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School Code:  002008

 

Frequently Asked Questions

FAQS

 

Financial Aid Glossary

Glossary

Federal Direct PLUS Loan Master Promissory Note (MPN) & Credit Check
To take out a Direct Loan for 2013-2014, you must complete a PLUS Application and master promissory note (MPN). The MPN is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the Department. It also explains the terms and conditions of your loan(s).  Therefore, it is very important that you completely read and understand all of the information on the PLUS MPN before you sign it.
  • You are not required to accept the full amount that Louisiana Tech University awards you.
  • You may notify the Louisiana Tech Financial Aid Office if you want to borrow a lower amount than you have been awarded.
  • You can decline the entire loan amount.

You can complete the MPN online at the Direct Loans e-MPN website. If you have difficulty completing the Direct Loan PLUS application and MPN online, please contact the Financial Aid Office.  If you are borrowing Direct PLUS Loans for more than one student, you'll need to complete a separate MPN for each one. To complete an MPN online, you will be required to use your Department of Education-issued PIN (not your child's). If you do not have a PIN, you may request one from the official PIN site.

Direct Parent PLUS Loan Process Credit Check

  1. Go to www.studentloans.gov
  2. Under Manage My Direct Loan, sign in using your parent FAFSA PIN
  3. Look down the menu on the left side of the page and choose Request PLUS Loan
  4. When the page comes up, click on Parent PLUS for type of loan that you would like to receive
  5. Complete all of the information in steps 1, 2 and 3
  6. If each step is completed fully, you should see a check mark on the top tab
  7. In step 4, you will submit the credit check
  8. You should receive a confirmation showing if the PLUS loan has been approved or denied
  9. The school should receive notice of the application decision within 48 hours
  10. Print a copy of confirmation message for your records

The Financial Aid Office will receive an approval or denial based on the credit evaluation done by the Department of Education. 

If credit is approved:

  • In most cases, once you've submitted the MPN and it's been accepted, you won't have to fill out a new MPN for future loans you receive to pay for the educational expenses of the same student. Unless your child's school does not allow more than one loan to be made under the same MPN, you can borrow additional Direct Loans on a single MPN for up to 10 years.
  • You'll receive a disclosure statement that gives you specific information about any loan that the school plans to disburse under your MPN, including the loan amount and loan fees, and the expected loan disbursement dates and amounts.
If credit is denied:
  • The PLUS Loan applicant who has an adverse credit history still may be able to receive a loan by obtaining an endorser who does not have an adverse credit history.  If the applicant does not wish to obtain an endorser, the PLUS loan will be deleted and an additional Stafford Unsubsidized loan will be added.  However, the amount may be less than the PLUS due to federal limits. An award letter showing the additional unsubsidized Stafford loan will then be mailed to the student.

 

Parents who need to complete a Master Promissory Note (MPN) for 2013-2014 will need:

  • Approximately 30 minutes to complete
    • MPN must be completed in a single session, be sure to allow enough time to complete.
    • If it takes longer than 30 minutes, the MPN will not go through, regardless of error message.
    • Your browser must be Internet Explorer 7.
      • If not, the sign in box will not be visible or
      • Writing will overlap the text boxes
    • You cannot hit the back button at all.
    • There is no save option.
    • The Department of Education cannot view an incomplete application.
  • Your Federal Student Aid PIN (your PIN- not your child's, the same one that you used to sign your child's FAFSA)
    • If you do not have a Federal Student Aid PIN please visit the PIN site.
  • Personal Information
    • Permanent Address
    • Mailing Address (if different from permanent address)
    • Telephone Number
    • Email Address
    • Alien Registration Number (if you are an eligible non-citizen)
  • Employer Information
    • Employer Name
    • Employer Address
  • School Name
  • Student Information
    • Student first name, middle initial and last name
    • Student social security number
    • Student date of birth
    • Student address
    • Student telephone number
  • If you have previously completed either a Direct Loan MPN or a Direct PLUS Loan application, some of this information may be populated for you.  You should review any populated information carefully for accuracy.


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