Plus Loans for Parents

Parents who wish to apply for a PLUS loan are offered several means of applying by Martin Luther College’s lender/servicer, EASCI.  A credit check and signing a PLUS Master Promissory Note (PLUS MPN) are required.  From the options below, you may choose the one that best suits you.

Option 1.  Use PLUS App Express to complete an electronic Federal PLUS application and PLUS MPN. 

• From among the numerous banks who offer PLUS loans, Martin Luther College maintains an electronic Stafford Loan Preferred Lender List.  Lenders on this list have demonstrated ability to provide efficient, problem free loan processing.  Another important factor for a bank to appear on the list is the offer of favorable benefits to parents either at disbursement of the loan proceeds, during repayment, or both.  MLC does not endorse a specific lender, and provides this information as an information tool to help make a loan decision.  In addition to the lenders on the electronic preferred lender list, you may use any lender of your choosing that offers PLUS loans.
  
  
• You may sign your PLUS MPN in one of three ways:

1. You may sign electronically.  To sign electronically you will need a Department of Education issued Personal Identification Number (PIN).  The PIN is the same number issued to you if you signed your student’s FAFSA electronically.  If you do not have a PIN or have lost your PIN, you may obtain a PIN by going to www.pin.ed.gov.
2. You may print your completed PLUS MPN from your computer, sign, and send it to EASCI.
3. You may request EASCI to mail your completed PLUS MPN to you for you to sign and return to EASCI.

Click on the link below to access MLC's preferred lender list.  Upon selecting your lender, click on the "AppExpress" link next to the lender's name to apply for your loan.

http://www.eac-easci.org/mlcpluslenderlist/

Option 2.  Complete the credit pre-approval process over the phone by calling EASCI at 1-800-458-4011. 

EASCI will notify you and the financial aid office of the results.  If credit is approved and you wish to take out a PLUS loan, contact the MLC Financial Aid Office and we will send you a Master Promissory Note (MPN) together with a form on which you will indicate how much you wish to borrow.  return the signed MPN and accompanying form to the Financial Aid Office for the loan to be certifed and the for MPN to be forwarded to EASCI.

Important Notice—

If your PLUS loan application is denied, your dependent student will be eligible for an additional unsubsidized Stafford loan.  Contact the financial aid office if your student wishes to apply for these additional loan funds.