2016-2017 Federal Direct Parent PLUS Loan Application Requirements & Application

2016-2017 Federal Direct Parent PLUS Loan Application Requirements & Application
2016-2017
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.
Consent to Obtain Credit Report
I consent to the U.S. Department of Education and its agents obtaining a report of my credit record and using the
information from that report in determining whether to make a Direct PLUS Loan to me. I understand that I will be notified
in writing of the results of the credit check with respect to my loan application.
Social Security Number
Last Name
Date of Birth (MM/DD/YYYY)
First Name
M.I.
State
Zip
Street
City
Phone Number
Signature of Borrower
Today's Date
Privacy Act Disclosure Notice
The Privacy Act of 1974 (5 U.S.C.552a) requires that the following notice be provided to you. The authority for collecting the information
requested on this form is §451 et seq. of the Higher Education Act of 1965, as amended. Your disclosure of this information is voluntary.
However, if you do not provide this information, you cannot be considered for a Direct PLUS Loan. The information on this form will be used to
determine your eligibility for a Direct PLUS Loan. The information in your file may be disclosed to third parties as authorized under routine uses
in the Privacy Act notices called "Title IV Program Files" (originally published on April 12, 1994, Federal Register, Vol. 59 p. 17351) and
"National Student Loan Data System" (originally published on December 20, 1994, Federal Register, Vol. 59 p. 65532). Thus, this information
may be disclosed to federal and state agencies, private parties such as relatives, present and former employers and creditors, and contractors
of the Department of Education for purposes of administration of the student financial assistance program, for enforcement purposes, for
litigation where such disclosure is compatible with the purposes for which the records were collected, for use by federal, state, local, or foreign
agencies in connection with employment matters or the issuance of a license, grant, or other benefit, for use in any employee grievance or
discipline proceeding in which the Federal Government is a party, for use in connection with audits or other investigations, for research
purposes, for purposes of determining whether particular records are required to be disclosed under the Freedom of Information Act, and to a
Member of Congress in response to an inquiry from the congressional office made at your written request.
Because we request your social security number (SSN), we must inform you that we collect your SSN on a voluntary basis, but section
484(a)(4) of the HEA (20 U.S.C. 1091(a)(4)) provides that, in order to receive any grant, loan, or work assistance under Title IV of the HEA, a
student must provide his or her SSN. Your SSN is used to verify your identity, and as an account number (identifier) throughout the life of your
loan(s) so that data maybe recorded accurate.
2016-2017 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:
Parent’s Address:
Parent’s Birth Date:
(Last)
(First)
(Middle)
Street
Month/day/year
Citizenship Status (check one)
US Citizen or eligible non-citizen
Driver’s License #:
City
Home Phone:
State
Zip
Cell Phone:
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
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