Parent PLUS Loan Instructions
Applications for the Federal Direct Parent PLUS loan requires TWO (2) important steps. Please go to StudentAid.gov and sign in using your FSA ID and Social Security Number.
PLUS LOAN APPLICATION IS AVAILABLE MAY 1ST FOR THE UPCOMING ACADEMIC YEAR
After you have signed in please select:
- APPLY FOR A DIRECT PLUS LOAN. Be aware that loan amounts are a yearly amount and will be split equally between the fall and spring semesters unless otherwise requested. Disbursements will be applied to your student’s university account, and any funds that are in excess of the balance due will be refunded to either you or your student, according to what you indicate on the application. This step must be done every year.
- COMPLETE MASTER PROMISSORY NOTE (MPN). You will automatically be directed to complete this step after applying for the PLUS loan. If you need assistance completing the MPN, call the Direct Loan Origination Center at 1-800-557-7394.
What’s Next?
- I want to reduce or cancel my loan.
- Contact the Office of Financial Aid Services in writing. All or a portion of your loan may be canceled up to 14 days after the loan is disbursed. Canceling or reducing the PLUS loan does not make the student eligible for additional Unsubsidized loan. These funds are returned directly to the Department of Education. Because loan fees have been assessed, the exchange is not dollar for dollar and it is possible that a charge for the returned funds appear on the student account. If a refund was generated prior to the loan reduction, the refund may need to be returned.
- What happens if additional financial aid is received by MSU.
- Often additional financial aid comes into the office after loans have been processed.
When this occurs, the Office of Financial Aid Services may reduce loans to make room
for the additional funds. PLUS loans are reduced before student loans. These funds
are returned directly to the Department of Education. Because loan fees have been
assessed, the exchange is not dollar for dollar and it is possible that a charge for
the returned funds appear on the student account. If a refund was generated prior
to the loan reduction, the refund may need to be returned.
- Often additional financial aid comes into the office after loans have been processed.
When this occurs, the Office of Financial Aid Services may reduce loans to make room
for the additional funds. PLUS loans are reduced before student loans. These funds
are returned directly to the Department of Education. Because loan fees have been
assessed, the exchange is not dollar for dollar and it is possible that a charge for
the returned funds appear on the student account. If a refund was generated prior
to the loan reduction, the refund may need to be returned.
- What if more PLUS loan funds are needed?
- If you have not bowered the fully awarded amount previously, you can submit a written request to Office of Financial Aid Services indicating how much more of the initial awarded amount you would like.
- If you have previously borrowed the full awarded amount, contact the Office of Financial Aid Services and discuss your options.
