Direct PLUS Loan for Parents and Graduates and Professional Students : Tined Vibe

Apply for U.S. Direct PLUS Loan for Parents and Graduate and Professional Students

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Apply for a Direct PLUS loan for parents and graduates to pay for tuition, fees, and room and board (for on-campus students). You can also authorize the school to use funds to satisfy other educationally-related charges, request a deferment (for parents), or change the loan amount specified in a previously submitted PLUS Loan application.

Some schools may have a different process for requesting a Direct PLUS Loan or may require additional steps not covered by this application. In most cases, once you select your school, we can tell you if the school has a different process and whether you need to contact the school’s financial aid office for further information.

THINGS YOU SHOULD KNOW BEFORE YOU CONTINUE:

  1. We conduct a credit check on all Direct PLUS Loan applicants.
    • If you have placed a security freeze on your credit file, you must lift or remove the freeze at each credit bureau before you continue. Your application will not be processed if you have a security freeze on your credit file.
    • To qualify for a Direct PLUS Loan for parents and graduates, you must not have an adverse credit history. If the credit check shows that you have an adverse credit history, we will explain how you may still be able to qualify for a Direct PLUS loan.
  2. You must also complete a Direct PLUS Loan Master Promissory Note (Direct PLUS Loan MPN) before you can receive Direct PLUS Loan funds.
    • The Direct PLUS Loan MPN explains all of the terms and conditions of Direct PLUS Loans and is your legally binding agreement to repay all Direct PLUS Loans you receive under the Direct PLUS Loan MPN.
    • If you have not previously completed a Direct PLUS Loan MPN, you will have an opportunity to do so after you complete this Direct PLUS Loan application.

Direct PLUS Loan Application for Parent of a Student

PLUS Loan for Parents and Graduate

  • The PLUS Loan Application allows you (the parent) to:
  • request a Direct PLUS Loan;
  • change the amount of a Direct PLUS Loan you previously requested;
  • authorize how the school may use your Direct PLUS Loan funds to pay for educational expenses;
  • designate who the school pays any credit balance to; and
  • request deferment of repayment while the student is in school and for up to 6 months after.

Direct PLUS Loan Application for Graduate or Professional Students

  • The PLUS Loan Application allows you to:
  • request a Direct PLUS Loan;
  • change the amount of a Direct PLUS Loan you previously requested;
  • authorize how the school may use your Direct PLUS Loan funds to pay for educational expenses.

LAWS THAT APPLY TO THIS MPN AND OTHER LEGAL INFORMATION (BRR Item 1)

The terms of this MPN are determined in accordance with the Higher Education Act of 1965, as amended (the HEA), our regulations, and other federal laws and regulations. Throughout this MPN, we refer to these laws and regulations as “the Act.”

Any notice we are required to send you about your loans, even if you do not receive the notice, will be effective if it is sent by first-class mail to the most recent address that we have for you, emailed to an email address you have provided, or sent by any other method of notification that is permitted or required by the Act. You must immediately notify your servicer of a change in your contact information or status (see BRR Item 13).

If we do not enforce a term of this MPN, that does not waive any of our rights to enforce that term or any other term in the future. No term of your loan may be modified or waived unless we do so in writing. If any term of your loan is determined to be unenforceable, the remaining terms remain in force.

TYPES OF LOANS YOU CAN RECEIVE UNDER THIS MPN (BRR Item 3)

This MPN is used to make Direct PLUS Loans, which are available to graduate or professional students, or to parents of dependent undergraduate students.

USE OF THE MPN TO MAKE MORE THAN ONE LOAN (BRR Item 4)

This MPN can be used to make multiple loans to you to pay your educational expenses (or, if you are a parent borrower, the dependent student’s educational expenses) over a period of up to 10 years. If you do not want to receive more than one loan under this MPN, you must notify the school or your servicer in writing.

Each loan you receive under this MPN is separately enforceable. At or before the time of the first disbursement of each loan, we will send you a disclosure statement that tells you the amount of the loan and additional terms of the loan. Any disclosure statement we send to you in connection with a loan made under this MPN is considered to be part of the MPN. You can also find information about the amount of your loan and the disbursement dates in the National Student Loan Data System (NSLDS).

AMOUNT YOU MAY BORROW (BRR Item 5)

The maximum Direct PLUS Loan amount you can borrow each academic year may not exceed your or (if you are a parent borrower) the student’s annual cost of attendance, minus other financial aid received for each academic year.

Direct PLUS loan for parents and graduates INTEREST RATE (BRR Item 6)

Unless we notify you in writing that a different rate will apply, the interest rate for any loan you receive under this MPN is a fixed rate (meaning that your interest rate will never change) that is calculated each year. When the rate is calculated, it applies to Direct PLUS Loans with the first disbursements made during the period beginning on July 1 of one year and ending on June 30 of the following year. This means that different loans you receive under this MPN may have different interest rates.

The calculated interest rate cannot be more than the maximum rate set by the Act. The maximum interest rate for Direct PLUS Loans is 10.5%.

If you are in the military and the interest rate on your loan is greater than 6%, you may qualify to have the rate limited to 6% during any period of active duty service or other qualifying periods.

