PLUS Loan http://www.ysu.edu
Welcome Parents
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.
PLUS Info
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
(click here to compare lenders).
A PLUS denial is a denied credit check; students whose parent’s credit check is denied are eligible for an additional Unsubsidized Stafford Loan.
Instructions
The following instructions guide the applicant through the PLUS application process. We recommend reading prior to
application.
Step 1: Create an Account / Log InThe 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.
PLUS Screen Shot
PLUS Screen Shot
Step 2: Answer YSU Custom Loan QuestionsThe 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 1Intent; 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 3Select 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 5These 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.
PLUS Screen Shot
Step 3: Enter Personal InformationProvide the demographic information required for the credit check.
PLUS Screen Shot
Step 4: Select a LenderThe 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.
PLUS Screen Shot
Step 5: Credit CheckBased on the information that you have entered an instant credit check will be performed to determine credit worthiness for a PLUS loan.
ApprovalIf 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.
DenialIf 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 students 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.
PLUS Screen Shot
Step 6: Complete Master Promissory NoteIf you have received a pre-approval and have not previously completed a Master Promissory Note (MPN) the next step is to complete an MPN.
A Master Promissory Note (MPN) is a legally binding contract you sign, agreeing to repay the loan money you borrow.
Parents must complete a separate MPN for each of their dependent students. Complete the required employer and personal references.
PLUS Screen Shot
Step 7: Sign Your Master Promissory NoteYou may sign your MPN electronically, but to do so you must have a four-digit Federal PIN number (the same PIN number used to sign the FAFSA).
If you do not have a PIN number, you may request one or print the signature page, sign and mail to Great Lakes.
PLUS Screen Shot
Step 8: E-Sign Option (PIN needed)The final step in e-signing the MPN is to provide your PIN and personal information. Once your identification is validated,
you will receive confirmation of completion of the electronic signature.
PLUS Screen Shot
Loan Certification and DisbursementGreat 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 lessor 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.
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Room 203 Meshel Hall
Youngstown State University, One University Plaza, Youngstown, Ohio,
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phone - (330) 941-3505
| email:
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