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The Beardsley Meeting House on the campus of Husson University

Direct PLUS Loan

PLUS loans are federal loans that graduate or professional students and parents of dependent undergraduate students can use to help pay for college or career school. PLUS loans can help pay for education expenses not covered by other financial aid. For more information and Common FAQ please visit the  Student Aid website.  

Federal Direct Parent PLUS Loans

  • If you are the parent or legal guardian of an undergraduate student attending Husson University, you may be eligible to apply and receive a PLUS Loan. A parent is not guaranteed to receive the PLUS Loan. Upon application, the Department of Education (DOE) will evaluate your credit and approve or deny your application based on your credit score and history. Husson University is not involved in the credit decision made by the DOE. If you have any questions regarding the pre-approval process for the PLUS Loan, please contact the Department of Education.
  • Parent Loans for Undergraduate Students (Federal Direct Parent PLUS) are federal loans parents may borrow to help pay the educational expenses of a dependent undergraduate student enrolled in at least 6 credit hours a semester.
  • To be eligible for a PLUS Loan, a student must have completed a FAFSA on file and submitted their Award Acceptance, while the parent borrower must be able to pass a credit check that indicates that they do not have adverse credit history. The borrower cannot be 90 days or more delinquent on the repayment of any debt or the subject of a default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment or write-off of a Title IV debt during the last five years.
  • A parent may borrow up to the total of the Estimated Cost of Attendance less resources and all other financial aid received by the student.

The interest rate on a Federal Direct Parent PLUS loan borrowed by the parent of an undergraduate student between July 1, 2024 and July 1, 2025 is 9.08% and is charged on the loan from the time the loan funds are disbursed until it is paid in full.

Applying for a Parent PLUS Loan involves four steps:

  1. Log into and then select the "Request a PLUS Loan" option on the www.studentaid.gov website. Please ensure that you are not logging in under the Student's FSA ID, you will need to log in with the Parent's FSA ID
  2. Only one parent is required to complete a Master Promissory Note with the Department of Education. A Master Primary Note is valid for 10 years; however, a new credit report will be initiated by the DOE each time.
  3. Please be sure that the same parent who completes the Master Promissory Note with the DOE is the same that completes the "Request a PLUS Loan."
  4. Only one parent may apply for the loan. Before you begin the Parent PLUS Loan process, you will need the following information to complete the Master Promissory Note:
  • Your (parent) social security number.
  • Two personal references.
  • The references must reside at two different addresses.
  • You will need to be able to provide phone numbers and email addresses for each reference.
  • Your (parent) driver's license.

If credit is approved and an MPN has been completed, loan funds will begin to be dispersed one week before classes begin. The funds will be applied to tuition, fees, and other university charges and any extra money will be refunded to either the student or parent, depending on what was indicated on the application. If the PLUS Loan process is not completed by the first disbursement, subsequent disbursements are scheduled twice a week up until the last week of each semester.

If you are Denied

If a Federal Direct Parent PLUS Loan Application is denied, the borrower may obtain a qualified endorser or it may be possible for a student to borrow an additional amount of unsubsidized loan. In that case, the dependent student annual maximum allowable loan limit will be replaced by the independent student maximum allowable loan limit at the same class level. If the application is denied, the office of Financial Aid will add the maximum allowed amount onto the student's award and will notify the student via the university's email. The student may contact the office of Financial Aid and decline this additional loan (fully or in part) if it is no longer needed.
 

Federal Direct Graduate PLUS Loans

  • If you are a Graduate student attending Husson University, you may be eligible to apply and receive a Grad PLUS Loan. You are not guaranteed to receive the Grad PLUS Loan. Upon application, the Department of Education (DOE) will evaluate your credit and approve or deny your application based on your credit score and history. Husson University is not involved in the credit decision made by the DOE. If you have any questions regarding the pre-approval process for the PLUS Loan, please contact the Department of Education.
  • Graduate Plus loans federal loans you may borrow to help pay the educational expenses that are not met Direct Unsubsidized Loan, as a graduate student you must be enrolled in at least 3 credit hours a semester.
  • To be eligible for a PLUS Loan, you must have completed a FAFSA on file and submitted your Award Acceptance, then you must be able to pass a credit check that indicates that you do not have adverse credit history.
  • You as the borrower cannot be 90 days or more delinquent on the repayment of any debt or the subject of a default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment or write-off of a Title IV debt during the last five years.
  • You may borrow up to the total of the Estimated Cost of Attendance less resources and all other financial aid received.

The interest rate on a Federal Direct Graduate PLUS loan borrowed by a graduate student between July 1, 2024 and July 1, 2025 is 9.08% and is charged on the loan from the time the loan funds are disbursed until it is paid in full.

Applying for a Direct Graduate PLUS Loan involves four steps:

  1. Log into and then select the "Request a PLUS Loan" option on the www.studentaid.gov website. Please ensure that you are logging in with your own FSA ID and Password
  2. You must complete a separate Master Promissory Note for the Grad Plus loan is valid for 10 years; however, a new credit report will be initiated by the DOE each time.
  3. If you do not have established credit  Graduate or professional students who haven't previously received a PLUS loan will also be required to complete an additional Entrance Counseling
  4. Before you begin the Graduate PLUS Loan process, you will need the following information to complete the Master Promissory Note:
  • Your social security number.
  • Two personal references.
  • The references must reside at two different addresses.
  • You will need to be able to provide phone numbers and email addresses for each reference.
  • Your driver's license.

Please note that if all steps in Parent PLUS Loan or Graduate PLUS Loan application process are not complete, a delay in processing or disbursing funds could result. Please contact our office if you have any questions or concerns: finaid@husson.edu or 207.941.7156

The Office of Financial Aid will then certify borrower eligibility with the Direct Loan Servicer. This Certification Process begins around June 1 each year.

Receipt of Funds/Refunds

If credit is approved and an MPN has been completed, loan funds will begin to be dispersed one week before classes begin. The funds will be applied to tuition, fees, and other university charges and any extra money will be refunded to either the student or parent, depending on what was indicated on the application. If the PLUS Loan process is not completed by the first disbursement, subsequent disbursements are scheduled twice a week up until the last week of each semester.

Repayment of Federal PLUS Loans

Repayment begins within 60 days of the final loan disbursement during the academic year. Principle and interest may be deferred if the borrower meets deferment requirements. In-school deferments may be requested by parent borrowers provided the student is enrolled at least half-time in a degree seeking program.

To learn more about available deferments and how to apply for deferment status, please contact your loan servicer. To find out which lender is servicing your loan, you can visit  www.studentaid.gov, log in using FSA ID for the borrower's information, and select the number next to each loan for contact information.