Federal Direct Parent Loan for Undergraduate Students (PLUS)
To receive a Federal Direct PLUS loan, a parent must be a biological or adoptive parent of the student for which the loan is being borrowed. The loan is based on the credit worthiness of the parent. The maximum a parent can borrow is Denison's cost of education minus all financial aid the student receives. The interest on this loan begins to accrue when it is disbursed to the student's account, and continues to accrue until the loan is paid in full.
Repayment
Repayment may be deferred until after the student graduates and has a ten year term.
Interest Rate
PLUS loans will have a fixed interest rate of 7.9%. Parent borrowers are charged a four percent (4%) origination fee that is deducted from the gross loan amount. The net loan proceeds are credited to the student's account electronically in two equal desbursements, 10 days prior to the beginning of the each semester .
Master Promissory Note (MPN)
The MPN is a promissory note that can be used to borrow multiple loans for multiple academic years (up to 10 years). The MPN requirement will be for all first-time borrowers of a Federal Direct PLUS Loan who do not have any adverse credit issues. Parents will only need to complete one MPN while their student is attending Denison University.
Application Process
- A FAFSA must be filed by the student for whom the PLUS loan is being borrowed.
- Parents apply online at www.studentloans.gov
- A federal PIN is required to sign into StudentLoans.gov. If you do not have a PIN, you may request one from the official PIN website.
- First-time borrowers may also complete an Electronic Master Promissory Note (eMPN) at www.studentloans.gov.