Federal Direct PLUS Loan

Your Toolbox

Financial Aid Office
651-696-6214
800-231-7974
651-696-6866 (fax )

Mailing Address
1600 Grand Avenue
St. Paul, MN
55105 USA

The Admissions and Financial Aid Offices are located at 62 Macalester Street.

Through the Federal Direct PLUS Loan program, parents may borrow an annual amount up to the cost of attendance minus financial aid.

  • Parents must be creditworthy, but there are no income requirements placed on eligibility.
  • Completion of the FASFA is required in order to apply for the PLUS Loan.
  • Loans are payable 30 days after the final disbursement of the loan and payable over 10 years.
  • Deferment of repayment is available upon request as long as the student is enrolled at least half-time.
  • Loan fee:  
    2014-2015 loans with first disbursement 7/1/2014 - 9/30/2014 2013-2014 loans with first disbursement 12/1/2013 and later
    4.288% 4.292%
  • The 2014-2015 Direct PLUS loan interest rate is fixed at 7.21%.

To Apply:

  • If you haven't done so already, complete the FAFSA.
  • Complete a 2014-2015 Federal Direct PLUS Loan Request and Credit Authorization Form OR the Federal Direct PLUS Loan Application offered at studentloans.gov and return it to the Macalester Financial Aid Office.  We will use the information on this form to inform the federal government of your interest in obtaining a loan and certify the student’s planned enrollment and maximum Federal PLUS Loan eligibility. 
  • If you have not already done so, complete a Federal Direct PLUS Loan Master Promissory Note (MPN). Only first-time Federal PLUS Loan borrowers and borrowers that used a co-signer in 2012-2013 are required to complete a MPN. The MPN is your promise to repay the loan and is collected by the federal government.  The MPN must be completed before the government will provide Federal PLUS Loan funds. You may complete the MPN in the following manner:
    • Visit studentloans.gov and select "Sign In" from "Manage My Loans".
        • You will need your Federal PIN to sign in. This is the PIN you used to sign the FASFA. If you are not the parent that signed the FASFA, but are borrowing a PLUS Loan, you will need to obtain a PIN. To apply for a PIN visit pin.ed.gov and select "Apply For A PIN". If you have forgotten your PIN, visit the same site and select "Request a Duplicate PIN".
    • Sign in using your biographical information.  Select "Complete Master Promissory Note".  From the list of loan types, select "Parent PLUS".

Your Federal PLUS Loan proceeds will be delivered electronically to the student's Macalester account. Generally, loan proceeds arrive at Macalester a few days before the beginning of each semester.