Parent PLUS Loans – Parents of Dependent Undergraduate Students
How to Apply
The student should:
The mother or father should log onto Studentloans.gov
and:
- Complete a Parent PLUS Loan utility which features a credit test
- Complete a Master Promissory Note (MPN) on-line. You will want your FSA ID info, not the student’s
- PLUS Counseling: have to be accomplished by mother and father with an antagonistic credit resolution who will attraction the credit resolution or pursue an endorser for credit approval of a Parent PLUS Loan
Finally, submit your accomplished and signed CSUF PLUS utility
to the Financial Aid Office.
Disbursement of PLUS Funds
Federal Direct Parent Loan (PLUS) funds are despatched by way of EFT (digital funds switch) to the University. One-half of the educational 12 months loan is disbursed every semester.
The University will confirm the student’s eligibility and if there isn’t a excellent stability on the student’s college account, Student Business Services (SBS) will mail a test to the mother or father borrower. If the student owes cash to the University there might be a brief maintain positioned on the disbursement till the stability on the student’s account is paid in full.
What if a Parent is Denied the PLUS Loan?
You should still obtain a Direct PLUS Loan by way of considered one of these two choices:
- Obtaining an endorser who doesn’t have an antagonistic credit historical past. If you’re a mother or father borrower, the endorser can’t be the kid on whose behalf you might be borrowing. Your mother or father can reapply with a co-signer or doc to the U.S. Department of Education’s satisfaction extenuating circumstances regarding your antagonistic credit historical past
- Documenting to the U.S. Department of Education’s satisfaction extenuating circumstances regarding your antagonistic credit historical past
Once you’ve accomplished both choice 1 or choice 2 above, you additionally should full credit counseling for PLUS loan debtors on the Studentloans.gov web site.
If a mother or father borrower is unable to safe a PLUS loan, the undergraduate dependent student could also be eligible for added Unsubsidized loans to assist pay for his or her schooling. The dependent student would wish to supply the CSUF PLUS Application and a denial letter from the Department of Education. The extra Unsubsidized loan could be provided on the Student Center after processing.