The Federal Parent Loan for Undergraduate Students (FPLUS)
is offered by the federal government to help pay for the education of
dependent students. Millsaps College has made arrangements with several
lenders to pre-qualify eligible parent borrowers so that arrangements
for financing their student's education can be established as soon as
possible.
Loan Availability
To be eligible for a Federal PLUS Loan, the dependent for whom you
are borrowing must be attending school on at least a half-time basis.
Loan approval is subject to credit criteria set by the Department of Education
and your lender. Under federal law, you cannot have adverse credit and
qualify, therefore a credit report will be obtained from a national credit
bureau. If approved, you may borrow on a yearly basis, an amount up to
the cost of your dependent's cost of attendance, less any financial aid
that he/she is receiving.
Fees/Interest
There are two fees associated with a Federal PLUS Loan.
An origination fee of up to 3% is charged by the federal
government,and a defaultfee of up to 1% can be assessed
by the guarantor. Both fees will be deducted automatically
from the loan proceeds. The interest rate is fixed at 8.5%
on all loans disbursed after July 1, 2006.
Loan Disbursement
Upon the lender's approval of the FPLUS loan, Millsaps will transmit
your loan for guarantee. Once your lender receives the promissory note
and guarantee, your loan funds will be ready for disbursement. If your
loan funds are not ready for disbursement by the time of registration,
your FPLUS loan will not be counted toward your costs and new payment
arrangements must be made.
How to Apply
Please click on one of the lenders below. This will
take you to the on-line pre-approval application for the
lender you choose. Complete and submit the pre-approval
application following all instructions. Your lender will
notify Millsaps College of the status of your application.
If your loan is approved, the Application and Promissory
Note for Federal PLUS Loan will need to be completed and
returned to your lender. This can be accomplished by either
e-signing online or your lender can mail you the Application
and Master Promissory Note for Federal PLUS Loan. If denied,
the student may have additional eligibility for Unsubsidized
Stafford Loan funds.
Choice of Lender
Listed below are lenders our students have used over the past few years for their Federal Parent Loans. These lenders traditionally provide excellent service to our students, using state-of-the-art online and electronic processes. Additionally, they disburse funds electronically to Millsaps, which is a more efficient manner of delivery.
Millsaps College derives no benefit from, nor participates in any revenue-sharing agreements with, the lenders below. The College provides this alphabetized list as a service to our students, and Millsaps' students are free to choose a lender not represented below. If you choose a lender not listed below, please inform us so that we may insure that our electronic processes are set up for that lender.
Chase
Citibank
edamerica
Education
Services Foundation (ESF) Student Loans
Wells
Fargo
