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PLUS Loans |
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Parent PLUS Loan |
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The borrower can be the biological or adoptive parent (or, in some cases, the stepparent) and must be a U.S. citizen or permanent resident. Repayment begins 60 days after the loan is fully disbursed, and extends up to 10 years. Application requests are submitted to Student Financial Services. Northeastern requires that a valid FAFSA is on file prior to our certification of a PLUS loan. If a parent is denied a Federal PLUS loan due to credit reasons, the parent may appeal the denial with the Direct Loan Origination Center or reapply with a credit-worthy co-borrower. The Direct Loan Origination Center can be reached at (800)-557-7394.
Parents can choose to defer payments on a PLUS loan until 6 months after the date the student ceases to be enrolled at least half time. The interest that accrues on the loan while it is in deferment can either be paid by the parent borrower monthly or quarterly, or can be capitalized quarterly. To request a deferment, call the Direct Loan Servicing Center at (800)-848-0979. Deferments will not be approved until after the first loan disbursement has been made.
2009-2010 Federal Direct Parent PLUS Loan Application
Complete this application for Undergraduate Day students enrolled September 2009 through August 2010 and College of Professional Studies (CPS) students enrolled July 2009 through June 2010.
In order for first-time parent borrowers to receive PLUS Loan funds, the online PLUS Loan Master Promissory Note (MPN) must be completed. The PLUS Loan MPN can be completed at www.dlenote.ed.gov. Parent borrowers do not need to complete a Federal Entrance Interview. |
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Graduate PLUS Loan |
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Unlike other federal loans, the Grad PLUS loan requires credit approval by the lender. Application requests are submitted to Student Financial Services. Students have up to 25 years to repay the Grad PLUS loan. The Grad PLUS loan can be consolidated with federal Stafford and Perkins loans upon graduation.
Grad PLUS loans do not have a grace period. Repayment begins 60 days after the loan has been fully disbursed for the academic year; however, you can postpone repayment while you are enrolled in school by completing an in-school deferment form and mailing it into the Direct Loan Servicing Center. Click here for additional information on how to put your loan into deferment.
2009-2010 Federal Direct Graduate PLUS Loan Application
In order for first-time student borrowers to receive PLUS Loan funds, the online Federal Entrance Interview and PLUS Loan Master Promissory Note (MPN) must be completed. The Federal Entrance Interview is located on myNEU. The PLUS Loan MPN can be completed at www.dlenote.ed.gov. |
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