Types of Aid
Ithaca College participates in a wide variety of aid programs designed to meet the needs of most students. These include Federal, state (such as New York, Vermont, Delaware, and Rhode Island), and our own institutional aid programs. All applicants and continuing students are eligible to apply for aid programs that are available as scholarships, grants, loans, and work. Tax incentives may also apply for some families.
|Parent Direct PLUS Loans|
|Low-interest federal loans a parent can obtain for dependent undergraduates. PLUS loans are awarded by IC, but repaid to the federal government.|
The Parent PLUS Loan is available to parents of dependent, undergraduate students who are matriculated in a degree program and enrolled in at least six (6) credits. Parent must not have adverse credit history to participate through this program. Parents of dependent students may borrow up to the cost of attendance minus any other aid through this credit-based loan program each academic year. Only one parent can borrow (per application) through this loan program.
Pre-approval Application Procedures
A parent may complete a request for a Direct PLUS Loan and initiate a credit check online by visiting www.studentloans.gov. However, credit approval will be limited to 90 days. Completion of credit check does not preclude the requirement to submit a Parent PLUS Loan Request Form to the Office of StudentFinancial Services.
PLUS Loan Request Form
Parents interested in borrowing through the Direct PLUS Loan program must complete and submit a PLUS Loan Request Form to the Office of Student Financial Services. Incomplete forms will delay certification of the loan. Do not leave required data fields blank. A credit check will be done by the U.S. Department of Education upon receipt of a PLUS Loan certification from Ithaca College.
Sign your Master Promissory Note (MPN)
If approved for a Parent PLUS you must complete a PLUS Master Promissory Note (MPN). You may complete your MPN by visiting www.studentloans.gov. You will need your federally assigned PIN to complete the MPN online. The Master Promissory Note is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s). The MPN is valid for up to 10 years.
If the PLUS application is denied, a borrower has three options.
Request a review of credit check due to inaccurate information on your credit report. Contact the Direct Loan Servicer at 1-800-557-7394.
Provide an endorser. The endorser must pass a credit check and sign a promissory note. Contact the Direct Loan Servicer at 1-800-557-7394.
Not pursue the PLUS loan. No further action.
Direct Parent PLUS Loans: The interest rate is fixed at 7.9%.
There is a loan fee on all Direct Subsidized and Unsubsidized Loans. The loan fee is a percentage of the amount of each loan you receive. For loans disbursed between July 1, 2012 and June 30, 2013, the loan fee is 4.0%. Ithaca College will deduct the loan fee proportionately from each loan disbursement. The specific loan fee that you are charged will be reflected in a disclosure statement that Ithaca College will send to you.