PLUS Loans
Federal Direct Parent PLUS Loan
The borrower can be the biological or adoptive parent (or, in some cases, the stepparent) and must be a U.S. citizen or permanent resident. Repayment begins 60 days after the loan is fully disbursed and extends up to 10 years. Application requests are submitted to Student Financial Services. Northeastern requires that a valid FAFSA be on file prior to our origination of a PLUS loan. If a parent is denied a Federal PLUS loan due to credit reasons, the parent may appeal the denial with the Direct Loan Origination Center or reapply with a credit-worthy cosigner. The Direct Loan Origination Center can be reached at (800)-557-7394.
Parents can choose to defer payments on a PLUS loan until 6 months after the date the student ceases to be enrolled at least half time. The interest that accrues on the loan during deferment can either be paid monthly or quarterly, or can be capitalized quarterly. To request a deferment, a borrower must call their assigned Direct Loan Servicer after they have received notification from Direct Loans. This notification is not sent to borrowers by Direct Loans until after their first disbursement has been made.
Parents who wish to apply for a Parent PLUS Loan should download, print, and complete the appropriate application below.
2012-2013 Federal Direct Parent PLUS Loan Application [pdf]
Complete this application for Undergraduate Day students enrolled September 2012 through August 2013 and College of Professional Studies (CPS) students enrolled July 2012 through June 2013.
Important Information about 2013-2014 Parent PLUS Loans
Due to changes in the Direct Loan Program we are unable to process any Direct Parent PLUS loans for the 2013-2014 award year until after July 1st, 2013. Please check our website after this date for the updated 2013-2014 Parent PLUS application.
All first-time parent borrowers must complete the online PLUS Master Promissory Note (MPN) before PLUS loan funds can disburse. The PLUS Loan MPN can be completed at www.studentloans.gov. Parents who are approved with an endorser (credit worthy cosigner) must complete a new MPN for each loan application they submit. Parent borrowers do not need to complete a Federal Loan Entrance Interview.
Federal Direct Graduate PLUS Loan
Unlike Federal Direct Stafford Loans, the Federal Direct Graduate PLUS Loan requires credit approval by the Direct Loan Servicer. Application requests are submitted to Student Financial Services. Students have up to 25 years to repay the Grad PLUS loan. The Grad PLUS loan can be consolidated with federal Stafford and Perkins loans upon graduation.
Grad PLUS Loans do not have a grace period. Repayment begins after a student is no longer enrolled at least half-time. Students who drop below half-time status then re-enroll above half-time status will need to request their loans be deferred again through their assigned Direct Loans servicer.
Graduate students with myNEU access can apply for a Graduate PLUS Loan through the student portal by clicking on the “Federal Graduate PLUS Loan Application” link under the “Self Services” tab. Students that do not have portal access or have trouble applying via the portal should download, print, and complete the application below.
2012-2013 Federal Direct Graduate PLUS Loan Application [pdf] (for loan periods beginning May 2012 - August 2013)
Important Information about 2013-2014 Graduate PLUS loans:
Due to changes in the Direct Loan Program, there are limitations on when 2013-2014 Graduate PLUS loan applications can be submitted.
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Only students enrolled in a summer semester beginning in April through June 2013 that is part of their 2013-2014 award year can be processed at this time.
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Any other applications received at this time will not be processed.
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If your 2013-2014 enrollment starts in July or later, please submit your application after July 1, 2013.
