Undergraduate PLUS Loan Process

Application process for Federal Parent PLUS loan:

1. Student and parent must complete Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov. Our school code is 002780.
2. Parent must select a lender and contact them directly. The lender will provide you with their application instructions and all necessary paperwork. Our federal school code for loans is 020662.
3. Once your lender receives your completed MPN, they will contact our office so that we can certify your student’s enrollment. Lender processes may differ, so please confirm their application process.
4. Funds will be disbursed directly to The New School, and you will be notified when these funds have been applied to your student’s account.

If you anticipate a refund from the proceeds of this loan, please note that refunds will be sent directly to the parent unless specified otherwise in writing. Refunds will not be processed until school charges are paid in full for the semester.

Amount You Can Request: Borrowers can request up to the cost of attendance (minus any financial aid received).

Interest: 8.5%. Interest begins accruing from the date funds are made available by the lender.

Fees: There is a guarantee fee of up to 1%. There is an origination fee of 3%. Both fees are deducted from the proceeds prior to disbursement.

Repayment: Repayment of your PLUS begins within 60 days of the final disbursement of each loan. The repayment period is generally 10 years or less, but some lenders allow extended repayment periods.