ESF PARENT PLUS LOANS
Extra Credit for Parents

With the ease and convenience of our online PLUS Loan Pre-approval, ESF's Parent PLUS Loan has become a popular financing option for the parents of dependent undergraduate college students enrolled on at least a half-time basis.

Parent PLUS Loans enable parents with good credit histories to borrow money to help pay for the educational expenses of undergraduate students enrolled on at least a half-time basis. Parent PLUS Loans are not based on financial need. A credit check is required to ensure the applicant does not have adverse credit.

There are no loan limits for the Parent PLUS Loan. Parent borrowers may be eligible to borrow an amount equal to the cost of attendance less any other financial aid the dependent student receives. Interest begins to accrue from the first disbursement date, and repayment begins within 60 days after the final loan disbursement.

The parent borrower has up to 10 years to repay the loan. In some cases, parent borrowers may be eligible for a deferment of payment.

PLUS Loan Fees and Interest Rate
There are federal fees associated with a PLUS Loan which will be deducted from the amount you borrow.  For loans disbursed on or after July 1, 2008:

• 3% origination fee
• 0% - 1% default fee, based on guarantor of the loan

PLUS Loans have a fixed interest rate of 8.5% set by the federal government.

Parent PLUS Loan Pre-approval
Some colleges and universities require Pre-approval before certifying your loan.

You should not apply more than 90 days prior to the beginning of the loan period to avoid an additional credit check pulled on your record.  If you do not know the specific loan period start date, please refer to the suggested time-frame for requesting a pre-approval.

• Fall semester enrollment: Apply no earlier than June 20
• Spring semester enrollment: Apply no earlier than October 15
• Summer semester enrollment: Apply no earlier than March 15

If Pre-approval is required, you may click on the icon to be taken to a secure site to apply on-line for convenient pre-approval with instant notification. 

Federal PLUS Loan Master Promissory Note
If your college directs you to your lender to submit a PLUS Loan Master Promissory Note, you may access our Federal PLUS Loan Master Promissory Note in either of two ways:

• click here to complete the MPN online - you may then either sign and submit it electronically or print it out, sign and mail.

• OR click here for a blank form and then simply print it out, complete it, sign and send to us at:

Education Services Foundation
Student Loan Division
P. O. Drawer 55909
Jackson MS 39296-5909