PLUS Loan Information Your Federal Direct PLUS loan request has been originated by SUNY Erie Community College. The loan amount approved is listed on your award letter. If your parent is a first-time Direct Loan borrower, he/she must sign a Master Promissory Note (MPN).
This is completed online at studentaid.gov. The Master Promissory Note (MPN) for a Parent PLUS loan must be completed by the parent (not the student). Your parent will need to sign in using their FSA ID and Password.
Master Promissory Note: • • • •
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Select Complete Loan Agreement (Master Promissory Note) Select PLUS MPN for Parents If your parent is borrowing a Parent PLUS loan for more than one student, s/he will need to complete a new MPN for each student. Read and follow the directions for signing the Master Promissory Note. Your parent will need his/her driver’s license state/ number and the name, address, and phone number of two references (preferably family members; please note the two references cannot share the same address). Be sure to print or save a copy for your records
If your parent has borrowed a PLUS Loan for you in a prior year using Direct Loans, your parent may not be required to complete a new MPN as one should already be on file.
Loan approval & disbursement of funds: • • • • • •
Your parent will receive a notice from Direct Loans showing anticipated disbursement dates. Your parent’s PLUS loan (less origination fee if applicable) will be disbursed in two installments directly to the College. If you are not enrolled for at least 6 credit hours, loan funds will be returned to Direct Loans. You must meet Satisfactory Academic Progress Requirements. Credit balances created by Parent PLUS loans are refunded to the parent. If you wish to cancel the parent loan, have your parent contact the Office of Financial Aid.