Parent PLUS Loan Application and Information
The PLUS Application site combines the YSU PLUS Loan Request, lender selection and Parent Master Promissory Note under one
process. To electronically sign the Master Promissory Note (MPN) the parent must have a Federal FAFSA PIN number. If
you do not have a Federal PIN number, you may either choose to print and mail the MPN signature page or request a PIN number
(click here to request a PIN).
Signing electronically will greatly expedite the loan process.
Click the 'Apply Now' button to launch the PLUS
site. Detailed instructions are provided below which we recommend reading prior to application.
About PLUS Loans
Federal PLUS loans enable parents of dependent students with good credit histories to borrow funds to help pay for their child's college education. This federally funded loan has a fixed interest rate, currently set at 8.5%. Repayment of the Federal PLUS Loan generally begins sixty days after the final loan disbursement for each academic year, though some lenders may offer to defer payments. A PLUS denial is a denied credit check; students whose parent's credit check is denied are eligible for an additional Unsubsidized Stafford Loan. For more information on a Federal PLUS Loan from the Department of Education click here.Step 1: Create an Account / Log In
The first step in the application process is to create an account (if one does not exist) on Great Lakes' website. Great Lakes is the loan guarantor used by Youngstown State University. Previous PLUS borrowers may log in. New borrowers click 'create an account' and provide the needed information. Once an account is created, access to the site will be granted. Future PLUS requests will require the parent to log into the site. Be sure to choose a password that you will easily recall.Step 2: Answer YSU Custom Loan Questions
The first step upon access to the site is to provide responses to questions required by YSU to enable a PLUS loan to be certified.Question 1
Intent; is the parent completing the PLUS application to secure a PLUS loan or to receive a PLUS denial? A PLUS denial is a denied credit check; students whose parent's credit check is denied are eligible for an additional Unsubsidized Stafford Loan. More information on the denial process is provided below. If you answer no to this question, a PLUS loan will not be certified regardless of credit check outcome.
Questions 2 and 3
Select a loan period and provide a requested loan amount. Funds will be applied evenly over the requested loan period (a fall/spring request will be divided evenly over the fall and spring semeseters).
Questions 4 and 5
These questions pertain to Title IV regulations that require YSU to secure agreements from parents that the funds received can pay prior term balances and other fees besides tuition and fees.
Step 3: Enter Personal Information
Provide the demographic information required for the credit check.Step 4: Select a Lender
The next step is to select a lender. YSU provides a drop down menu with the lenders that make up its Preferred Lender List. However, YSU will certify a loan for any lender the borrower wishes to use. After selection and agreement to the privacy notice, click contiue and verify the information that you have entered.Step 5: Credit Check
Based on the information that you have entered, an instant credit check will be performed to determine credit worthiness for a PLUS loan.Approval
If the credit check results in a pre-approval and you answered yes to the intent to receive a loan in step 2, YSU will certify your loan request. However, if you have not previously signed a Master Promissory Note (MPN) with the lender selected you must do so. A PLUS loan will not disburse until the school certification is matched to a signed MPN.
Denial
If the credit check results in a denial, Great Lakes will send notification to YSU. We will then cancel the PLUS award and add an Additional Unsubsidized Stafford Loan fund to the student's account in an offered status. The student may then log in to their MyYSU portal account and accept all or a portion of the award.
Loan Certification and Disbursement
Great Lakes will notify YSU of approved PLUS applications. If the student is enrolled at least half-time (6 hours) and is eligible for the PLUS loan, YSU will certify the loan for the lesser of the amount requested or remaining financial need (Cost of Attendance minus other aid received). If a completed MPN is on file, the loan certification and MPN will match creating the loan. Disbursement of PLUS loan funds cannot occur until 10 days prior to the start of the term.Questions? Contact our office or make an appointment to speak with a financial aid counselor.