Federal Direct Graduate PLUS Loan Application Process

Transcription

1 Federal Direct Graduate PLUS Loan Application Process

2 FEDERAL DIRECT GRADUATE PLUS LOAN Non-need based loan for graduate/professional students Student 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 enrollment to disburse each semester Loan is in deferment while student is enrolled at least half-time each semester

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 Graduate/Professional Students

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 Graduate 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, student applicant has 3 options: -Discontinue PLUS Loan application -Seek an endorser (co-signer) -Appeal the credit decision If approved, student 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 -Continue processing approved loan Application result is sent to UNLV electronically within 5-10 business days Please contact the Financial Aid office if you have 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 Graduate PLUS Loan Estimate award with a Federal Grad PLUS Loan actual award 3-4 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 student applicant s Graduate PLUS Loan was endorsed, the endorser must complete an Endorser Addendum via (Must use his or her own log in credentials) The student 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 Graduate PLUS Loan for the student A Promissory Note (PN) must be completed for each Graduate PLUS Loan borrowed for which an endorser or appeal was necessary The student applicant must also complete PLUS Loan Counseling via prior to each new endorsed loan disbursement

9 PLUS LOAN ENTRANCE COUNSELING All students must complete Entrance Counseling the first time they borrow a federal student loan If a student applicant was approved with an endorser or through an appeal, the student must also complete PLUS Counseling for each loan via prior to each new 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 Graduate PLUS Loan Application process.