Federal Direct Parent Plus Loan Request Form
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1
2Office of Student Financial Aid
Summerville Campus
2500 Walton Way, Augusta, GA 30904
Phone: 706-737-1431 Fax: 706-737-1777
F E D E R A L D I R E C T p a r e n t p l u s L O A N
The Parent PLUS Loan is a loan for the biological mother or father, custodial stepparent (if information was reported on the FAFSA), or adoptive
parent of a dependent undergraduate student. A parent can borrow the total estimated Cost of Attendance less the student’s total financial aid
award. If more than one parent wishes to borrow a Parent PLUS Loan for the same student, each parent must complete a separate 2013-2014
Federal Direct Parent PLUS Loan application and PLUS Master Promissory Note (MPN).
APPLICATION PROCESS
1.
Student must complete a 2013-2014 Free Application for Federal Student Aid (FAFSA). Apply online at
2.
Parent must complete the PLUS Request Process online at
3.
Parent must complete a PLUS Master Promissory Note (MPN) online at
3.
Submit the Federal Direct Parent PLUS Loan Request Form to the Financial Aid Office.
ELIGIBILITY
► Student and parent must not be in default on any federal education loans or owe an overpayment on a federal education
grant.
► Student and parent must be a US citizen or eligible non-citizen.
► Parent must receive a credit approval as determined by the US Department of Education.
► Student must be enrolled at least half-time (6 credit hours).
► Student must be enrolled in a degree-seeking program.
► Student must be maintaining Satisfactory Academic Progress (SAP). Please refer to the SAP policy at
finaid/policies
.
INTEREST RATES AND LOAN FEES
The current interest rate is fixed at 7.9%. Please be aware that interest rates are federally regulated and are subject to change.
Interest begins to accrue at the time of each disbursement.
A 4.0% origination fee is deducted from each disbursement.
DISBURSEMENTS
A positive credit check and completed PLUS MPN must be received before any funds can be disbursed to the student’s account.
Any refunds resulting from the Parent PLUS Loan will be mailed to the parent’s address listed on the application, unless the
parent authorizes the release of the refund to the student.
Refunds cannot be released until after the registration and schedule adjustment periods are completed each semester (these
dates will vary). This will be approximately 14 days after funds are disbursed to your account.
REPAYMENT
Repayment of the Parent PLUS Loan begins 60 days after the final disbursement, and will continue while the student is enrolled in
school. You may choose a Standard, Extended, Graduated or Income Contingent Repayment plan. Information about these specific
payment plans will be sent to you by the Direct Loan Servicer. If you are experiencing difficulty making your payments, you should
contact Borrower Services at the Direct Loan Servicing Center.
U.S. Department
1-800-848-0979
Direct Loan Servicing Center—Borrower Services
Of
P.O. Box 5609
Education
Greenville, TX 75403-5609
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