The Master’s College - Prospective Undergrads

Federal Direct Parent PLUS Loans

PLUS Loan Fast Facts
Interest Rate
7.9% fixed
Fees
4% of total loan amount.
Amount
Up to the cost of attendance
Repayment
60 days after final disbursement*
* PLUS loans typically go into repayment 60 days after the final disbursement, however, the borrower has the option of postponing repayment until six months after the student either graduates or drops below six units.

The Federal Direct Parent PLUS Loan is available to parents of dependent undergraduate students. The student must be enrolled in at least six units and the loan is limited to the cost of attendance. PLUS loans have a fixed interest rate of 7.9%, and the borrower must have no adverse credit history. Fees of 4% will be deducted from the loan principal at the time of disbursement.


If you have any questions about parent loans, please contact Phil Anderson directly at (661) 362-2296, toll-free at (800) 568-6248 ×2296, or by email at panderson@masters.edu.

Follow these easy steps to complete your PLUS Loan application!


(Returning borrowers may go directly to Step Three.)


1. APPLY


Applications are processed directly through www.studentloans.gov. The parent will sign with their FAFSA pin.


2. COMPLETE A MASTER PROMISSORY NOTE


This is the parent’s contract on the loan, and can also be completed at www.studentloans.gov.


3. SEND US A PLUS LOAN AMOUNT REQUEST FORM


2012-13 PLUS Loan Amount Request Form

FAQ

  1. What is the Financial Aid fax number?
    (661) 362-2693
  2. Will my credit be checked?
    Yes. A parent borrower can request a credit check on the Direct Loan website, or the school can do it.
  3. When does the PLUS loan go into repayment?
    Typically loans go into repayment within 60 days of the final disbursement. You can also call Direct Loan Borrower Services at 800-848-0979 to choose to defer the loan repayment until up to 6 months after your student is out of school.
  4. If I have another Direct PLUS loan from another school, do I need to complete a new MPN?
    No. A parent borrower with Direct PLUS loans from other schools just needs to complete a PLUS Loan Amount Request Form for our office and does not need to complete an additional MPN.
  5. How can I calculate what my payments on a PLUS loan will be?
    Click here for a loan calculator. PLUS loans are typically paid over 10 years or 120 months. The interest rate is 7.9%. Type in the loan amount and click “Compute Payment & Cost.”
  6. Can I pay down the PLUS Loan early?
    “There is no penalty for early repayment. If the loan is reduced by the Financial Aid office during the school year, the loan fees are credited back to the loan. Contact us for more information.”



Parent PLUS Loans

Apply Today! Click here to get started

For questions or to apply via phone, call our admissions department at 800-568-6248 x3363.

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  • Santa Clarita, CA 91321
  • (800) 568-6248
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