Federal Parent PLUS Loan Request

Federal Parent PLUS Loan Request
2016-2017
Center for Student Financial Aid
02/2016
California State University, Los Angeles
For office use only:
5151 State University Drive, SA 124
Los Angeles, CA 90032-8402
Phone: (323) 343-6260
Fax: (323) 343-3166
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Federal Parent PLUS Loan Request Form
__________________________________
Last Name
___________________________ _____
First Name
M.I.
______________________________________
Campus Identification Number (CIN)
☐ I would like to be offered an additional Federal Direct Unsubsidized Loan if this PLUS Loan application is denied.
Parent Borrower Information: to be completed by the parent applying for the PLUS Loan.
__________________________________
Last Name
___________________________ _____
First Name
M.I.
_________________________________
Parent’s Social Security Number
______________________________________________________________________
Address (include apt no.)
___________________
Driver’s License#
_________________________________________
City
_________________________________
Phone Number (include area code)
____________
State
____________
ZIP Code
______________________________________________________________________
Email Address
Date of Birth: ______________________________ Citizenship Status:
☐ Citizen
___________
State
☐ Eligible Non-Citizen *
*Please attach a copy (front and back) of your Alien Registration Card (Green Card) to this form.
Parent Alien Registration Number: __________________________________________
Loan Request Information:
☐ Maximum Loan Amount
OR
☐ Loan Amount of: $ _______________________.00
CSULA reserves the right to certify less than the requested amount should the requested amount exceed the student’s eligibility.
Terms for requested loan:
☐ Fall 2016
☐ Spring 2017
☐ Summer 2017
Student’s Expected Graduation Term: _______________________________________
By signing below, I request California State University, Los Angeles to transmit the loan data required to process my Federal PLUS Loan.
I consent to the U.S. Department of Education and its agents obtaining a report of my credit record and using the information to
determine whether to make a Federal Direct Loan to me. I understand the Department of Education will notify me in writing of the
results of the credit check with respect to my loan application. I am requesting a loan for the enrollment period and amount listed
above, or the lesser amount for which I am eligible to borrow. My signature (parent) below authorizes Cal State LA to credit the loan
proceeds received to my dependent’s student account to pay for any University charges. I understand any loan funds in excess of
University charges will be mailed to me in the form of a check.
I understand that in order to obtain a loan through this process, I must complete a PLUS Master Promissory Note which contains my
promise to repay the loan. The PLUS MPN must be completed @ https://studentloans.gov/myDirectLoan/index.action.
To be eligible for a loan, you must be enrolled at least half-time (6 units) as a dependent undergraduate, 2nd bachelor’s, or teaching
credential student.
Student’s Signature ______________________________________________
Date: ________________________________________
Parent’s Signature _______________________________________________
Date: ________________________________________
PLUS Loan Disclosure Notices
Credit Approval & Notification
Credit approval is based on federally mandated criteria – not a credit score. In order to qualify, you must not have any of the following
items on your credit report: (1) One or more debts that are 90 or more days delinquent, or that have been placed in collection or
charged off during the two years preceding the date of the applicant’s credit report, and the total combined outstanding balance of
those debts is greater than $2,085; (2) Any of the following items within the preceding five years of the date of the credit report:
Default, Bankruptcy, Discharge, Foreclosure, Repossession, Tax Lien, Wage Garnishment, Write-off of a debt, Open Collection Account.
You will be notified of credit approval or denial directly from the Direct Loan Servicing Center. Credit approval is valid for 180 days.
Credit Denial
If you are denied a PLUS Loan on the basis of adverse credit, you can do one of the following:
• Appeal the denial with the Direct Loan Servicing Center at (800) 557-7394
• Apply for a PLUS Loan with an endorser
• Review the information on your credit report; correct any invalid information that may have led to the denial
PLUS applicants who are determined to have an adverse credit history, but qualify for a Direct PLUS Loan by obtaining an endorser or by
documenting extenuating circumstances, are required to complete PLUS Counseling at
https://studentloans.gov/myDirectLoan/index.action .
Direct Loan Disclosure Statement
You will receive a Federal Direct Loan Disclosure Statement from the Direct Loan Servicing Center, up to 30 calendar days before the
first anticipated disbursement. The Disclosure Statement identifies the loan type, anticipated loan disbursement amounts and dates,
anticipated net disbursement amounts, loan fee and fee rebate amount, and gives other important information regarding your loans.
Disbursement of Funds
Funds from the Direct PLUS Loan are disbursed directly to Cal State LA once for each semester borrowed. Exact disbursement dates will
be stated on the Official Loan Disclosure Statement (see above). Loan proceeds are received electronically and are credited towards
any outstanding registration fees and/or housing charges. Any remaining funds are then issued to the borrower via the disbursement
office.
Use of Loan Funds
Funds received from the Federal Direct PLUS Loan are to be used solely for expenses related to the student’s attendance at Cal State
LA. Expenses include tuition, room and board, books, transportation costs, etc.
Loan Cancellation
Before your funds are disbursed, you may cancel or reduce the amount of your loan by notifying Cal State LA Financial Aid Office in
writing. If your loan has already been disbursed, you can still cancel the loan in one of two ways: (1) You may contact Cal State LA (in
writing) within 14 days of the date the loan has been applied to your account, or (2) You can pay back all or a part of your loan within
120 days of the date the Direct Loans were disbursed to the university. Your loan will be adjusted to eliminate any interest, loan fee,
and rebate amount that applies to the amount of the loan that you cancel/return during this timeframe.
Payment of Interest
Interest begins accruing on the Direct PLUS Loan from the date the loan is first disbursed – including during periods of deferment or
forbearance – until it is repaid in full. If you do not pay the interest as it charged, the Direct Loan Servicing Center will capitalize the
interest (add it to the unpaid principal amount of your loan) when you enter an active repayment status. Capitalization increases the
unpaid principal balance of your loan, and interest will then be charged on the new, increased principal amount.
Information you must report
While your dependent student is still in school, you must notify the Financial Aid Office at Cal State LA if (1) you change your address or
telephone number; (2) you change your name (for example, maiden name to married name); (3) your dependent student drops below
half-time enrollment or stops attending; or (4) your dependent student graduates or transfers to another school.
Note: You must also notify the Direct Loan Servicing Center of any of the above changes at any time after you receive your loan. In
addition, you must notify the Direct Loan Servicing Center if you (1) change employers, or if your employer’s address or phone number
changes; or (2) have any other change in status that affects your loan (for example, if you received a deferment but no longer meet the
eligibility requirements for that deferment).
California State University, Los Angeles
5151 State University Drive, Los Angeles, CA 90032
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