The College of St. Catherine: Financial Aid Office: Federal Parent PLUS Loan


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Contact Information:
Financial Aid
St. Paul Campus
(651) 690-6540
Minneapolis Campus
(651) 690-7805
Toll free: 1 (800) 945-4599

Federal PLUS Loan Instructions

The Federal Parent PLUS Loan program provides parents of dependent students with funding to help pay the costs associated with post-secondary education. There are no annual borrowing limits, although parents must be credit-worthy and the loan must not exceed the student's cost of attendance minus other financial aid.

Loan funds are in the parent's name, but they are applied directly to your student's account.

Please review all three steps below before beginning the application process.

Step One
Parents must choose a lender to borrow their loan through. For more detailed information on our recommended lenders or to apply for a PLUS Loan, go to our Parent PLUS Preferred Lender List.

Step Two
Once you have selected a lender, click on the 'Apply Now' button to access and complete the on-line pre-approval process. Simply follow the prompts to complete the application and submit your information for instantaneous credit approval or credit denial.

(Notes on denial: Program guidelines stipulate that any PLUS Loan borrower with adverse credit be denied the PLUS Loan. If your loan is denied due to adverse credit, the system will ask if you want to have your denial reviewed or accept the initial denial as final. You may also want to contact the Financial Aid Office to discuss other options for student loans.)

Step Three
Parents must also complete a master promissory note. When your credit is approved, the system will ask you to complete the Parent PLUS Loan Application/Promissory Note. This will expedite the processing of your PLUS Loan and ensure the accurate disbursement of the loan proceeds directly to your student’s tuition account.

General Information:
The Federal Parent PLUS Program is made available to eligible students through a partnership arrangement, which includes the federal government, a guaranty agency, a lender, a school, a student and their parent. The interest rate on PLUS Loans is 8.5%, and guaranty agencies assess a 1% guaranty fee and a 3% loan origination fee. These fees are deducted to compensate for the risks associated with the program and the costs of performing necessary services. The fees will be deducted from the face value of the loan before the funds are disbursed. The guaranty agencies the College of St. Catherine has chosen provide state of the art services, including electronic funds transfer (EFT), which allows us to transfer proceeds directly into your student's account.

Final Notes on Receiving Your Loan:
Your lender will send a loan disclosure statement when your loan has been processed. If you apply for a loan that covers the school year, the funds will be sent to the school at the start of each term. Please note that if your lender gives you an estimated date of disbursement, it is the day the check is printed or EFT funds are transferred and should not be confused with the date the funds may be released to you. If you are eligible for a refund from your PLUS Loan, the funds will be refunded to you, the parent, because the loan is in your name. Contact the Student Accounts Office at 651.690.6503 for questions regarding refund checks.