**The information on this page is for the 2008 – 2009 academic year. For summer 2008 information, please click here.
Federal PLUS Loans
Application Process
Beginning with the 2008-2009 academic year, IUPUI and IUPUC will utilize the federal Direct Loan program, instead of the Family Federal Educational Loan Program (FFELP) for all federal PLUS loans. The lender for the federal Direct Loan program is the US Department of Education. The application process for a Federal PLUS Loan can be completed entirely online by following these steps:
- Complete the appropriate application and submit it to our office. This application must be submitted for each federal PLUS loan requested.
- Parent PLUS - available to parents of dependent undergraduate students
- Graduate PLUS - available to graduate students
- The borrower’s information will be submitted for a credit check to the US Department of Education
- The borrower must pass the credit check in order to be eligible for the Parent PLUS loan.
- First-time borrowers must also complete a Master Promissory Note (MPN) before any funds can be applied to the student’s university account.
- Since IUPUI / IUPUC will utilize the Direct Loan program for 2008-2009, all borrowers are considered first-time borrowers, even if you have previously completed an MPN under the FFELP program.
- Use your US Department of Education issued PIN to complete an electronic MPN. This is the same PIN used to electronically sign the Free Application for Federal Student Aid (FAFSA).
- If you do not have a PIN or if you have forgotten your PIN, you can visit the official PIN site.
- Parent PLUS applicants: Your PIN is different than your student’s PIN.
- Follow the instructions and provide responses to unanswered items.
- Completing your MPN online will speed up the process significantly. However, if you do not want to complete the MPN electronically, you may complete it using the paper process. If you would like to complete a paper MPN, please contact our office.
Estimated Sample Repayment Chart
Knowing the monthly payments for the amount you borrow is a great start. As you plan your financial future, use this table to determine your loan repayment obligations. This table shows estimated monthly PLUS loan repayments (based on the Direct Loan Standard Repayment Plan) to assure repayment is manageable.
Amount Borrowed |
# of Payments |
7.90% Interest |
||
Monthly Payment |
Total Interest |
Total Loan Payment |
||
$4,000 |
114 |
$50.00 |
$1699.35 |
$5699.35 |
$5,000 |
120 |
$60.40 |
$2248.00 |
$7248.00 |
$8,000 |
120 |
$96.64 |
$3596.60 |
$11596.80 |
$10,000 |
120 |
$120.80 |
$4496.00 |
$14496.00 |
$20,000 |
120 |
$241.60 |
$8992.00 |
$28992.00 |
Click here for the US Department of Education’s online repayment calculator
