Hobart and William Smith Colleges

Federal Direct PLUS Loans are unsubsidized loans for the parents of dependent students and for graduate students. PLUS loans help pay for education expenses up to the cost of attendance minus all other financial assistance. For more detailed information, including eligibility requirements, loan limits, interest rate, and loan charges visit the Federal Student Aid site. Parents and graduate students interested in borrowing a PLUS Loan must first create a Federal Student Aid (FSA) ID, if one has not previously been created. Your FSA ID is needed to complete your loan requirements as well as to sign the FAFSA, which must be submitted for the academic year you intend to borrow the PLUS Loan, whether or not you wish to be considered for other need-based federal aid. In situations where there is a custodial and a non-custodial parent, both may apply for a PLUS Loan, however, only the custodial parent must complete the FAFSA.

You may borrow a PLUS Loan for fall semester only (August – December), spring semester only (January – May), or for the entire academic year (August – May).

You will need to provide information for yourself, your student, your employer, if employed, and the names and contact information of two people to list as references. When you, the borrower, are ready to begin the PLUS Loan application process, go online and sign in using your FSA ID, this designates you as the borrower. After you have successfully logged in, click on the link to Apply for a PLUS Loan and refer to the steps below.

PARENT PLUS LOAN

Click here to visit the Parent Plus Loan website.

• Select loan type Direct PLUS Loan Request for Parent Borrowers and click on Complete PLUS Request for Parents to complete the credit check and application process. You will determine your loan amount, choose the loan period for which your loan will be applied, and decide whether you want to defer your loan or begin repayment immediately. Upon completion, you will learn if you are approved or denied. If you are not approved, contact the Office of Financial Aid at 315-781-3315 to discuss your and your student’s options.
• If approved to borrow a PLUS Loan, complete a PLUS Master Promissory Note (MPN) on the same website. Prior to electronically signing, it is important to read the MPN’s terms and conditions under which you agree to repay the loan. The MPN explains your rights and responsibilities as a borrower and should be saved for future reference. You do not need to complete a MPN if you completed one in a previous year unless you had an endorser for a previous year’s loan or your student is transferring to HWS.

If you are borrowing Parent PLUS loans for more than one student, you will need to complete a separate MPN and a separate application for each one.

GRADUATE PLUS LOAN

Click here to visit the Graduate Plus Loan website.

Graduate students may request a Graduate PLUS loan upon successful log-in to StudentAid.gov. A PLUS MPN and an entrance counseling session must be completed on the same site if you are approved to borrow.

• To complete the credit check and application process, click on Apply for a PLUS Loan and Complete PLUS Request for Graduate/Professional Students. You will determine your loan amount, choose the loan period for which your loan will be applied, and decide whether you want to defer your loan or begin repayment immediately. Upon completion, you will learn if you are approved or denied. If you are not approved, contact the Office of Financial Aid at 315-781-3315 to discuss your options.
• If approved, click the link to Complete a Master Promissory Note then Complete PLUS MPN for Graduate/Professional Students. Prior to electronically signing, it is important to read the MPN’s terms and conditions under which you agree to repay the loan. The MPN explains your rights and responsibilities as a borrower and should be saved for future reference. You do not need to complete a PLUS MPN if you completed one in a previous year unless you had an endorser for a previous year’s loan or you are transferring to HWS.
• You must also Complete Entrance Counseling requirements on this same site in order to receive loans as a graduate student, unless you received a prior Graduate PLUS Loan.