Federal PLUS Loan Information

The online application for parents applying for the PLUS loan is simple and fast. Parents are ready to apply online for the Federal PLUS Loan if the student has signed and returned their award letter to MICA accepting the loan.

A note regarding MICA’s recommended lenders: Federal PLUS loans have a fixed 8.5% interest rate set by the federal government. Repayment terms are also set by the federal government. Given that the terms and interest rates on these loans are predetermined, we recommend lenders based on:

  • Extra benefits, such as 0% fees and interest rate reduction incentives at the time of repayment
  • Excellent customer service
  • Full electronic processing and transfer of funds
  • Extensive knowledge of MICA’s processes
  • Dedicated representative who works well with MICA staff to quickly resolve any issues

We review our lender list every year to insure MICA students receive the most competitive benefits and receive the best service. We do not receive any form of payment or compensation for inclusion on our recommended lender list. MICA students and parents are free to borrow from any lender.

New Borrowers

  1. Choose a lender. We recommend that you choose one of our lenders listed below. All federal PLUS loans have a fixed interest rate of 8.5% and the same repayment terms no matter which lender you choose. The lenders below will provide you with excellent service and repayment benefits. Choosing one of the lenders we have listed can alleviate delays and ensure smooth processing. You may, however, choose any lender you wish.

    If you choose a lender that is not listed below, please contact your lender for pre-approval and the dollar amount you wish to borrow. If the lender does not accommodate MICA's electronic process, the lender needs to fax the results of the credit approval and dollar amount with a copy of the Master Promissory Note to MICA at 410-225-2558. Your loan cannot be processed without this information.
  2. Obtain Credit Approval. PLUS loans require parents to be credit worthy. Parents must obtain credit approval before processing an application. Online credit approvals are simple and quick. You will be guided through the process when choosing one of our recommended lenders.

    Before you begin, gather the following information:
    • Your social security number
    • Your driver's license number
    • Name and full address and telephone number of two references
    • Student's social security number and date of birth
    • Dollar amount you wish to borrow
  3. Complete the PLUS Loan Master Promissory Note. You will automatically be directed to the promissory note after obtaining credit approval.

    Before you begin, gather the following information :
    • Your social security number
    • Your driver's license number
    • Name and full address and telephone number of two references
    • Student's social security number and date of birth

Recommended Lenders

AMS (Academic Management Services)/Sallie Mae

AMS (Academic Management Services)/Sallie Mae
One AMS Place
PO Box 812
Swansea, MA 02777
Lender Code: 833079
Phone 1-800-637-3060

AMS PLUS Loan Credit Approval and Master Promissory Note

Citibank, The Student Loan Corporation

Citibank, The Student Loan Corporation
PO Box 6191
Sioux Falls, SD 57117-6074
Lender Code 824756
Phone 1-800-967-2400

Citibank PLUS Credit Approval and Master Promissory Note

Bank of America

Bank of America
PO Box 515210
Los Angeles, CA 90051-6510
Lender Code: 802176
Phone 1-800-344-8382

Bank of America Loan Credit Approval and Master Promissory Note

Edamerica

Edamerica
PO Box 36014
Knoxville, TN 37930-6014
Lender Code: 834060
Phone 1-800-377-1009

EdAmerica PLUS Loan Credit Approval and Master Promissory Note