Federal Parent Loan (“PLUS”)

The PLUS Loan is designed with the parent in mind.  From this loan program, the parent may borrow the difference between the “cost of attendance” and all financial aid the student has received. 

The Free Application for Federal Student Aid (FAFSA) must be completed before you can apply for this loan.

First-time borrowers: How to apply

Parents whose child will enroll in the fall of 2015 should not complete this process until directed to do so, in the summer.

Parents of first-time borrowers:

  1. Determine the amount you need to borrow, by using the Monthly Budget Calculator. Note that the “end value” is the NET amount needed from the loan to cover the costs listed in the first two sections of the Calculator (not books, travel, personal expenses, etc.).  Once you have determined the NET amount, divide that value by 0.957 to arrive at the GROSS amount you need to request to end up with the NET amount.
  2. Print, complete a PLUS Loan Request Form and return it to the Office of Financial Aid. (Enter the GROSS amount on this form.) It can be faxed (847-735-6271), scanned and emailed (finaid@lakeforest.edu) or mailed (see right panel).  
  3. Complete the Master Promissory Note (MPN) www.studentloans.gov.
  4. Sign in with your Federal Student Aid (FSA) ID (replaces the “PIN”)
        •  Do not use your parent’s FSA ID.
        •  Create an FSA ID? Did you forget yours? Go to fsaid.ed.gov.
  5. Click on the second bullet in the middle of the page: Complete Master Promissory Note.
  6. On the next page click on Parent PLUS 
  7. Complete all four steps of the Promissory Note.
  8. After clicking Sign in the final step, you will see a message that your signature has been authenticated. 
  9. Click on HTML Version to review the Promissory Note, and click Continue after reviewing the MPN.
  10. The site will acknowledge completion of the MPN, and you will be able to view and print the entire MPN in .pdf format.  Save a copy for your own records!  

Repeat borrowers: How to apply

  1. Print, complete a PLUS Loan Request Form and return it to the Office of Financial Aid.  It can be faxed (847-735-6271), scanned and emailed (finaid@lakeforest.edu) or mailed.  
  2. Repeat borrowers are not required to complete a new MPN unless notified by our office.

What happens next

If you are eligible for a PLUS Loan:

Approximately 10 days after you submit the PLUS Loan Request Form to us, we receive word of the credit decision.  If the PLUS Loan is approved, it will appear on your tuition account as an anticipated credit.  After we certify the loan (confirm your eligibility) the loan funds will be sent to the College and applied to the student’s tuition account.  You will receive a notice from the College’s Business Office when the funds have been applied to your student’s account.  

If you are not eligible for a PLUS Loan (“adverse credit”):

If you are denied the PLUS Loan your son/daughter will be able to receive some additional funds, up to $5,000, from the Unsubsidized Federal Stafford Loan. 

A PLUS Loan can be denied if you have adverse credit, currently defined as being 90 or more days delinquent on any debt, or any of the following in the last five years:  loan default, bankruptcy, foreclosure, repossession, tax lien, wage garnishment, etc…