PLUS Loans for Students
<Grad PLUS Steps> |
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PLUS for Undergraduate Students |
The PLUS Loan can be completed in three ways. A school initiated process, where the parent borrower completes the PLUS application and returns to Indiana State University (ISU) Student Financial Aid Office for processing, and two types of borrower initiated processes, either via the chosen lenders website or by phone.
Option # 1:
School Initiated Undergraduate PLUS Loan Process
Steps:
- The parent borrower completes PLUS application, and returns application to Office of Student Financial Aid for processing.
- To determine eligibility for the PLUS loan, it is recommended that the parent borrower call the toll free number of their chosen lender to determine whether they qualify for the PLUS Loan.
- If parent borrower is approved, the loan is certified and forwarded to lender.
First time borrowers will receive notification from the lender/guarantor to do an electronic PLUS Master Promissory Note (MPN) on the web or a paper PLUS MPN. - If credit check is denied, and it is determined that the parent does not qualify for the PLUS loan, the parent can appeal for a review through the lender, or the student could request additional Unsubsidized Stafford Loan from Office of Student Financial Aid by completing the Stafford Loan Request Form.
Option # 2:
Borrower Initiated Undergraduate PLUS Process on the web
Steps:
- The parent borrower goes to our Office of Student Financial Aid Master Promissory Note site
- The parent clicks on their chosen lender link to start the PLUS application process.
- First time borrowers will receive notification from the lender/guarantor to do an electronic PLUS Master Promissory Note on the web or a paper PLUS MPN.
- If credit check is denied, and it is determined that the parent does not qualify for the PLUS loan, the dependent student becomes eligible for Unsubsidized Stafford Loan by completing a Stafford Loan Request Form.
Option # 3:
Borrower Initiated Undergraduate PLUS Process by phone
Steps:
- Parent borrower calls their chosen lenders toll free number to determine eligibility and initiate PLUS Loan application.
- Customer service representative, requests student, and parent information over the phone and initiates the process.
- Parent is instructed to complete electronic PLUS Master Promissory Note on the web or via paper
- If credit check is denied, and it is determined that parent does not qualify, they can appeal the decision through the lender, or the dependent student could become eligible to receive an Unsubsidized Stafford Loan by completing the Federal Stafford Loan Request Form.
Grad PLUS
The Graduate PLUS Loan can be completed in three ways. A School initiated process, where the student completes the PLUS application and returns to ISU for processing, and two types of borrower initiated process via the web or by phone.
Option # 1:
School Initiated Graduate PLUS Loan Process
Steps:
- The student borrower completes Grad PLUS application, and returns application to Office of Student Financial Aid for processing.
- To determine eligibility for the Grad PLUS loan, it is recommended that the student borrower call a chosen lenders toll free number to determine whether they qualify for the Grad PLUS Loan.
- If first time borrower, student will receive notification from the lender/guarantor to do an electronic PLUS Master Promissory Note on the web or a paper PLUS MPN.
- If student is denied due to a credit check, they are not eligible for any additional Stafford Loans
Option # 2:
Borrower Initiated Graduate PLUS Process on the web
Steps:
- The student goes to Office of Student Financial Aid Master Promissory Note website
- The student borrower clicks on the lender link to do the Grad PLUS application
- The student borrower determines their eligibility for Grad PLUS Loan on the web
- If first time borrower, student will receive notification from the lender/guarantor to do an electronic PLUS Master Promissory Note on the web or paper MPN.
- If student is denied due to a credit check, they are not eligible for any additional Stafford Loans
Option # 3:
Borrower Initiated Graduate PLUS Process by phone
Steps:
- Student borrower calls toll free number of lender to initiate PLUS Loan.
- Lender takes student information over the phone to initiate application process.
- If first time borrower, student will receive notification from the lender/guarantor to do an electronic PLUS MPN on the web, or paper MPN.
PLUS LENDER TOLL FREE PHONE NUMBERS
| Lender | Lender Code | Phone |
| Chase | 808956 | 1-800-247-0462 |
| Citibank | 826878 | 1-800-967-2400 |
| Fifth Third Bank | 808780 | 1-800-972-3030 |
| First Financial | 803799 | 1-866-866-7372 |
| Key Bank | 813760 | 1-800-539-5363 |
| National City Bank | 808877 | 1-800-622-5097 |
| Wachovia | 830005 | 1-800-338-2243 |