Federal PLUS Loan Instructions for 2007-08

Graduate Students

These instructions also apply to graduate students applying for a Federal Grad PLUS loan, the only difference is that a parent is not involved. Contact the Graduate College or Student Financial Assistance if you need additional help.

If you are a parent of an eligible undergraduate student who is enrolled at least half-time, and you meet the borrower eligibility criteria for a Federal PLUS loan, you can choose to borrow a Federal PLUS loan to help pay educational expenses for your son or daughter. Although the maximum amount an eligible parent can apply for each academic year is the amount noted on the student's FAN, you can choose to apply for an amount lower than what was originally offered. Parents are under no obligation to secure this loan, and are encouraged to only apply for what they feel is necessary given the family's financial situation.

Your loan application should reflect the amount of funds you wish to borrow for the student's actual period(s) of enrollment. Approved loan amounts will be disbursed half in the fall and half in the spring if the student is enrolled for the academic year (fall and spring). Please apply for a single term loan if your student only plans to enroll for a single semester in the academic year. The approved loan will disburse in that semester. For students graduating in the fall, notify us in writing that you plan to graduate and will only need your loan for one semester. If we are not notified the award will be split over the full year.

If your son or daughter is a fall/spring student and you apply for a fall only loan, funds will be disbursed as a fall/spring loan (half in the fall and half in the spring). Students attending one term only are the only students eligible to apply for a single term loan.

How to Apply for a Federal PLUS Loan

Step 1: Choose a Lender

To begin the application process, choose a lender. ASU is committed to processing all loans and does not endorse nor accept any incentives, financial or otherwise, to work with any specific lenders. When choosing a lender it may be helpful to ask if they are compatible with ELM, an electronic student loan management system used to expedite loan applications and disbursements. Lenders not compatible with ELM may take additional processing time. Whichever lender you select, we will do our best to expedite the processing of your student loan application.

To assist you in choosing a lender there are several online resources which may be helpful. These sites operate independently of ASU:

General information about student loans including definitions on the types of loans that are available:

Considerations when choosing a lender—cost, flexibility and customer service to name a few:

List of lenders from Finaid.org

Information Needed to Apply

  • Parent Social Security Number
  • Student Social Security Number
  • Parent Driver's License
  • Complete address of two (2) references who are not related to you

Important

Unfortunately, not all applications are approved. If your parents are denied for a PLUS loan you should submit a signed letter to our office requesting additional student loan funding.

Step 2: Complete the Federal PLUS MPN

If the application is approved, the Federal PLUS MPN will be electronically signed by your parent during the application process or will be mailed to him/her to complete. If it is mailed, your parent will need to sign and return it to the lender address provided on the Federal PLUS MPN.

Step 3: Receive Federal PLUS Funds

If your parent agrees during the application process to allow excess funds to be returned to you (the student), ASU will electronically apply Federal PLUS funds to your student account to pay outstanding charges. Any remaining funds will be distributed to you (the student) via paper check or direct deposit to your bank account. Electronic treatment of Federal PLUS funds is only available if your parent agrees to the option noted above. Otherwise, your parent's lender will mail a paper check to ASU which will then be forwarded by ASU to your parent via mail. These funds will not be applied to your student account.