Financial Aid - Educational Loans
Federal PLUS Loans
The Federal 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. Click here to see a sample repayment chart.
Federal PLUS Loans have a fixed interest rate of 8.5%. There is a 3% origination fee and a 1% default fee deducted from each loan disbursement.
Master Promissory Note
The Federal PLUS Loan Master Promissory Note allows you to borrow a Federal PLUS Loan for your son/daughter’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 their 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.
Selecting a Lender
Choosing a lender is an important decision, one that will affect you for the life of your loan. If you have no prior Federal PLUS Loans, we recommend you borrow from one of the lenders listed. These lenders have provided excellent service, competitive borrower benefits, and reliability to Pitzer students and parents. We provide this list to assist you in your selection, but you may choose any participating lender you wish. If you have previously borrowed a Federal PLUS Loan, we recommend that you remain with the same lender. Please note that neither Pitzer College nor any of its employees receive benefits of any kind from any lender in exchange for being included on this list of preferred lenders.
How and When Do I Receive the Federal PLUS Loan Funds?
Federal PLUS Loan funds are disbursed in two equal installments, normally once each semester. These funds will be received by the school electronically, or in a check made co-payable to the parent and the school. The student must be enrolled at least half-time (two courses) when the loan is disbursed to be eligible to receive the funds. Your Federal 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 Federal PLUS Loan
New Parent Borrowers Only
- Complete the Federal PLUS Loan Master Promissory Note (MPN) and select a lender. Click here to complete the MPN now and view a list of Pitzer’s preferred PLUS loan lenders.
- Complete the Federal PLUS Loan Request Form and return it to the Financial Aid Office. Click here to download the form now. You can either email, 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 Avenue, Claremont, CA 91711-6101.
Parents Who Have Previously Borrowed a Federal PLUS Loan
- Complete your electronic Federal PLUS Loan application online. We encourage you to borrow your Federal PLUS Loan funds with the same lender. Click here to submit your electronic Federal PLUS loan application now.
- Complete the Federal PLUS Loan Request Form and return it to the Financial Aid Office. Click here to download the form now. You can either e-mail, fax, or mail the form to us. Our e-mail address is: financial_aid@pitzer.edu. Our fax number is: (909) 607-1205. Our mailing address is: Financial Aid Office, 1050 N. Mills Avenue, Claremont, CA 91711-6101.
Financial Aid Office
Scott Hall
1050 N. Mills Avenue
Claremont, CA 91711-6101
Phone: 909-621-8208
email: financial_aid@pitzer.edu
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