Direct Parent PLUS Loans
St. Catherine University now participates in the William D. Ford Federal Direct Loan Program for PLUS loans. These are low-interest loans specifically for parents to help pay for the cost of a child's education after high school.
Note: The lender is now the U.S. Department of Education — not a bank or financial institution. Due to this change in loan processing, all PLUS borrowers must complete a new Master Promissory Note for 2009-10. This can be completed online at the Direct Loan website.
Loan authorization instructions
- Complete a Federal Parent PLUS Loan Request and Credit Authorization. Please mail or fax the completed form to our office.
- Complete the Direct PLUS Loan Master Promissory Note (MPN), which is the written contract between you, the borrower, and the lender.This can be completed online at the Direct Loan website. You will need your FAFSA PIN to sign the MPN.
Receiving your loan
The Direct Loan Program will send a loan disclosure statement when your loan has been processed. Save this statement to compare to your online bill later. It will show the total amount of your loan, the disbursement amounts and the estimated disbursement dates. This is an estimate for when the funds will be transferred NOT the date the funds may be released to you.
Denial
Any PLUS loan borrower with adverse credit may be denied the PLUS loan. If your credit is denied, you will receive notification from the direct loan servicer. You can:
- Seek a credit status override. Contact the Direct Loan service at 1-800-557-7394 and Equifax (their credit bureau) at 1-800-685-5000.
- Request a review. If you have extenuating circumstances, provide documentation to the Direct Loan servicer.
- Have a third-party endorser co-sign the PLUS loan application. Contact the Direct Loan service at 1-800-557-7394.
- Choose not to pursue the denied PLUS loan. Contact the Office of Financial Aid to discuss alternative options.