Federal PLUS Loan

Applying for a Federal PLUS Loan

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

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

To complete a PLUS MPN, select one of the lenders listed below and you will be directed to the appropriate agency's online PLUS MPN application page. This online PLUS MPN can be completed and signed using the PIN code supplied by the Federal Department of Education. If you do not have a Federal PIN or cannot remember your PIN, please go to www.pin.ed.gov to obtain a PIN.

The first time you complete a PLUS MPN, the appropriate agency will supply Minnesota State Mankato with the necessary information to allow for processing of your loan request, provided you select a lender from the list below and complete an online PLUS MPN.

Subsequent years you will only need to submit a PLUS Loan Request Form to Student Financial Services at MSU.

Dependent students whose parents are denied the PLUS Loan may be eligible to receive additional funds from the Unsubsidized Federal Stafford Loan Program. A denial letter from the lender must be submitted to Student Financial Services; at that time the eligibility for additional funds will be determined and processed according to the student’s request.

The PLUS MPN is valid for up to ten years, provided that the parent borrows within one year from the date the MPN was signed, and the parent uses the same lender and guaranty agency for each requested amount in subsequent years. If the PLUS MPN is still valid, the parent-borrower need only submit the PLUS Loan Request Form to Student Financial Services to apply for additional funds.

If the parent-borrower is applying for Federal PLUS Loan funds for more than one student, a separate PLUS Loan Request Form (and PLUS MPN, if needed) must be submitted for each student.

If you choose to borrow from a lender not listed below, or you choose not to complete the online PLUS MPN, you will need to submit the PLUS MPN to the appropriate agency as indicated by your lender AND submit the PLUS Loan Request Form to MSU Student Financial Services. Not completing both steps in the MPN process will result in you not receiving the Federal PLUS Loan funds.

Disbursement of PLUS Funds will occur as outlined below:

• If approved, the lender will electronically disburse the funds to MSU
• 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 either the parent or the student depending on what was chosen in the application process.

To apply online for a PLUS Loan select the financial institution that corresponds to your lender of choice below:

2009-2010 List of Recommended Lenders

Lender	Code	Guarantee Agency
Wells Fargo	807176	Great Lakes Higher Education Corp. (GLHEC) 800-378-5526
Citibank	826878	Great Lakes Higher Education Corp. (GLHEC) 800-247-0462
Discover	891312
EdAmerica	831453	USA Funds C/O Ed Financial Services 800-337-6884
SallieMae	802218	USA Funds C/O Sallie Mae, Inc 888-272-5543
Security National Bank	804189	Iowa College Student Aid Commission 800-243-9201
Bank of N. Dakota	816386	Student Loans of North Dakota 800-472-2166