Direct Parent PLUS Loan

The Direct Parent Loan for Undergraduate Students (PLUS) provides loans to parents of undergraduate dependent students. Parents may borrow the difference between the student's cost of education and all other financial assistance. You must begin payments on a Direct PLUS loan 60 days after the full amount that you've borrowed has been disbursed.  The interest rate for Direct PLUS loans is a fixed rate of 7.9%.  Interest is charged on Direct PLUS Loans during all periods, beginning on the date of your loan's first disbursement.

There are two steps you must complete to apply for a Direct Parent PLUS loan:
1. Complete and submit the Parent PLUS Loan Addendum at the following link. This form will need to be completed each year you borrow a PLUS Loan:Link to Plus Loan Addendum  Please keep in mind when determining the amount you would like to borrow that there is a 2.5% orgination fee assessed at the time of disbursement on the PLUS loan.

2. Complete the Direct PLUS loan application electronically, which includes a Master Promissory Note (MPN). The MPN explains the terms and conditions of your loan and is your legally binding agreement to repay your loan to the Department.  You are only required to complete the Master Promissory Note once while your student is enrolled at Cornell.

If you would prefer, you may print a paper copy of the addendum.  Please mail the completed form to the financial assistance office at:
Cornell College
Office of Financial Assistance
600 1st ST SW
Mount Vernon, IA  52314

The Department of Education will be servicing your Federal Direct Parent PLUS loan.  After your PLUS loan has been disbursed, you can access information, with your federal PIN on the Department of Education Website.  You may also call 1-800-848-0979 to speak with a customer service representative.  You will receive information regarding payment of your Parent PLUS loan within 30-60 days after the loan has disbursed. If you would like to apply to defer payments on your PLUS loan while your student is enrolled at least 1/2 time, please call the Department of Education at 1-800-848-0979 to speak with them about the process.