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Direct PLUS Loan Application Materials












Program Overview

 Note:  Graduate students can also borrow PLUS funds; see our Graduate PLUS page for information.

The Federal Direct PLUS Loan allows parents to borrow funds to pay for the educational expenses of their dependent, undergraduate State Theater and calculatorstudents. It is a non-need-based loan. To obtain a PLUS loan, parents cannot have an adverse credit history. The PLUS Loan is for families who:

Because U-M participates in the Direct Loan program, we do NOT process Subsidized or Unsubsidized Stafford Loans, or PLUS Loans through private lenders. 

For an overview of the terms of the PLUS Loan (interest rate, fees, repayment, etc.), click here.  

The maximum amount of PLUS Loan that you can borrow each year is the cost of attendance minus all other financial aid awarded.

  PLUS Loan Eligibility Example:

$22,729

    Cost of Attendance/Budget

-

   12,000

    Total Financial Aid Awards

=

$10,729

    PLUS Loan Eligibility

Interest Rates  

  • The fixed interest rate for PLUS Loans is 7.9%.

How to Apply   

To apply, download and complete the application materials and information below (these forms are available in May each year).  You may also contact our office to receive paper copies of these materials.  

  • Note:  Students are NOT required to complete the Free Application for Federal Student Aid (FAFSA) if they are only applying for a PLUS Loan.

2008-2009 APPLICATION MATERIALS:

Complete the following items if you need a loan for the 2008-2009 Fall/Winter terms, which runs from September 2008 through April 2009. 

Attention! If you would like PLUS funds for Spring/Summer 2009 (May through August 2009), you must reapply by completing these same forms again:

  1. Information and Instructions (2008-2009)PDF Icon
  2. Supplemental Application for Parents and Undergraduate Students (2008-2009) PDF Icon All borrowers must complete this form each time they borrow through the PLUS program.
  3. PLUS Master Promissory Note (MPN) - online form
    Only complete this form if you are borrowing through the PLUS program for the FIRST TIME or if a financial endorser was required when you applied for the PLUS Loan previously.  
    -  Be sure to click on Complete New MPN for Parent PLUS Loans from the left menu bar.
    - You will need a U.S. Department of Education Personal Identification Number (PIN) to complete the online MPN. 

  4. If the parent borrower or the student is an eligible non-U.S. citizen, a copy of the U.S. Citizenship and Immigration Services document verifying citizenship status must be submitted to the Office of Financial Aid

 

2007-2008 APPLICATION MATERIALS:  

Complete the following items if you need a loan for the 2007-2008 Fall/Winter terms, which runs from September 2007 through April 2008.

Attention! If you would like PLUS funds for Spring/Summer 2008 (May through August 2008), you must reapply by completing these same forms again:

  1. Information and Instructions (2007-2008) PDF Icon

  2. Supplemental Application for Parents and Undergraduate Students (2007-2008) PDF Icon All borrowers must complete this form each time they borrow through the PLUS program.

  3. PLUS Master Promissory Note (MPN) - online form
    Only complete this form if you are borrowing through the PLUS program for the FIRST TIME or if a financial endorser was required when you applied for the PLUS Loan previously.  
    -  Be sure to click on Complete New MPN for Parent PLUS Loans from the left menu bar.
    - You will need a U.S. Department of Education Personal Identification Number (PIN) to complete the online MPN. 

  4. If the parent borrower or the student is an eligible non-U.S. citizen, a copy of the U.S. Citizenship and Immigration Services document verifying citizenship status must be submitted to the Office of Financial Aid.

 

 
Federal School Code
002325


To view the PDF files on this page, you will need the free Adobe Acrobat Reader:

Get Acrobat Reader


Important tip for completing
the MPN:

When completing the MPN online, it is important to first review the "What you Need" and the "What to Expect" sections of the website to be sure you have a compatible browser and the correct settings for Adobe Acrobat Reader. 

PLUS Loan Award Notification:

Students will receive an email message when they have a financial aid award notice available to view/print on Wolverine Access.  Students can authorize a "Friend" Account for their parents, so that they may also view/print their student's award notice and other documents on Wolverine Access.  For information on the Friend Account for parents, click here.  Students may also save a copy of their award notice to print or email to their parents. 
   For information on how PLUS Loans are disbursed, click here.

To reduce or decline your PLUS Loan:

a. Your student may reduce or decline the loan by selecting Accept/Decline Financial Aid on the Awards page of Wolverine Access, or
b. Parents may send an email or letter to our office, requesting the loan be reduced or cancelled.


For more information:

U.S. Department of Education's MPN website

U.S. Department of Education's Funding Education Beyond High School (page 25)
PDF

U.S. Department of Education's Direct Loan Basics for Parents
PDF

U-M Office of Financial Aid's Required Reading

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