PLUS (Federal Parent Loan for Undergraduate Students)
What is a PLUS Loan?
Through this federal program, parents of dependent students are eligible to borrow the difference between the cost of attendance and financial aid awarded.
Policies
- Repayment begins within 60 days of disbursement of the loan at a fixed interest rate of 8.5%
- Parents must not have adverse credit history
- Loan amounts vary
How do my parents apply for a PLUS Loan?
There are 3 different ways to apply for a PLUS Loan:
- Apply online and electronically sign the master promissory note (see steps for applying online below)
OR - Complete application online—then print it, sign it, and mail it as instructed (if no printer is available, your completed online application can be mailed to your parents for their signature)
OR - Request a paper application from North Central's Financial Aid Office
Steps to apply for your PLUS Loan online:
1. Print, complete and sign the PLUS Loan Request Form. Then mail it to the following address:
Financial Aid Office
North Central University
910 Elliot Ave.
Minneapolis, MN 554042. Complete the Master Promissory Note (MPN) online. To begin the MPN, choose a lender from our Recommended Lender List, or another lender of your chosing. If you have previously borrowed a PLUS loan for your child and completed an MPN at that time, you do not need to do a new MPN. A separate MPN is required for each child for which you borrow a PLUS loan.
What happens if the PLUS Loan is denied?
While you are completing your Master Promissory Note online, you will be notified that your PLUS loan has been pre-approved or denied. If the PLUS loan is NOT pre-approved, the student may be eligible for an additional Unsubsidized Stafford Loan (please contact North Central's Financial Aid Office for additional information).