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University of Wisconsin-River Falls
Office of Financial Assistance
315 North Hall
410 S Third Street
River Falls, WI 54022
(715) 425-3141

 

 

Process My PLUS Loan

Note: Use the Loan Comparison Chart to Determine if the PLUS Loan is the Right Choice

A PLUS loan is a loan that is taken out by parents to pay for education expenses for their dependent undergraduate student enrolled at least half time. Parents must have no adverse credit history. PLUS Loans are unsubsidized the interest rate is fixed at 8.5%. Parents may borrow up to the amount of their child's educational costs (as set by the Office of Financial Assistance) minus any other financial aid he or she may receive.

The repayment period begins on the day after the loan if fully disbursed. The first payment will be due within 60 days after the final loan disbursement. The parent borrower is required to pay both principal and the interest that accumulates. Some lenders may offer parents an option to postpone payments.

A dependent student is one who does not meet any of the criteria for an independent student. An independent student, according to federal definition, must meet at least one of the following criteria:

• at least 24 years of age
• married
• a graduate student
• veteran
• orphan
• ward of the court
• someone with legal dependents other than a spouse

If your student does NOT meet any of these criteria, you may apply for a PLUS Loan for him or her.

In order to process a PLUS Loan the following 3 steps must be completed:

1. Complete the Free Application for Federal Student Aid (FAFSA), if one has not already been completed.
2. The parent borrower should obtain a PIN from the U.S. Department of Education in order to sign the electronic Master Promissory Note (eMPN).
3. Review the PLUS Loan Lender list and the associated benefits with each lender. If you had a previous PLUS loan, you should select the same lender and follow the steps for processing. Select a lender by clicking on the lender logo . You will be directed to a web-site where you can complete the on-line application and sign a Master Promissory Note(eMPN). You will only need to sign an MPN if you currently do NOT have one on file with the lender & University Wisconsin River Falls. You will have several options to sign the MPN:
   1. You may sign the MPN electronically. To do this, you will need to use your U.S. Department of Education issued PIN.
   2. You can sign a paper document by following either of the steps below:
      • You can print the MPN from the website, sign it and submit it to the guaranty agency
      • You can have an MPN sent to you for signature and then submit it to the guaranty agency

Note: If you choose a lender that is not on the list and is not found when searching by the six digit lender code, you need to complete the Loan Request Form and complete a paper process which will increase the amount of processing time to receive the proceeds of this loan. *** ONLY COMPLETE THE LOAN REQUEST FORM IF THE LENDER IS NOT FOUND ON THE LENDER LIST AND WHEN SEARCHING BY THE SIX DIGIT LENDER.

Note: If for some reason you are denied a PLUS loan due to inadequate credit or history, the student may contact the Office of Financial Assistance for other loan options.