Parent Loans

If the student’s parent will be the primary borrower, you may want to consider one of the loans below. Both of these loan programs offer fixed interest rates and the option to defer the loan while the student is enrolled at least half-time. A summary of loan information is below. For more detailed information or to apply, please visit www.afford.com/emmanuel

Federal Direct Parent PLUS Loan

This is  a fixed rate federal loan program that allows eligible parents to borrow funds for their student's educational expenses. Emmanuel College works with the U.S. Department of Education to offer this loan program.

• Interest Rate: 7.9%
• Fees: 4.0 % 
• Repayment Period: 10 - 25 years
• Learn More about the Parent PLUS Loan: www.ed.gov
• Apply Online: www.studentloans.gov
• Paper Application: You may submit a paper application to our office. This process will take longer than completing the application online.

 To be eligible for the Federal Direct Parent PLUS Loan:

• The student and parent must be U.S. citizens or eligible non-citizens and not in default on a federal loan. 
• A completed Free Application for Federal Student Aid (FAFSA) must be on file for the academic year which the loan is being requested. 
• The student must be a dependent matriculated undergraduate as defined by the federal government, maintaining Satisfactory Academic Progress (SAP) and enrolled at least half-time (six credits) in a degree program.

Additional information on this loan program may be found through Student Aid on the Web at www.studentaid.ed.gov 

To qualify for the Federal Direct Parent PLUS Loan, the parent cannot be 90 days or more delinquent on the repayment of any debt or the subject of a default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment, or write-off of a Title IV debt during the last five years. The absence of any credit history is not viewed as adverse credit.

If an adverse history is found:

• The parent may still borrow under this program if an endorser, who does not have an adverse credit history, is obtained. An endorser is someone who agrees to repay the loan if the parent borrower does not do so. The endorser may not be the student on whose behalf a parent obtains the Federal Direct Parent PLUS Loan.
• The parent may document to the U.S. Department of Education's satisfaction that there were extenuating circumstances related to the adverse credit history. 
• The student may borrow additional funds with the Federal Direct Unsubsidized Stafford Loan. ($4,000 Freshman/Sophomore and $5,000 Junior/Senior)

Loan Amount
The parent may borrow up to the cost of education minus other aid received. The minimum loan amount is $100. The Office of Student Financial Services highly recommends applying for enough funds for the full academic year. If the parent is unsure of how much to request, please leave the amount blank on the amount and it will be processed for the balance on the student's account based upon the loan period selected. Please note, the loan is disbursed in equal amounts for each semester if the loan period selected is fall/spring.

Interest Rate
The current interest rate on the Federal Direct Parent PLUS Loan is fixed at 7.9%.

Origination Fee
There is a 4% origination fee which is deducted before any funds are posted to the student's account so the loan amount the parent receives is less than the amount being repaid.

Grace Period
There is no grace period for the Federal Direct Parent PLUS loan. The repayment period begins 60 days after Emmanuel College makes the last disbursement of the loan.

Deferment
Parents with loans disbursed on or after July 1, 2008 may request a deferment of the loan if the student for whom the loan is obtained is enrolled at least half-time and for an additional 6 months after the student graduates or drops below half-time enrollment. The parent must request a deferment by contacting the servicer of the loan once the first disbursement of the loan has been posted to the student's account with Emmanuel College. Parents may determine their loan servicer by signing in to the National Student Loan Data System (NSLDS) at www.nslds.ed.gov. Parents will be responsible for the interest on these loans while the loan is in a deferment status.

Repayment
Generally, the parent will have 10 to 25 years to repay the loan depending on the repayment plan chosen. Additional information on repayment plans is available online at www2.ed.gov

Application
To apply for the Federal Direct Parent PLUS Loan online, the parent will need the four digit PIN assigned by the U.S. Department of Education. If a PIN is needed, please visit www.pin.ed.gov. Please note, the PIN is the same four digits that were used to complete the student's current year FAFSA.

Once the parent has a PIN, the application may be completed by:

• Visiting www.StudentLoans.gov  
• Clicking on the green "Sign In" button under "Manage My Direct Loan".
• Logging in using the Federal PIN
• Clicking on "Request a Direct PLUS Loan"
• Clicking on "Parent PLUS"
• Completing application 

Any parent preferring to complete a paper application may do so by printing the Federal Direct Parent PLUS Loan Application and returning it to the Office of Student Financial Services by fax: (617) 735-9939 or via mail to:

Emmanuel College
Office of Student Financial Services
400 The Fenway
Boston, MA 02115

Once the Federal Direct Parent PLUS Loan has been approved, parent borrowers will need to complete  a Federal Direct PLUS Loan Master Promissory Note (MPN) online by logging into "Manage My Direct Loans" through www.studentloans.gov.  If the parent borrower had signed for a Federal Direct Parent PLUS Loan for the same student within the last ten years, a new MPN does not need to be completed as long as the prior loan was not approved with an endorser. Any loans approved with an endorser will need to have a new promissory note completed for each loan.

Please note, a separate application and MPN must be completed for each dependent student for whom the parent is borrowing under this loan program.

Massachusetts Educational Financing Authority (MEFA) Undergraduate Loan

• Interest Rate: 7.89% **
• Fees: 4%
• Repayment Period: 15 years
• Apply Online: MEFA's website
• Phone Number: 1-800-449-MEFA (6332)

** Immediate repayment, rate during repayment period.