Who can borrow: The Direct PLUS Loan is available to the parent of dependent undergraduate students. It is borrowed in the parent's name.
Loan Amount: Applicants can borrow any amount up to the full cost of education, as determined by the Museum School, less all other resources. The cost of attendance includes tuition, room, board, mandatory fees, and allowances for books, personal expenses, and transportation.
Credit Qualifications: Borrowers must meet the Federal Government's minimum credit requirements to borrow this loan. A credit check will be performed when you begin this process. Undergraduate students, whose parents do not qualify for a PLUS loan, can borrow additional Federal Unsubsidized student loan funds.
Interest Rate: PLUS loans borrowed between July 1, 2013 and June 30, 2014 will have a fixed interest rate of 7.9%.
Loan Fees: A net fee of 4.204% will be deducted from each disbursement of your loan.
| The Process for Parents of Undergraduate Students |
Contact the Financial Aid Office at 1-800-776-0135 or 617-369-3646 to make an appointment with the loan officer to discuss the amount you have decided to borrow to determine if this is too much or too little for your yearly expenses at the Museum School.
Once the decision is made to borrow a PLUS loan, parents must choose a lender. Any lender that participates in the PLUS program can be selected.
Click on www.studentloans.gov to begin the electronic process.
Once you have completed the application, The Department of Education (DOE) will process your application and notify the Museum School via an online process that you have applied for a PLUS loan. We will then certify that application. Certification is the verification of your son's or daughter's attendance at the Museum School, their Cost of Attendance, and any resources. That information is sent back to the DOE via the online process and the application is approved, as long as all requirements are met.
Note: The student must have a FAFSA on file to complete a PLUS loan.
PLUS loans that are borrowed through the DOE are electronically disbursed in two equal disbursements (fall and spring) to the student's account upon approval and guarantee.
Should any disbursement create a credit balance a refund check will be issued to the billing address unless otherwise specified. Please note that refunds will not be issued before the first day of classes for any semester.
For Direct PLUS Loans, repayments begin within 60 days after the loan has been fully disbursed with a maximum repayment term of 10 years.
