Federal Direct Parent PLUS Educational Loans

The Pitzer College Financial Aid Office recognizes that financing a Pitzer education may involve deferring some of the cost through a low-interest loan program. Your educational investment will require informed financial decisions about loans. We are committed to helping you understand your federal loan eligibility and options.

Federal Direct PLUS Loans

The Direct PLUS Loan program enables parents with a good credit history to borrow as much as the full cost of attendance, minus any financial aid, each year. Interest begins to accrue immediately, but repayment may be deferred until six months after the student ceases to be enrolled at least half-time. The repayment term is 10 years. Please note: beginning July 1, 2011, all Federal PLUS borrowers must complete a Free Application for Federal Student Aid (FAFSA).

Direct PLUS Loans have a fixed interest rate of 7.21%. There is a 4.20% origination fee deducted from each loan prior to disbursement. As of December 1, 2013 origination fees for the Direct PLUS Loans will increase to 4.29% as a result of the automatic federal budget cuts known as sequestration.

Master Promissory Note

The Direct PLUS Loan Master Promissory Note allows you to borrow a Direct PLUS Loan for your child’s entire college career by signing only one note. It can be used for a single period of enrollment (one academic year) or for multiple periods (such as the student’s first through senior years).

This note is valid for up to ten years from the original date of signature. It is very important that you understand the long-term commitment you are making by signing this note. We encourage you to record all amounts that you borrow and keep all of your loan paperwork together so you can keep track of your cumulative borrowing.

How and When Do I Receive the Direct PLUS Loan Funds?

Direct PLUS Loan funds are disbursed in two equal installments, normally once each semester. These funds will be received by the school electronically. The student must be enrolled at least half-time (two courses) when the loan is disbursed to be eligible to receive the funds. Your Direct PLUS Loan funds will be credited to the student’s account and will reduce the amount owed to the school.

Steps to Applying for a Direct PLUS Loan

First-Time Parent Borrowers Only:

1. Complete the Free Application for Federal Student Aid (FAFSA), if you have not already done so. This form is required for all federal loans.  Pitzer’s federal school code number is 001172.

2. Complete the Federal Direct Parent PLUS Loan Master Promissory Note (MPN). Click here to complete it now:
https://studentloans.gov/myDirectLoan/index.action

3. Complete the Federal Direct Parent PLUS Loan Application. Click here to complete it now:
https://studentloans.gov/myDirectLoan/index.action

4. Complete the Federal Direct Parent PLUS Loan Request Form and return it to the Financial Aid Office. You can either e-mail, fax, or mail the form to us. Our email address is: financial_aid@pitzer.edu. Our fax number is: 909.607.1205. Our mailing address is: Financial Aid Office, 1050 N. Mills Ave., Claremont, CA 91711-6101.

Previous Parent PLUS Loan Borrowers Only:

1. Complete the Free Application for Federal Student Aid (FAFSA), if you have not already done so. This form is required for all federal loans.  Pitzer’s federal school code number is 001172.

2. Complete the Federal Direct Parent PLUS Loan Application. Click here to complete it now:
https://studentloans.gov/myDirectLoan/index.action

3. Complete the Federal Direct Parent PLUS Loan Request Form and return it to the Financial Aid Office. You can either e-mail, fax, or mail the form to us. Our email address is: financial_aid@pitzer.edu. Our fax number is: 909.607.1205. Our mailing address is: Financial Aid Office, 1050 N. Mills Ave., Claremont, CA 91711-6101.