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This web site provides information about the PLUS loan for graduate and professional students.
If you are a parent and want information about a loan for your children, please click here.
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Important Information about Loans by Web™ - E-Sign |
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+ If your school has instructed you to apply using Loans by Web, click here. |
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+ Be sure to follow the directions your school gives you for accepting your loan. |
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+ If you have already started your application at Loans by Web, Resume the e-signature process for Loans by Web. |
You will be able to resume the e-sign process from our online application entry page once you have started the process at Loans by Web .
The options you will have to complete your PLUS MPN include:
*Important Information about E-Sign
You will have the option to sign your MPN electronically with your U.S. Department of Education PIN (FAFSA PIN). We highly recommend you verify your PIN status before entering the PLUS Web Site, especially if you would like to sign your MPN electronically.
GRAD PLUS Frequently Asked Questions (FAQs)
What is a PLUS loan?
What is the difference between a Grad PLUS and PLUS loan?
What is the interest rate for a PLUS loan?
I would prefer not to provide my SSN over the Internet. Do I have any other options to obtain a PLUS pre-approval?
Do I have to choose a lender on the list?
Why do you ask for a requested loan amount?
What happens if my request is denied?
My loan request returned a review decision. What does that mean?
Can I submit my PLUS loan application and MPN directly to the school?
Will I be able to sign the PLUS MPN electronically?
Do I need any special software or hardware to sign my PLUS MPN electronically?
Can I apply for a PLUS loan online?
Will I have to complete a new PLUS MPN each year?
Can I consolidate a PLUS loan?
I have a question that wasn't answered in the FAQs. How can I find out more?
What is a PLUS loan?
For PLUS loans certified by the school on or after July 1, 2006, PLUS loan eligibility was expanded to include graduate or professional students. If you are a graduate or professional student, you are at the right place to learn more about the PLUS loan.
If you are a parent and looking for information to apply for a PLUS loan to pay for your child's educational expenses, please click here to be redirected to our Parent PLUS page.
A PLUS loan is a federally insured loan with a fixed interest rate of 8.5% for loans disbursed on or after 7-1-06. Graduate/professionals students may borrow up to the cost of education, minus any other financial aid received. The PLUS loan is not based on need. However, the applicant must be determined creditworthy based on Federal regulations and/or lender criteria. The loan enters repayment when the loan is fully disbursed and the first payment on the loan is usually due 60 days after the loan is fully disbursed.
Best of all, graduate/professional students are eligible for an in-school deferment so their loans will be deferred until their status changes to less than half-time.
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What is the difference between a Grad PLUS and a PLUS loan?
The GRAD PLUS indicates that it is graduate/professional student borrowing a PLUS loan for his/her own education. PLUS loan terms are the same for parents and graduate students. Graduate students (and parents, if they themselves are in school) are eligible for an in-school deferment until their status changes to less than half-time.
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What is the interest rate for a Grad PLUS loan?
The PLUS loan available for graduate/professional students is a fixed rate of 8.5%. The PLUS MPN addendum contains important information about the PLUS loan for graduate/professional students.
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I would prefer not to provide my SSN over the Internet. Do I have any other options to obtain a PLUS pre-approval and loan?
We provide a secure environment for the online PLUS application. We also understand your privacy concerns and offer other options for you to obtain a PLUS loan. You may download a PLUS Pre-Approval Form or PLUS MPN and complete the process manually.
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Do I have to choose a lender on the list?
Yes. These lenders contract with PPSLC for loan origination services. Choosing one of these lenders assures you you'll receive personal attention from our caring, dedicated, and professional staff.
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Why do you ask for a requested loan amount?
The requested loan amount is for the school's convenience. Federal regulations require that you provide your school and/or lender with a requested loan amount before the loan is disbursed. If approved for a PLUS loan, the loan amount will be the lesser of the amount you are eligible for or the requested loan amount. For example, if you request $5,000 and you are eligible for $10,000, the loan amount the school will certify will be $5,000. If you would like to change your requested loan amount, please contact the school you selected on the pre-approval request form.
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What happens if my request is denied?
You are not eligible to receive a PLUS loan.
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My loan request returned a review decision. What does that mean?
If your request returned a review decision, it means the system could not automatically evaluate the credit information. A Loan Originations Specialist will be notified to review the credit bureau report and determine your eligibility. If you provide an email address, you will be notified when a decision is made. The school will also be notified of the decision.
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Can I submit my PLUS loan application and MPN directly to the school?
Most schools prefer to have the decision as to your eligibility prior to you completing the actual application. If your request is denied, the schools will skip the step of having you complete an application. This saves you and the school time in completing an application that will not be used.
One of the features of our web site enables you to complete and sign your PLUS Application and Master Promissory Note electronically. You may be able to e-sign your PLUS MPN with a U.S. Department of Education PIN. You may also choose to print out the form and sign it with an ink pen.
If you would like to submit an original signed PLUS MPN and/or PLUS Pre-Approval Form directly to us, please mail to:
PPSLC
ATTN: Loan Originations
PO BOX 839
Canyon , TX 79015-0839
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Will I be able to sign the PLUS MPN electronically?
The system determines the signing options available to you once your eligibility for a PLUS loan has been established. If you have a U.S. Department of Education PIN, you will have the option to sign your PLUS MPN electronically. If you do not have a PIN, you can obtain one by visiting the U.S. Department of Education web site. You'll always be given the option to sign your PLUS MPN the "old-fashioned" way.
When you completed a FAFSA, a requirement to obtain the Grad PLUS loan, you obtained a PIN. The FAFSA PIN may be used to electronically sign your PLUS MPN.
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Do I need any special software or hardware to sign my PLUS MPN electronically?
You need to be able to view and print a PDF file. For this, you will need Adobe Reader, version 4.0 or greater. You also need to be able to print out a copy of the PLUS MPN, even if you choose not to print it out. Before you sign electronically, you will be asked to acknowledge you have the required software and hardware.
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Can I apply for a PLUS loan online?
Yes. Once your request is approved, our site will allow you to complete and sign your loan application and MPN, electronically with your U.S. Department of Education PIN or the "old-fashioned" way, with an ink pen on paper.
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Will I have to complete a new PLUS MPN each year?
No. The PLUS MPN is valid for a ten-year period once a loan disbursement has been made in the 12 month period after you signed it. The PLUS MPN is a promissory note between you and the lender you selected. The PLUS MPN may be used for loans made at different schools, even if you change schools.
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Can I consolidate a PLUS loan?
Yes. Once the loan is fully disbursed, the loan may be consolidated in a FFELP consolidation loan.
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I have a question that wasn't answered in the FAQs. How can I find out more?
Contact us. We would be happy to answer any questions you have about PLUS and/or Stafford loans. Please contact Loan Originations by email or call us direct and toll-free at 866-358-4537 or local at 806-324-4100, choose option 5. Our office hours are Monday-Friday from 7:30 AM-5:00 PM.
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