Tips for completing Parent PLUS loan application
Step 1: Login to the https://studentaid.gov/ website using the Parent’s FSA ID.
Step 2: Select
“Apply for a Direct PLUS Loan” (This is the 4
th
option on the left side of the webpage).
Step 3: Select 2
nd
option “Direct PLUS Loan Application for Parents”
Not to be confused with Graduate/Professional Plus.
Step 4: The “Direct PLUS Loan Application” will appear. The borrower and SS# listed refers to the parent borrower.
Step 5:
Continue to follow prompts on the screen.
Step 6: Review the application and submit.
Step 7: Complete PLUS Master Promissory Note for Parents; instructions on back of page.
Federal Direct Parent PLUS Loan Eligibility
• Parent applicant must have good credit.
• Student must be a dependent enrolled at least half-time in a degree-granting program.
• A valid student FAFSA is required.
• If the student is selected for verification, that process must be complete.
• Student must be meeting Satisfactory Academic Progress.
Parent PLUS Loan Master Promissory Note (MPN) Instructions
Step 1 - You must be logged in
with your verified Parent FSA ID at https://studentaid.gov/
Step 2 - Your Homepage will list a number of options available. Select the third option down, “Complete Loan
Agreement.” (Master Promissory Note).
Step 3 - Listed are three types of MPN, the third is the PLUS MPN for Parents.
Step 4 - Two References are required. The stated individuals must have dierent U.S. addresses, do not live with
you and be someone you have known for at least three years. The student may not be listed.
Step 5 - Your MPN is not completed until you have reviewed and signed the Master Promissory Note.
Step 6 - A confirmation and completed version of your MPN is now available for you to print on the next screen.
You may also view and print any documents at any time by logging onto www.Studentloans.gov and
selecting “View My Documents” on your homepage. It is suggested that you print your disclosure
statement.
Step 7 - Ramapo College will be notified electronically that you have completed your MPN requirement.
Clear your web browsers to remove your personal information from this computer. This is especially
important if this computer does not belong to you or if you share it with others.
If you have an endorser you will be required to complete a plus loan counseling session.
If you have any problems or concerns, please do not hesitate to call the Oce of Financial Aid
at (201) 684-7549 or email us at finaid@ramapo.edu
1.19
Alternative Student/Private student loans
Students looking to apply for additional loan funds to cover a balance from the Fall/Spring semesters or looking
to borrow money to pay for Winter or Summer classes, can apply for an alternative loan through ELM Select.
Elm Select is a loan servicer that oers a choice of lenders. Interest rates range from 5.74% to 12%. These are
credit-based loans that students apply for in their names. The student may require a co-signer to be approved.
Please visit the www.elmselect.com website to review the various lenders and the products and features that
each loan oers so you can choose the loan that best fits your needs. If you have any questions, please feel free to
contact the Oce of Financial Aid.
Frequently asked questions
1. What is in-school deferment?
During the deferment period, you will not be required to make any payments on your Direct PLUS Loan.
However, interest will continue to accrue. You will receive interest statements during the deferment period and
may pay the accruing interest at any time.
2. What is the maximum Direct PLUS loan amount?
The parent may borrow up to but not more than the school’s cost of attendance, minus the amount of other
financial assistance that the student receives. Ramapo College will determine the cost of attendance based on
federal guidelines.
3. Which loan period should I select?
It is strongly recommended that loans be submitted for the entire academic year September -May (Fall- Spring).
4. What is a Master Promissory Note (MPN)?
The Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any
accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of
your loan(s). You may borrow additional Direct Loans at our institution on a single MPN for up to 10 years.
5. What is an origination fee?
This is a loan fee charged for each Direct PLUS Loan you receive. The loan fee is a percentage of the loan
amount and will be deducted proportionately from each disbursement of each of your loans. The specific
loan fee that you are charged will be shown on disclosure statements that will be sent to you. This means the
money you receive will be less than the amount you actually borrow.
6. What should I do if I am having problems with the loan application?
Contact the Student Loan Support Center at 1-800-433-3243 for information.