Learn more about the different loan options available to parents, including Federal Direct Parent PLUS Loans and Massachusetts Educational Financing Authority (MEFA) Undergraduate Loans.
Parent loans are a common payment option when current income and savings are not enough. There are many educational loan products available to help finance education, including the parent loans listed below and student loans listed on our Private Student Loan page. Parents may borrow up to the cost of education minus financial aid received. We highly recommend applying for enough funds for the full academic year instead of semester by semester.
The Office of Student Financial Services encourages all borrowers to do their own research and select the lender that is best for them. In addition to the loans listed here, there are many other options available to students and their families. Emmanuel College does not endorse any individual lender.
Private loan applicants will need to complete a Private Education Loan Applicant Self-Certification form. Borrowers may use the form provided by their lender, or the Department of Education's Private Education Loan Applicant Self-Certification form. Please contact our office if you need assistance completing the form.
Federal Direct Parent PLUS Loan
This is a fixed interest 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.
||4.204% (The origination fee is deducted before any funds are posted to the student's account. For example, a $10,000 PLUS loan will appear as $9,579.60 on the student's bill.)|
||10-25 years; begins 60 days after Emmanuel College makes the last disbursement of the loan.|
||Available by contacting the servicer (contact information found at www.nslds.ed.gov). Loan may be deferred if the student is enrolled at least half-time and for an additional six months after the student graduates or drops below half-time enrollment. Parents are responsible for the interest while the loan is in a deferment status.|
|To learn more
||Visit www.studentloans.gov or you may submit an application to our office (please note that the paper process will take longer than completing the application online).
To apply for the Federal Direct Parent PLUS Loan online, the parent will need to use their FAFSA PIN. If a PIN is needed, please visit www.pin.ed.gov.
What are the steps after a parent is approved for the PLUS Loan?
Parent borrowers will need to complete a Federal Direct PLUS Loan Master Promissory Note (MPN) online by logging into www.studentloans.gov and selecting "Manage My Direct Loans."
If the parent borrower has signed a PLUS MPN 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 approved without 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 student for whom the parent is borrowing a PLUS Loan.
What if the parent is denied the PLUS Loan?
If the parent is denied the Parent PLUS Loan, the parent may choose one of the following:
- Appeal the decision with the Department of Education (1-800-234-4271) by documenting to the U.S. Department of Education's satisfaction that there were extenuating circumstances related to the adverse credit history.
- Reapply with an endorser (co-borrower who is not the student) who does not have an adverse credit history through www.studentloans.gov.
- Have the student borrow additional Direct Unsubsidized Stafford Loan funds. Freshman/Sophomore students can borrow an additional $4,000 and Junior/Senior students may borrow an additional $5,000
Is the loan reported to the National Student Loan Data System?
Loans will be submitted to the National Student Loan Data System and will be accessible by guaranty agencies, lenders and schools determined to be authorized users of the data system.
Massachusetts Educational Financing Authority (MEFA) Undergraduate Loan
|Interest Rate||7.89% during repayment period for the immediate repayment option.
|Repayment Period||10-15 years
|To learn more, or apply