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TO APPLY – Credit Pre-approval and Loan Application (please see steps below)
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Concordia University participates in the Federal Family Education Loan Program (FFELP) where loans are made, to students and parents, by a lender such as a bank or credit union. These loans are insured by a Guaranty Agency (Great Lakes Higher Education Guaranty Corporation), and reinsured by the Federal Government.
Federal PLUS loans enable PARENTS of dependent students to borrow funds to help pay for their child’s college education. It may be used as a supplement to a Stafford Loan. Please see menu options at right for additional information about the program.
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The PLUS loan is a credit-based loan. Parents may be denied based upon adverse credit histories. If application is DENIED, the student becomes eligible to borrow additional unsubsidized Stafford Loan funds. (more info)
The maximum PLUS loan eligibility dollar amount, for a school year, is calculated by:
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Eligibility Requirements for Parent PLUS Loan Application
You may continue to the next steps of Credit Pre-approval and Loan Application if you meet all of the following:
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Student has been officially admitted
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Student has received an Award Letter from the Financial Aid Office
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Student will be enrolled at least half-time (6 credits)
PLUS LOAN REQUEST PROCESS
If you meet all of the above requirements, you may proceed
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Approximate PLUS Loan eligibility will be included on an Award Letter. It does not include fees. These calculations will help you come up with a more accurate figure. See Worksheet.
Determine $ amount needed – see above calculation
NOTE: 4% default and origination fees are deducted from the disbursement (You will receive 96% of the amount requested)
If you would like a Worksheet to help you calculate $ amount needed: Worksheet
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If you had a PLUS loan at Concordia last year and wish to reapply online:
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New PLUS Borrowers
If this is your first PLUS Loan at Concordia, you will select a lender. Comparison Chart will be displayed. Each lender has different incentive Borrower Benefits.
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Credit Pre-Approval (of parent’s credit)
Online – for all lenders (link below)
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Request $ Dollar amount and Complete and Sign PLUS Application/Master Promissory Note (MPN)
If credit is approved and you want to apply for the loan, you must complete and sign the MPN (included in link below)
IMPORTANT: For online application, after credit Pre-approval, be sure to select the “Continue” option/link.
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New PLUS Borrowers
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To Apply Online:
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