St. Cloud State University
Types of Financial Aid - Federal
Parent Loan to Undergraduate Students (PLUS)
If you are a dependent student for financial aid purposes, the PLUS enables your parent(s) to borrow funds to assist you with education-related expenses.
Beginning in fall 2009, St. Cloud State University (SCSU) will participate in the William D. Ford Federal Direct Loan Program. Until summer 2009, SCSU participated in the Federal Family Education Loan (FFEL) Program in which parent borrowers selected a lender. If you (the parent) plan to borrow the PLUS, you may do so by:
- completing and returning the PLUS Loan Request Form found under the Forms section of our website; and
- completing the online Master Promissory Note (MPN) found at https://dlenote.ed.gov/empn/index.jsp You may use your federal PIN to sign your MPN. This is the same PIN that you used if you electronically signed the FAFSA.
Additional information to apply for the PLUS loan is also available in your student's award letter on the St. Cloud State e-Services account. Please note that the e-Services account is student managed; your son/daughter may choose to set you up as a user on the account.
The PLUS is not based on need, meaning it does not depend on family income or assets. The school verifies the parent's loan eligibility based on the cost of attendance, any other financial aid the student has, and the student's enrollment status. A credit check is required for the PLUS. If a parent is denied a PLUS the student may be eligible for additional unsubsidized Direct Loan. Please contact our office for more information.
The maximum loan amount a parent may borrow is the cost of attendance less any other financial aid the student receives. The PLUS has a fixed interest rate of 7.90%. Repayment begins 60 days after the final disbursement of the loan.
If you have not yet applied for financial aid, please complete the two step application process:
Graduate/professional students are also allowed to borrow under the PLUS program. Federal regulations stipulate that a student cannot receive financial aid in excess of the cost of attendance. Therefore, many SCSU graduate students may not be eligible to borrow additional funds under the PLUS program as their total eligibility would have been met under other student loan programs.
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St. Cloud State University is an affirmative action/equal opportunity educator and employer.
St. Cloud State University is a member of the Minnesota State Colleges and Universities system.
