FEDERAL DIRECT PARENT PLUS LOAN

FEDERAL DIRECT PARENT PLUS LOAN
FEDERAL DIRECT PARENT PLUS LOAN
Requirements & Application
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.ed.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 first-time Federal Direct PLUS loan borrower must complete the Federal Direct
Parent PLUS Master Promissory Note (MPN) at www.dlenote.ed.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.
IMPORTANT NOTES
1.
It is not necessary to select a lender for the Federal Direct Parent PLUS loan. VWCC 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 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 until 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 Servicing Center (DLSC) at 800-848-0979 to request a deferment.
3.
The Parent PLUS MPN must be completed for the initial Parent PLUS loan, but not for subsequent loans.
However, 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.
5.
Approval or denial of the Parent PLUS Loan is given by Direct Loans and not VWCC.
6.
If the Parent PLUS loan is denied and the parent does not wish to seek an endorser, a student may
request an additional unsubsidized loan in their name by completing the Federal Direct Loan
Request Form at www.VWCC.edu/finaidforms.
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 myVWCC student account.
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.
Federal Direct Parent PLUS Loan Application
(This is only an application. Federal Direct Loan Program is responsible for final credit approval.)
Student’s ID: __________________________ Student Email: _________________________________________
Student Full Legal Name: ________________________________________________________________________
(Please print clearly)
(Last)
(First)
(Middle)
Borrower Information: (May only be one parent. Please type or print clearly.) Parent’s SSN: _________________________________ Parent’s Name: _______________________________________________________________________________ (Last) (First) (Middle) Parent’s Address: ____________________________________________________________________________ Street City VA Zip Parent’s Birth Date: _____________________________ Home Phone ____________________________ Month/day/year area code & number Citizenship Status (check one) US Citizen or eligible non­citizen Non­Citizen Driver’s License #: _______________________________ 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. Award Year: ___________________________ Fall & Spring Fall Only Spring Only Summer Only $________________________ $________________________ $________________________ $________________________ Original Original Original Original Additional Amount Additional Amount Additional Amount Additional Amount For Office Use Only
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 _______________________________________ Parent/Borrower Signature ____________________________ Date ____________________________ Date GL ________ HRS________DEP________
COA
$________
REVISION
_________
AID
-________
_________
Rem. Elig ________
_________
PLUS Amt.$_______
_________
FA STAFF Initials _______
Date _________
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