Parents:

• Please submit PLUS loan applications by Friday, November 6, 2009. Applications submitted after November 6, may not be guaranteed by the payment deadline.
• Click here for updates and facts about 2009-10 student loans.

Overview

Parent Loans for Undergraduate Students (PLUS) is a federal program available to help parents of dependent students finance their family contributions. The yearly limit is equal to the student's cost of attendance at Keene State College minus any other financial aid for which the student is eligible. The interest rate is fixed at 8.5%. An origination fee of up to four percent will be deducted from each loan disbursement. The PLUS loan goes into repayment 45 days after of the second loan disbursement. Interest begins to accumulate at the time the first disbursement is made. Parents may begin repaying both principal and interest while their student is in school.
Note: Some Parent PLUS lenders give the option of deferring repayment until six months after their student graduates.

Eligibility Requirements

• Parent (or stepparent) of dependent, undergraduate student enrolled at least half-time
• Approved credit check from lender (based on credit history)
• US citizen or eligible non-citizen
• New! Beginning the 2009-10 academic year, new borrowers must complete the Free Application for Federal Student Aid (FAFSA). More...

For more information, visit the Federal Student Aid website.

Parents have the option to work with any lender and may choose a lender with whom they have an established financial relationship (see note below).

Some Frequently Used Lenders at KSC Are

• The NHHEAF Network
• Citizens Bank/Sallie Mae
• Vermont Student Assistance Corporation (Vermont residents only)

Please Note:

• The lenders listed above are not an exclusive listing of all available PLUS loan lenders.
• Parents are encouraged to complete their own research and to choose a PLUS loan program that best meets their financing needs.
• The steps below pertain to frequently used PLUS loan lenders at KSC.
• See Note to Parents On The Use of Other PLUS Loan Lenders below.

Apply for a PLUS Loan

First Steps

1. Select a PLUS loan lender.
2. Submit an online application (your lender will notify you when your application has been approved or denied).
3. If your application is approved, complete the Master Promissory Note (MPN) with your lender.
4. Student Financial Services will then:
   1. Verify borrower eligibility when we receive the application from your lender.
   2. Certify the application, if the student/borrower is deemed eligible, and forward it to the lender (allow 7-10 business days).

Final Steps

5. Our office will mail the student an award notification listing the PLUS loan.
6. The lender will guarantee the loan and send a disclosure statement identifying the disbursement amounts per semester.
7. Disbursement amounts may be deducted from the semester's charges.

Note to Parents On The Use of Other PLUS Loan Lenders

Should a parent wish to apply for a PLUS loan using a lender that is not listed above, please note that the process will be different from the process explained. The process will be dictated by the lender they have chosen. In addition, the funds will be disbursed via a paper check (instead of EFT) payable to the borrower and the school. When received, the paper check will be forwarded to the parent borrower for signature. The signed check must then be returned to the school for processing. If a balance is due, credit will be given on the student's account. If the account is paid in full, a refund check will be issued and mailed to the parent borrower.

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