Student Loans - I Will Show You The Money
Need Money for college? - I Will Show You The Money…
If you are still looking for college money, here is a typical letter
with instructions to apply for Federal Financial Aid:
Dear Student,
With the fall 2007 semester quickly approaching,
the Office of Student Financial Services would like to remind you
of an excellent financing option available to assist in satisfying
your tuition bill.
Your financial aid package indicates that your parents are eligible
to apply for a low-cost Federal PLUS Loan under the
Federal Family Education Program.
It is important to note that the Federal PLUS Loan interest rate
for this academic year is a fixed rate of 8.50% and can go lower
with incentives offered by various lenders.
If your parent wishes to apply for the Federal Parent Loan,
please have him/her Complete the PLUS Loan Pre-Approval and
electronically sign the Federal PLUS Loan Master Promissory Note
(PLUS MPN).
Instructions are below.
Also, if your parent applies for a Federal PLUS Loan and is NOT
approved due to adverse credit, (Your school) will be notified and an
Unsubsidized Federal Stafford Loan
…will automatically be processed for you.
If you are denied a PLUS Loan, the maximum amount that can
be received in an Unsubsidized Stafford Loan is $4,000 for
freshman and sophomores, or $5,000 for juniors and seniors.
Begin the process now, if interested.
Sincerely,
Associate Director of Student Financial Services
and Loan Manager
Undergraduate Federal PLUS Loan Process 2007-2008
To Complete PLUS Loan Pre-Approval and electronically sign
the Federal PLUS Loan Master Promissory Note (PLUS MPN)
- Go to www.hesc.org
- Click “Students, Families, and Counselors”
- Click “Complete the e-MPN”
- Scroll down the page and click “Go” next to the Parent PLUS Loan
- Read the information regarding the electronic PLUS Loan process
and follow the instructions provided.
Note below:
Select “Loan Period” - recommended - selecting “Fall/Spring 0708”.
If the student is graduating in January, the parent should select
the “fall ‘07” loan period and the PLUS Loan will be processed
for one semester only.
Please note that NYSHESC has over 240 lenders to choose from.
Parents can choose to use a guarantor other than NYSHESC and
any lender that participates in the federal student loan programs.
To exercise this option, students should contact their chosen lender directly.
Select (Your school’s), school code 00000000.
When entering the “requested loan amount” refer to the student’s
Financial Aid Award Letter for the maximum PLUS Loan eligibility.
It is not necessary to send paper copies of the electronically signed
promissory note to (Your school).
Federal Family Education Program, Federal Parent Loan, Federal PLUS Loan, financial aid, Loan Pre Approval, Need Money for College, Office of Student Financial Services, Stafford Loan, Tuition
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