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Federal Direct PLUS Loan Application and Master Promissory Note ... - centenary

Federal Direct PLUS Loan Application and Master Promissory Note ... - centenary 2025

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The document is an Application and Master Promissory Note (MPN) for the Federal Direct PLUS Loan under the William D. Ford Federal Direct Loan Program. It outlines the eligibility criteria, borrower responsibilities, loan terms, repayment options, and consequences of defaulting on the loan. The MPN allows graduate or professional students and parents of dependent undergraduate students to borrow funds for educational expenses, detailing the application process, required information, and legal obligations associated with borrowing.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Does a promissory note mean you got the loan?

A promissory note is a legally binding document in which the borrower agrees to repay the loan and any accrued interest and fees. The document also explains the terms and conditions of the loan. A signed, valid promissory note must be signed before loan funds can be disbursed.

What are the disadvantages of a direct PLUS loan?

What Are Some Reasons to Avoid PLUS Loans? First, PLUS loans have no automatic grace period. Then theres the fact they arent eligible for most IDR plans. Then, borrowing too much is easy to do, and finally, theyre nearly impossible to get out of, even in bankruptcy.

What disqualifies you from a parent PLUS loan?

If youre a parent or graduate student seeking a Direct PLUS Loan, one of the requirements to qualify is that you must not have an adverse credit history.

Are promissory notes the same as loans?

A loan agreement is a contract between a borrower and a lender that specifies what each party has agreed to. A promissory note is where one party promises, in writing, to pay a set amount to the other ing to their agreement. While theyre similar, loan agreements and promissory notes are not the same thing.

What is the disadvantage of a promissory note?

Some possible disadvantages are: You will likely pay a higher interest rate than for a secured loan. If you are using a promissory note because you dont have a good credit rating, you will likely pay a higher interest rate than if you obtained a commercial business loan from a bank or other institution.

Does a promissory note guarantee a loan?

Promissory notes are used to legitimize the agreement between the lender and the borrower in the eyes of the law. No promissory note may mean the loan contract isnt legally binding or enforceable.

What is the difference between a federal direct loan and a federal PLUS loan?

Mainly, they are more expensive. Direct PLUS Loans have an interest rate of 8.05% for the 2023-24 school year for all borrowers, compared with 7.05% for Direct Unsubsidized Loans for grad students. They also have a loan fee equal to 4.228% of the principal, which is four times the fee for a Direct Unsubsidized Loan.

What does it mean to receive a promissory note?

A promissory note is a documented promise to repay borrowed money. Promissory notes are binding legal documents used to protect both the lender and the borrower. The promissory note is paper evidence of the debt that the borrower has incurred.

Federal Direct PLUS Loan Application and Master Promissory Note ... - centenary 2025

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