Federal Direct Graduate PLUS Loan

Applying for a Federal Direct Graduate PLUS Loan

CAUTION: Applying for a PLUS or Alternative Loan prior to receiving an Official Award Notice for 2012-13 could result the expiration of the credit check process, which is normally only valid for 90 days.   

To apply for a Federal Direct Graduate PLUS Loan, a Master Promissory Note (MPN) is required.

This note incorporates multi-year functionality that will allow the graduate student to borrow for multiple years without having to complete a Federal Direct Graduate PLUS MPN for each requested loan amount.

Entrance Loan Counseling

Entrance loan counseling is a requirement for all first time borrowers of the Federal Direct Graduate PLUS Loan at Minnesota State University Mankato and can be completed at www.studentloans.gov.

Application Steps

To apply for a Federal Direct Graduate PLUS Loan the following two steps are required.

1. Complete an online PLUS Master Promissory Note (MPN) at www.studentloans.gov on the left hand side under the heading “Master Promissory Note” click on “Complete MPN” and on the middle of the page click on “Graduate PLUS”.
2. Complete an online request PLUS Loan with the Department of Education at www.studentloans.gov . On the left hand side under the heading “PLUS Loan Processes” click on “Request PLUS loan” and on the middle of the page click on “Graduate Loan”.

Subsequent Federal Direct Graduate PLUS Loan Requests

For subsequent Federal Direct Graduate PLUS Loan requests you will need to complete and submit a Federal Direct Graduate PLUS Loan Request with the Department of Education at www.studentloans.gov under the heading “PLUS Loan Processes”.

MPN Validity

The Federal Direct Graduate PLUS MPN is valid for up to ten years, provided that the student borrows within one year from the date the note was signed.

The first time you complete a Federal Direct Graduate PLUS MPN, the appropriate agency will supply Minnesota State Mankato with the necessary information to allow for processing of your loan request.

Disbursement

Disbursement of Graduate PLUS Funds will occur as outlined below:

• If approved, the Department of Education will electronically disburse the funds to Minnesota State Mankato.
• If there is a balance owed on the student's account MSU will deduct the remaining charges from the loan.
• If there are funds remaining after University charges are satisfied, those funds will be delivered to the student.