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Parent Federal PLUS Loan

Learn more about other loan options for your school.

PLUS Loans are an attractive financing alternative to using lifetime savings and investments to pay for college. The PLUS loan is available to parents of dependent undergraduate students and to qualifying independent graduate students. Borrowers who choose Citibank as their lender have the opportunity to save through the following PLUS Loan money saving benefits.

Save with the following benefits from Citi¹:

Interest Rate Reductions

When it’s time to pay back your loan(s) you’ll automatically get a 0.50% interest rate reduction.

Pay your loans using our auto-debit payment program and get an additional 0.25% interest rate reduction.

Benefit Recovery Feature
If you lose your automatic interest rate reduction on a PLUS Loan, we’ll give you unlimited chances to earn it back.

Zero Payments Your Last Six Months
Save even more. We’ll waive your last six monthly payments when all payments have been made on time -saving you up to 6.00% on your principal loan balance.

Quick, Easy Eligibility Check
Check your eligibility for a Graduate PLUS Loan online in two fast and easy steps.

Defer Payments While Your Child is in School
Postpone repayment for up to 48 months if you are experiencing financial difficulty while your child is in school.

Interest Only Payment Option
Interest-only payments for either 24 or 48 months.

1. For undergraduate students: a suggested Federal PLUS loan may be specified on the NYU financial aid award letter, and eligible borrowers will receive within a few weeks full instructions from the New York State Higher Education Services Corporation (HESC) on how to complete the Master Promissory Note (MPN) process for disbursement of the loan. At that time, a parent can apply for the PLUS either online or via a paper application. We recommend applying online because it will make the application process more efficient for the parent borrower in future years. (Note: if a parent is interested in the PLUS loan but it does not appear on your award letter, contact the NYU Office of Financial Aid to determine eligibility.)

For graduate students: to apply for a PLUS loan, first submit the Free Application for Federal Student Aid (FAFSA) to establish your eligibility. Then visit the HESC Web site at www.hesc.com to complete the Master Promissory Note (MPN) online.

Choose Citibank as your lender and enter lender code 826878.

2. Submit the MPN promptly after you receive the instructions from HESC. Allow at least four weeks prior to your payment deadline to allow ample time for your loan to be processed and approved. It is in your best interest to apply in a timely manner to avoid registration complications. If you do not receive instructions within three weeks following the receipt of your award letter, contact HESC at 1-888-697-4372.

Citibank will send your loan funds to the NYU Bursar's Office on the designated disbursement dates before each semester.

Additional information about the PLUS program can be obtained by calling Citibank toll-free at 800-967-2400.

Additional Notices: Borrower benefits displayed above are only offered on loans for which Citibank is the lender. Applicable fees for Federal PLUS Loans include a 3.00% Federal Origination Fee and a Federal Default Fee of up to 1.00%.