PLUS APPLICATION INSTRUCTIONS

How to Apply for a Federal Direct PLUS Loan

To apply for a Federal Direct PLUS Loan (PLUS), the dependent student must first have a FAFSA on file and be enrolled at least half-time (4 credit hours or more)and meet all other general federal student aid eligibility requirements.
To request a PLUS Loan, complete the following steps:

Log on to the U.S. Department of Education’s Direct Loan website to complete the Direct PLUS Loan Request (including credit check.)
The Direct PLUS Loan Request record will automatically be sent to Mercyhurst College.
You (the parent borrower) will receive the results of the credit check immediately. Depending on the results of the credit check, you will be provided information about the next steps you need to take.

If credit is approved, you will be asked to complete a Direct PLUS Loan MPN (unless one is already on file).

If credit is not approved, you will be given options on how to proceed, such as not pursuing a Direct PLUS Loan, obtaining an endorser to complete the online Endorser Addendum, or appealing the credit decision. (Regardless of your choice, a paper Endorser package will always be sent to the borrower.)

The Direct PLUS Loan cannot be awarded until all the steps have been completed.

When Mercyhurst College is notified that your PLUS application is complete, including the PLUS MPN, the amount will be posted to your student's account as a pending credit. When the disbursement date arrives, it will automatically be credited to the student's account as long as all other elgiibility requirements have been met.

PLUS Loan Denial

If a PLUS Loan is denied due to an adverse credit history, we will take subsequent steps depending on the options you choose during the application process (cancel it, request a credit eligible endorser, hold it while you review appeal the credit decision, or award the student additional Unsubsidized Loan funds. If you choose this option, the dependent students annual and aggregate maximum allowable loan limit will be replaced by the independent student maximum allowable loan limits.

PLUS Loan Refunds

If the PLUS disbursement generates a credit balance on your student's account after college charges are paid, a refund will be generated for you or the student, depending on which option you chose on your application.

Request Reduction or Cancellation of PLUS Loans

You have the right to reduce or cancel the PLUS Loan offer. This may be done by completing a Loan Change Request Form and submitting it to the Office of Student Financial Services within 30 days of the disbursement.

PLUS Loan Repayment

Repayment of the PLUS loan begins 60 days after the loan is disbursed although borrowers can request a deferment of repayment of the PLUS loan until 6 months after graduation or after the student ceases to be enrolled at least half time.

Additional PLUS Loan Information

Please contact Federal Direct Loans www.studentoans.gov. or Mercyhurst's Office of Student Financial Services at 814-824-2288.