Federal Direct Parent PLUS Loan Application

Federal Direct Parent PLUS Loan Application
2015-2016
Federal Direct Parent PLUS Loan Application
Requirements & Application
The Student will need to complete the Free Application for Federal Student Aid (FAFSA) prior to requesting a
Federal Direct Parent PLUS loan. The FAFSA can be filed on-line by going to www.fafsa.gov.
Submit a complete Parent PLUS Loan Application to the Financial Aid Office at least 30 days prior to the time loan funds are
needed.
A Federal Direct PLUS loan borrower must complete the Federal Direct Parent PUS Master Promissory Note (MPN) at
www.studentloans.gov using the PIN assigned to the borrower. If the borrower does not have a PIN, one can be requested at
https://pin.ed.gov.
Complete the Consent to Obtain a Report Form.
IMPORTANT NOTES
1.
It is not necessary to select a lender for the Federal Direct Parent PLUS loan. CVCC is a Direct Lending school and the Parent
PLUS loan will be set up with the Federal Direct Loan Program through the U.S. Department of Education.
2.
The Parent PLUS loan will be accruing interest once the loan disburses and the repayment will begin approximately two
months after the full loan disburses. If uneven loan amounts are requested in fall and spring semesters, repayment will
begin earlier. Parent PLUS loan borrowers have the option of deferring repayment after the student ceases to be enrolled
half time (6 credit hours). This deferment may be extended into the 6-month period after the student ceases to be enrolled
at least half time. Parent borrowers must call the Direct Loan Serving Center (DLSC) at 800-848-0979 to request a
deferment.
3.
If the parent PLUS borrower changes, the new borrower must complete a MPN using their assigned PIN.
4.
The FAFSA and Parent PLUS Loan Application must be completed each year. In addition, the parent applying for the loan is
subject to a credit check.
5.
Approval or denial of the Parent PLUS Loan is given by Direct Loans and not CVCC. Please be advised that the student
who is being considered for the Parent PLUS Loan must be compliance with CVCC’s Satisfactory Academic Progress
Policy.
6.
If the Parent PLUS loan is denied and the parent does not wish to seek and endorser, a student may request an additional
unsubsidized loan in their name by completing the Federal Direct Loan Request Form at
http://www.cvcc.vcss.edu/Student%Services/Financial%20Aid/Forms.asp.
7.
All requirements must be complete before the Parent PLUS Loan funds can be disbursed. Failure to complete all
requirements will result in a delay in loan disbursements and possible cancellations of the loan. Students can check for
processing requirements through their MyCVCC student accounts.
8.
Parents have the right to cancel all or part of the Parent PLUS loan prior to the first day of the semester or within 14 days
of notification of the loan. Parents may also reduce the amount of the PLUS loan or cancel a future disbursement by
submitting a written statement to the Financial Aid Office as soon as possible before disbursement.
2015-2016
Federal Direct Parent PLUS Loan Application
(This is only an application. Federal Direct Loan Program is responsible for final credit approval.)
Students ID:
Student Email:
Student Full Legal Name:
(Please print clearly)
(Last)
(First)
(Middle)
Borrow Information: (May only be one parent. Please type or print clearly.)
Parent’s SSN:
Parent’s Name:
(Last)
(First)
(Middle)
Parent’s Address:
Street
Parent’s Birth Date:
City
Home Phone:
State
Zip
Cell Phone:
Month/day/year
Citizenship Status (check one)
US Citizen or eligible non-citizen
Driver’s License #:
Non-Citizen
Alien Registration #
State:
Parent’s Email:
Are you in default on any Federal Parent/Student Loans or do you owe a repayment on a federal grant?
Yes
No
Please indicate term and loan amount requested. Please be aware that a loan fee of 4% is assessed resulting in a lesser amount crediting your
student’s account.
Fall & Spring
$
Original
Additional Amount
Fall Only
$
Original
Additional Amount
Spring Only
$
Original
Additional Amount
Signatures: We certify that the information furnished on this form is complete and correct, to the best of our knowledge. The parent borrower
signing below understands that by completing this form a credit check will be performed by the Department of Education to determine eligibility for
this loan.
Student Signature
Date
Parent Signature
Date
3506 Wards Road, Lynchburg VA 24502
PH: (434) 832-7803 FAX: (434) 832-7775
Was this manual useful for you? yes no
Thank you for your participation!

* Your assessment is very important for improving the work of artificial intelligence, which forms the content of this project

Download PDF

advertisement