Federal Direct Parent PLUS Loan Application Process

Transcription

1 Federal Direct Parent PLUS Loan Application Process

2 FEDERAL PARENT PLUS LOAN Non-need based loan for the parents of enrolled dependent students Parent can borrow up to the total cost of attendance (COA) minus other expected financial aid per semester Requires a credit check by the U.S. Department of Education (DOE) Application and credit check available at Requires at least half-time student enrollment to disburse each semester Repayment starts 60 days after the loan is fully disbursed. Deferment options available at

3 HOW TO APPLY 1. Log in: 2. Click Apply for a PLUS Loan FSA ID is needed to log in Click Create an FSA ID if applicant does not already have valid FSA ID 3. Select Complete PLUS Request for Parents

4 HOW TO APPLY CONT. 4. Complete the four step PLUS Loan Application Note Enter School and Loan Information Enter Borrower Information Review Request Permit Credit Check and Submit application *The maximum loan amount determined by the school is the Parent PLUS Loan Estimate included in the student financial aid award package. *Example loan period for a student attending the school year: August 2016 to May If only for fall semester: August 2016 to December 2016.

5 HOW TO APPLY CONT. Applicant will be notified of the credit check decision immediately If denied, parent applicant has 3 options: -Discontinue PLUS Loan application -Seek an endorser (co-signer) -Appeal the credit decision If denied, student has 2 options: Discontinue PLUS Loan application Complete Parent PLUS Loan Substitution Form (more information at If approved, parent applicant has 2 options: -Opt not to borrow the PLUS Loan, even though application has been approved o Please submit written request to the Financial Aid office requesting cancelation of the loan o Note: Student cannot pursue the Substitution Loan if the parent has been approved for the Parent PLUS Loan -Continue processing approved loan Application result is sent to UNLV electronically within 5-10 business days Please contact the Financial Aid office if applicant has been approved with an Endorser as some requests are not automatically transmitted by

6 PLUS LOAN MASTER PROMISSORY NOTE The Financial Aid office will replace the Parent PLUS Loan Estimate award with a Federal Parent PLUS Loan actual award 5-10 days after the award has been included in MyUNLV, the applicant can complete the Master Promissory Note (MPN) Completed at MPN may be used for multiple PLUS loans as long as no endorser was necessary MPN is valid for up to 10 years

7 PLUS LOAN MASTER PROMISSORY NOTE CONT. If the applicant s Parent PLUS Loan was endorsed, the endorser must complete an Endorser Addendum via (Must use his or her own log in credentials) The applicant must notify the endorser of the Endorser Code which is required to complete the Endorser Addendum

8 PLUS LOAN MASTER PROMISSORY NOTE CONT. The endorser will use the Endorser Code and follow the steps on to endorse the Parent PLUS Loan A Promissory Note (PN) must be completed for each Parent PLUS Loan borrowed for which an endorser or appeal was necessary The applicant must also complete PLUS Loan Counseling via prior to each loan disbursement

9 PLUS LOAN ENTRANCE COUNSELING All applicants must complete Entrance Counseling the first time they borrow a federal loan If an applicant was approved with an endorser or through an appeal, the applicant must also complete PLUS Counseling for each loan via prior to each loan disbursement

10 NOTE If your endorser does not have internet access, follow the included instructions to obtain a paper Endorser Addendum:

11 THE END We recognize that our high call volume and small staff size make it difficult to reach us by phone. It is our hope that the information provided in this guide will answer many of your questions about the Federal Direct Parent PLUS Loan Application process.