Information about repayment options is provided by the Department of Education. For many parents, interest paid on PLUS Loans is tax deductible. For more information on education tax benefits, see the Internal Revenue Service’s Publication 970, on line.

Maximum Loan Amount

PLUS Loans may cover the full cost of attendance minus other financial aid. The cost of attendance includes tuition, room and board, as well as standard allowances for books and supplies, transportation, and personal expenses. Determine how much you wish to borrow for a full academic year. The total loan amount will be split evenly for the fall and spring semesters.

Application Process

The PLUS Loan application process involves two steps, a) completing a PLUS Loan application, and b) completing the Federal Direct PLUS Loan Master Promissory Note (MPN).

There are two ways to apply for the Parent PLUS loan. You can apply on-line at https://studentloans.gov, or by submitting Washington College’s PLUS Loan Request Form to the Office of Student Financial Aid. The form can be found on the “Forms and Resources” page of the Office of Student Financial Aid web site. If you choose to submit the request form, the Office of Student Financial Aid will use to information provided on the form to originate the loan and initiate a credit check through the Federal Servicer. You must complete a form each year/semester you wish to borrow under this program.

 If your loan application is not approved, you will be contacted by the Federal Servicer, in writing, and given the option of appealing the credit decision or resubmitting the application with a credit-worthy endorser. Questions concerning your credit decision should be directed to the Federal Servicer’s Student Loan Support Center at 800-557-7394. If you do not wish to pursue either of these options, your student may pursue additional unsubsidized Federal Direct Loan funds by contacting the Office of Student Financial Aid at 410-778-7214.

 The PLUS Loan MPN allows parents to borrow for multiple years (up to 10 years) under one note for each child enrolled in college provided you do not require an endorser. Complete the MPN online at: https://studentloans.gov/myDirectLoan/index.action

You must have a Department of Education issued FSA ID before completing and signing the electronic MPN. If you do not have a FSA ID, you may obtain one at the Federal Student Aid website at: https://fsaid.ed.gov/.

Completing the MPN

The electronic MPN can be completed in 90 steps. We estimate that it will take 10-15 minutes to complete the electronic MPN process. Make sure you allow enough time to complete the entire process in a single session. If you exit this web site before submitting your signed MPN in Step 9, your information will not be saved.

  • Step 1… FSA ID Registration
  • Step 2… Log In
  • Step 3… Disclosure and Consent
  • Step 4… Provide Name, Student’s Information and School
  • Step 5… Complete MPN
  • Step 6… Review/Read Draft MPN
  • Step 7… Sign your MPN
  • Step 8… Review Signed MPN/Enter Confirmation Code
  • Step 9… Confirm Acceptance of MPN Terms and Submit MPN
  • Step 10… Confirm Acceptance of MPN Terms and Submit MPN Success! Print your MPN

Washington College will be notified electronically that you have completed your MPN. For information about repaying your PLUS Loan, please visit the Federal Direct Loan Servicing Center’s website.