Parent Loans

Parent PLUS Loans

• Available to parents of undergraduate dependent students at a low interest rate in addition to the Federal Stafford Student Loan maximums.
• For 2008-2009, interest rates are fixed at 8.5 percent.
• Repayment begins within 60 days of disbursement of the loan proceeds.
• Loan may not exceed the cost of education less other financial aid received.

Follow this link to complete the Federal PLUS Loan Pre-Approval process.

The Federal PLUS Loan application process has been changed to allow parents the opportunity to electronically sign the loan application. Please complete the following steps when applying for a Federal PLUS Loan:

• Complete the Federal PLUS Loan Request Form and return it to the Office of Student Financial Services. Once the form has been received and processed by the Office of Student Financial Services, you will receive an e-mail prompting you to complete the on-line Master Promissory Note (MPN).
• Read the borrower benefits and select a lender here.
• Complete the on-line Master Promissory Note (MPN) at FastPLUS for the Federal PLUS Loan.

Frequently Used Lenders List

Follow this link to a list of Mount Union College's frequently used lenders. Please keep in mind that the interest rate for each lender will be the same. The difference involves what incentive repayment plans each lender has to offer. Examples would include a specific percent reduction of the interest rate on the loan immediately with the first payment, or after 36 or 48 on-time payments. Each of the programs are beneficial to the student.