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Federal Parent Loan
(PLUS)
Parents of students at Monmouth College who need additional help in
financing their children’s education and who have filed the Free
Application for Federal Student Aid (FAFSA) have the option to borrow
through the Federal Parent PLUS Loan program. You may borrow enough to
cover your educational costs, but there is a maximum amount that can be
processed each year. The maximum
amount you may borrow is determined by the school and depends on the
total amount of other assistance the student receives.
Beginning with the
2009-2010 academic year, Monmouth College will process Federal Parent
PLUS Loans directly with the federal government. The current interest
rate on this loan is 7.9% fixed rate. The loan rate for 2009-2010 has
not been determined, but is anticipated to be the same rate at 7.9%
fixed. Parents who have
not borrowed a previous PLUS loan, and parents of new MC students
will be encouraged to pursue the Direct PLUS Loan, thus making the
federal government their lender. (Parents of returning Monmouth College
students, who have borrowed in previous years, will have the option to
continue borrowing through their existing bank/lender.)
The following steps
are necessary to finalize a Parent (PLUS) Loan:
1)
Complete
the
Online
Application and submit directly to Monmouth College.
During this step you will be asked to specify the dollar amount you wish
to borrow for the year. Submission of the online application will make
it possible for Monmouth College’s Financial Aid Office to then initiate
the PLUS Loan on your behalf directly with the Federal Government,
Department of Education.
2)
Visit
http://dlenote.ed.gov to complete an online Master Promissory Note (MPN).
Parents should complete the information requested in its entirety to
ensure timely processing.
3)
Electronically sign the MPN using your federally issued pin#. (The same
pin# you used to sign the parent section of the FAFSA). If you are not
the parent who signed the FAFSA and do not already have an government
issued pin#, then you may visit
www.pin.ed.gov
to obtain one.
Once a parent has
completed the three steps outlined above, Monmouth College’s Financial
Aid Office will initiate the loan electronically with the federal
government. The federal government, acting as a lender, will then
perform the necessary credit checks. All disclosures and legal
documents for the loan will be provided to the parent borrower directly
from the federal government.
If you have questions
or difficulty with any of the steps outlined, please contact Monmouth
College, Office of Financial Aid at 309-457-2129 or by email at:
finaid@monm.edu
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