How to Apply for a PLUS Loan (loans to parents)
This loan can be requested by the parents of dependent students. To see if you qualify for this loan, the parent will need to complete the following forms.
Important: complete all three steps in the order they are listed
- Complete the PLUS Loan Agreement (Master Promissory Note)
- Complete the Federal application for the PLUS Loan Request
- Complete the Lake Superior College Parent PLUS Loan Request
Correspondence will be sent to the parent’s email, as well as the student’s LSC email within 3-5 business days.
PLUS Loan Disbursement
If the PLUS loan is processed at least a week prior to the end of the add/drop period, the PLUS loan will apply to the student’s account after the add/drop period. Otherwise, starting after the second week of classes, the first disbursement of the PLUS loan will apply within a week after the loan being processed. The student will need to be in at least 6 financial aid-eligible credits for the loan to apply. The parent chooses who the overage will go to. If they chose for the overage to go to the student, the overage will be sent to BankMobile Disbursements, a technology solution, powered by BMTX, Inc. and disbursed to the student according to their selected refund preference with BankMobile Disbursements. If the parent chooses for the overage to go to themselves, the Student Payment Office will mail an overage check to the parent. The loan disclosure will have more information for the student about their loan. This will list the approximate dates of the loan disbursement. A loan disclosure is sent to the student and can be viewed by logging into studentloans.gov.
PLUS Loan Repayment
Borrowers of the Parent PLUS loan will go into repayment after the PLUS loan has been fully disbursed. The borrower can request from the loan servicer that the PLUS loan be in deferment while the student is in school at least half-time.