UPDATE UPDATE UPDATE UPDATE UPDATE UPDATE
CHANGES PENDING FOR THE PARENT LOAN PROGRAM (PLUS) FOR 2009/10:
Congress has voted to change the way FFELP PLUS loans will be processed in the future. This change will affect only NEW PLUS loan borrowers starting in 09/10. A new policy is being established that will assign one financial institution to be the PLUS lender within each state; that lender will be designated to process all PLUS loans for all schools in their state.
Several details regarding this new process are pending final determination, including who will act as Missouri’s lender. Therefore, we strongly recommend that any parent considering a PLUS loan for the 2009 school year delay applying until we are able to provide definite procedures for doing so.
The Federal Department of Education will notify financial aid offices mid-summer on the status of the new procedure. Until we receive that notification, we will be required to “hold” all PLUS applications we may receive, which could result in multiple inquiries on a parent’s credit report. For that reason, we are encouraging our PLUS applicants to simply wait until further notice to apply. Students and parents should review our website on a frequent basis; we will keep our students notified as we are provided more information. For future updates and additional information, visit our website at http://www.missouristate.edu/FinancialAid/plus.htm
