NEW GRAD PLUS Program

APPLYING

6. How do I apply for a PLUS Loan?

You must complete the Free Application for Federal Student Aid (FAFSA) and a Federal PLUS Loan Application and Master Promissory Note (PLUS MPN).

7. Can I cancel a PLUS Loan after I’ve applied?

Before your loan money is disbursed (paid out), you may cancel all or part of the loan by notifying your school. After your loan money is disbursed, you may cancel all or part of your loan within certain timeframes. For details, refer to the Borrower’s Rights and Responsibilities Statement that accompanies your PLUS MPN.

8. Can the MPN that I signed for my Stafford Loans be used for PLUS Loans?

No. You must sign a PLUS MPN.

9. Can I take out PLUS Loans for myself under a PLUS MPN that I signed for PLUS Loans to pay for my child’s education?

No. You must sign a separate PLUS MPN to borrow for yourself.

Sources include U.S. Department of Education, FinAid.com, and National Council of Higher Education Loan Programs (NCHELP).

July 2006