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How to Apply for a Plus Loan: Parent Plus or Graduate Plus

Some graduate students and parents of undergraduate students find a PLUS loan an attractive alternative to using lifetime savings and investments for educational expenses. To qualify for a PLUS loan, borrowers cannot have an adverse credit history. The annual limits are the cost of attendance minus other financial aid. Repayment of principal and interest begins within 60 days after 2nd disbursement. However, under certain circumstances, you may qualify for a deferment or forbearance on the loan.

Interest Rate - The interest rate is fixed at 8.5%.
Origination Fee - A 3% origination fee will be deducted from the loan proceeds.
Default Fee - A 1% default fee will be deducted from the loan proceeds.

If a Parent Plus Loan is listed on your award letter it is only a recommended amount. Parents must apply annually for the Plus Loan. Parent borrowers must be determined creditworthy to be eligible for a PLUS Loan. To apply for a Parent Plus Loan:

1. Log on to www.hesc.org
2. Under Students, Families, Borrowers and & Counselors select a language NY-English or NY-Spanish
3. Click on Complete the E-MPN
4. Scroll down to the Parents Only section
5. Click on GO under Parent Plus Loan, e-MPN
6. Read the narrative and continue the process

Graduate students must be determined credit worthy to be eligible for a Graduate Plus Loan. To apply for a Graduate Plus Loan

1-3. Complete above steps 1-3
4. Scroll down to the Students Only section
5. Click on GO under Graduate Plus Loan, e-MPN
6. Read the narrative and continue the process

For questions about your eligibility, please contact the Financial Aid Office at (716) 880-2256, or e-mail financialaid@medaille.edu.