Parents must complete and
submit a separate PLUS Master Promissory Note (MPN) to initiate the loan
process. The PLUS MPN is similar to the Stafford, including its
use for multiple loans for the same borrower. The PLUS MPN is
valid for loans made for a single dependent student. To obtain
loans for another dependent student, the parent must complete a separate
PLUS MPN. Contact the lender or our TU Financial Aid website for
an application and pre-approval.
A processing fee will be
deducted from the loan proceeds. Federal PLUS loans are made in
two disbursements copayable with the University. At least one-half
of the loan period must elapse before the second installment can be
disbursed. If your funding comes by check, it will be mailed to
the parent for endorsement and must be returned to the University.
The amount will be credited to the student's account and any excess will
be refunded to the parent. If your funds are received by
Electronic Funds Transfer (EFT), the money will be directly applied to
the student account, and any excess will be refunded to the parent.
Federal PLUS repayment begins immediately after it has been fully
disbursed.
