PLUS Application and Master Promissory Note

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(Forms approved by the Department of Education and the Office of Management and Budget April 2009)

The Federal PLUS Loan Master Promissory Note (MPN) is a form used by a prospective Federal Family Education Loan Program (FFELP) borrower (either a graduate or professional student or the parent of a dependent undergraduate student) to apply for a Federal PLUS loan to help pay for postsecondary educational expenses.

The Addendum to the Federal PLUS Loan Application and Master Promissory Note and Endorser Addendum (PLUS Addendum) is a form provided to a prospective FFELP borrower in conjunction with a specific PLUS MPN when PLUS loan terms and conditions have changed. It is used to explain new provisions until a revised MPN can be developed, approved, and implemented. The PLUS Addendum shows which version of the MPN it should accompany in the lower right hand corner of the form.

The PLUS MPN serves several functions: it collects information needed to process a PLUS loan and, once the borrower completes and signs it, it becomes the promissory note to secure the loan. The PLUS MPN also provides the borrower with instructions for completing the MPN, information regarding the borrower's rights and responsibilities under the MPN, certain privacy and financial disclosures, and an overview of the loan process.

Usage
Beginning October 1, 2009, the revised MPN is the only PLUS MPN that may be provided to borrowers, although program participants may continue to process the previous PLUS MPN.

The PLUS Loan Information and School Certification is a form completed by an authorized school official, the lender, and/or the borrower, as directed on the form. It collects information needed to process the loan, provides instructions on how to complete the form, and reiterates the certifications the financial aid officer makes when providing a certification of the borrower's and/or the student's eligibility.

TG PLUS MPN Wrap
This wrap describes the PLUS MPN process to borrowers and is designed to fold around the PLUS MPN. TG's wrap is also a resource for schools to use in providing PLUS entrance counseling to graduate or professional borrowers.

Endorser Addendum to the Federal PLUS Loan Application and Master Promissory Note (Endorser Addendum)
If a prospective PLUS loan borrower cannot meet federal and/or lender credit standards, he or she can obtain a credit worthy endorser in order to qualify for the PLUS loan being sought. In this case, the endorser must complete and sign an Endorser Addendum. In so doing, the endorser contractually agrees to be secondarily liable for the PLUS loan identified on the Endorser Addendum. A PLUS Addendum explaining new PLUS terms and conditions must also be provided to a PLUS endorser until a revised Endorser Addendum can be developed, approved, and implemented. The PLUS Addendum shows which version of the MPN (and Endorser Addendum) it should accompany in the lower right hand corner of the form.

PLUS Plain Language Disclosure
The PLUS Plain Language Disclosure (PLUS PLD) is a summary of the most important terms and conditions of the PLUS MPN and is provided to borrowers of subsequent PLUS loans (those who have already signed an MPN, received a loan, and are borrowing again) as well as to first time borrowers whose loans were disbursed before the revised PLD was approved and available. These borrowers do not currently have a second or subsequent loan but received the prior addendum when their loans were disbursed and now must be apprised of changes to the terms and conditions of their loan. The PLD is also an important reminder that the borrower has received another PLUS loan and that that entails certain rights and responsibilities.

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