PERIODS WHEN WE CHARGE INTEREST (BRR Item 7)

Generally, we charge interest on Direct PLUS Loans during all periods from the date of the first loan disbursement until the loan is paid in full, including during deferment and forbearance periods, except during certain periods of repayment under the Revised Pay As You Earn Repayment Plan (REPAYE Plan). You will be given the opportunity to pay the interest that accrues during periods of deferment or forbearance. If you do not pay this interest, we may capitalize the interest (add it to the principal balance of your loan).

Direct PLUS loan for parents and graduates FEE (BRR Item 8)

We charge a loan fee for each loan you receive. The loan fee is a percentage of the loan amount and will reduce the amount of money you receive to pay for your (or the dependent student’s) educational expenses. However, you are required to pay the full amount of the loan, including the amount that was taken for the loan fee. The specific loan fee you are charged will be shown on disclosure statements that will be sent to you.

LATE CHARGES AND COLLECTION COSTS (BRR Item 9)

If you do not make your full monthly loan payment within 30 days of your due date, we may require you to pay a late charge of not more than six cents for each dollar of each late payment.

We may also require you to pay any other charges and fees that are permitted by the Act related to the collection of your loan. If you default on a loan, you must pay reasonable collection costs, plus any court costs and attorney fees.

YOUR RIGHT TO CANCEL ALL OR PART OF A LOAN (BRR Item 10)

Before your loan money is disbursed, you may cancel all or part of the loan at any time by notifying the school. After your loan money is disbursed, you may cancel all or part of the loan within certain timeframes set by the Act.

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These timeframes and the procedures for canceling all or part of your loan will be explained in a notice that will be sent to you at the time of each loan disbursement.

HOW YOU WILL RECEIVE YOUR LOAN MONEY (BRR Item 11)

Generally, the school will pay out your loan money in more than one installment (called a “disbursement”) according to a schedule determined by the school. In most cases, the loan money will be applied to your (or the dependent student’s) school account to pay for tuition, room and board, and authorized school fees. If there is money left after those charges are paid, the school will give the excess amount (this is called a “credit balance”) to you directly, unless you authorize the school to hold the credit balance.

REPAYING YOUR Direct PLUS loan for parents and graduates (BRR Item 14)

You must repay each loan you receive under the MPN in monthly installments during a repayment period that begins on the day of the final disbursement of that loan. You have a choice of several repayment plans, including (for graduate and professional student borrowers only) plans that base your required monthly payment amount on your income.

If you are temporarily unable to make your monthly loan payments, you can request a deferment or forbearance that allows you to temporarily stop making payments or to temporarily make a smaller payment amount (see BRR Item 18). In some cases, we may grant you a forbearance without a request.

You may prepay all or any part of your loan at any time without penalty.

After you have fully repaid a loan, we will send you a notice telling you that you have paid off your loan. You may fully repay different loans made under this MPN at different times.

DEFAULTING ON YOUR Direct PLUS loan for parents and graduates (BRR Item 15)

You will be considered in default on your loan if:

  • You do not make your monthly loan payments for a total of at least 270 days;
  • You do not comply with other terms of the loan, and we determine that you do not intend to repay your loan; or
  • We accelerate your loan (see “CONDITIONS WHEN WE MAY REQUIRE YOU TO IMMEDIATELY REPAY THE FULL AMOUNT OF YOUR LOAN”) and you do not pay the amount due.

If you default, we may:

  • Capitalize all outstanding interest, which will increase the principal amount due on the loan and the total amount of interest you will pay;
  • Report the default to nationwide consumer reporting agencies (credit bureaus), which will significantly and negatively affect your credit history;
  • Demand that you immediately repay the loan in full;
  • Order administrative wage garnishment (AWG) of your wages;
  • Take (offset) your federal income tax refund or Social Security Administration payments, or any other payment authorized for offset under federal law and use that amount to pay off part of your loan;
  • File a lawsuit against you to collect on the loan; and
  • Require you to pay collection costs, which will increase the total amount you must pay on your loan.

CONDITIONS WHEN WE MAY REQUIRE YOU TO IMMEDIATELY REPAY THE FULL AMOUNT OF YOUR LOAN (BRR Item 16)

We may require you to immediately repay the entire unpaid balance of your loan (this is called “acceleration”) if:

  • You (or the student) receive loan money, but do not begin attendance in any classes at the school that determined you were eligible to receive the loan;
  • You use your loan money to pay for anything other than expenses related to your (or the student’s) education at the school that determined you were eligible to receive the loan;
  • You make a false statement that causes you to receive a loan that you are not eligible for; or
  • You default on your loan (see “DEFAULTING ON YOUR LOAN”).

INFORMATION WE REPORT ABOUT YOUR LOAN (BRR Item 17)

We will report information about your loan to nationwide consumer reporting agencies (credit bureaus) and the National Student Loan Data System (NSLDS) on a regular basis. This information will include the disbursement dates, amount, and repayment status of your loan (for example, whether you are current or delinquent in making payments). If you default on a loan, we will report this to nationwide consumer reporting agencies. Your loan will be identified as an education loan. Schools may access information in NSLDS for specific purposes that we authorize.

Click here to read Direct PLUS Loans terms and conditions before you can apply for any type of loan.

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