For a PLUS Loan, you must complete a Direct PLUS Loan Application and Master Promissory Note (MPN). The MPN is a legal document in which you promise to repay the loan and any accrued interest and fees to the Department of Education. It also explains the terms and conditions of the loan. In most cases, one MPN can be used for loans that you receive over several years of study, although a separate Loan Request must be filed for each school year. If you previously signed an MPN to receive a FFEL PLUS loan, you will need to sign a new MPN for a Direct PLUS Loan. You can complete the PLUS application and MPN online at:
There are two Direct Plus Loan Program options:
Direct PLUS Loansfor creditworthy parents or legal guardians of undergraduate students
- Graduate and professional degree student Direct PLUS Loans for creditworthy graduate students
- Parents and graduate students may borrow up to the cost of education minus any financial aid.
- Loans are subject to the Department of Education's credit policy and the Office of Financial Aid certification of enrollment and costs.
- The interest rate is a fixed 7.21 percent (for loans disbursed on or after July 1, 2014 and before July 1, 2015.
- Repayment begins within 60 days of disbursement and may extend for up to 10 years.
- Deferred repayment may be available for some borrowers.
- Loans are made jointly payable to the parent/graduate student borrower and Excelsior College.