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Information about the

Federal PLUS Loan Program

The Federal PLUS Loan Program provide parents with the opportunity to borrow an amount equal to the Cost of Education minus any other financial aid (loans, grants, scholarships) awarded.  The Cost of Education includes tuition, fees, room, meals, and standard allowances for books, supplies, transportation and living expenses.

Parents should apply for the Federal PLUS Loan only after they have received a financial aid award letter outlining all forms of aid awarded to their dependent student.  Some parents may also prefer to consider the SRU Payment Plan or non-federal alternative student loans as options for unmet costs. 

Preferred Lenders:

These lenders all provide borrower benefits that may include varying interest rate reduction options and in-school forbearance (payment postponement).  We encourage you to review the specifics of their benefits on their PLUS loan websites.  For your convenience, we’ve listed the above.

Application Guidance:

•         Obtain a pre-approval (or pre-denial) by contacting AES/PHEAA at:

o        www.aesSuccess.org (click on “Apply for a PLUS Loan” under “Apply for a Loan”  or at,

o        1-800-692-7392

•         Identify the Loan Period:   for a student enrolling for the entire academic year, the loan period will be August through May.

•         Identify the Amount Needed:  Calculate the amount needed for the entire academic year.  Simply subtract the student’s financial aid (loans, scholarships, grants) from the costs you are trying to cover. 

•         Complete the PLUS Loan Master Promissory Note (MPN) according to instructions provided by AES/PHEAA.   An MPN is mailed to parents who have been pre-approved for the PLUS.  Parents can also access the MPN electronically via the AES/PHEAA website at www.aesSuccess.org.

o        To sign the MPN electronically, a parent will need a federal PIN.  This PIN is also used to sign the FAFSA electronically.  For additional details on obtaining a PIN,  go to www.pin.ed.gov

Additional Details:

• Dependent students whose parents are denied a PLUS Loan may borrow an additional Unsubsidized Stafford Loan. 

o        Freshmen & Sophomores may receive up to $4000 in additional Unsubsidized Stafford Loans.

o        Juniors and Seniors may receive up to $5000 in additional Unsubsidized Stafford Loans.

• The preferred lenders above have offered parents the opportunity for a “forbearance” which is simply a postponement of payments (principle and/or interest) while the student is enrolled.  Details about forbearances can be obtained from the individual lenders. 

Information Updated March 2006