Fillable 2020-2021 Federal Direct PLUS Loan Request Form (J Sargeant Reynolds Community College)

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2020-2021 Federal Direct PLUS Loan Request Form (J Sargeant Reynolds Community College)

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Updated June 24, 2020
2020-2021 Federal Direct PLUS Loan Request Form
(Parents of Dependent Students Only)
Please review the important information about the Federal Direct PLUS Loan on the next page. Complete, sign, and submit
this form to the J. Sargeant Reynolds Community College Office of Financial Aid as soon as possible. Incomplete
submissions, including missing loan amount and signature, will delay loan processing.
Student’s Name
Last First MI
Student Emplid
Parent Borrower’s Name
Last First MI
Parent Social Security Number
Parent Borrower’s Mailing Address
Street City State Zip Code
Parent Borrower’s Telephone Number Parent’s Email Address
Parent Borrower’s Driver’s License State and Number Parent Borrower’s Date of Birth
(Month)
-
(Date)
-
(Year)
1. Enter the amount you would like to request to borrow in the Federal Direct PLUS loan program. Please fill
in the year for which you are requesting funds.
Fall 2020
$ + $ =
Total
$
Spring 2021
2. Are you (the parent borrower) a U.S. citizen? □ Yes □ No (If “No,” provide your alien registration number)
___________________________
3. Are you (the parent borrower) currently in default on a federal education loan, or do you owe a refund on a
federal student grant? □ Yes □ No
4. If there is a refund resulting from the PLUS loan, would you like the proceeds to go to the student? (If “no”,
a check will be mailed to you at the address listed on this application.) □ Yes □ No
5. Certifications and authorization statements.
A. I certify that the information on this form is complete and correct to the best of my knowledge and I will notify the JSRCC Office
of Financial Aid within 10 days of any information change.
B. I consent to the U.S. Department of Education and its agents obtaining a report of my credit and using the information from that
report in determining whether to make a PLUS loan to me. I understand that I will be notified in writing of the result of the credit
check with respect to my PLUS loan request.
C. I understand that the PLUS loan funds will be used to pay my son/daughter’s tuition and fee charges (and bookstore charges,
if applicable).
D. If I am approved for and receive PLUS loan funds, I agree to repay the loan according to the terms of the PLUS promissory
note, and I accept all of its terms and conditions.
E. I understand that I have the right to refuse or reduce the amount of any Federal Direct PLUS Loan that I have requested even
if I have signed the loan promissory note. I understand that if I wish to refuse or reduce the amount of the loan, I must do so
within 14 days of the date the loan is disbursed to my son/daughter’s student account.
Parent Borrower’s Signature
Date
Please Note: The student must remain enrolled and attending in at least 6 financial aid eligible
credit hours at the time of disbursement in order to receive loan funds.
click to sign
signature
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Updated June 24, 2020
General Federal Direct PLUS Loan Information
• The yearly limit on a PLUS loan is equal to the student’s cost of education minus any other financial
aid the student receives.
• An origination fee of the principal will be deducted at the time of disbursement of loan funds. The
origination fee for a loan disbursed between Oct 1, 2020 and Sept 30, 2021 is 4.228%. Updated
origination fees can be located at https://studentaid.gov/understand-aid/types/loans/plus/parent.
• The first payment is due 45 to 60 days after the final loan disbursement for the academic year.
• For Direct PLUS Loans first disbursed on or after July 1, 2020, and before July 1, 2021, the interest
rate is 5.30%. Updated interest rates can be located at https://studentaid.gov/understand-aid/types/
loans/plus/parent.
• The borrower may request cancellation of the loan at any time during the academic year by putting
your request in writing and submitting it to the JSRCC Office of Financial Aid.
Federal Direct PLUS Loan Process
Step 1: Completing this form gives JSRCC the authority to have a credit check performed on the parent
borrower by the U.S. Department of Education. The parent borrower must complete the Electronic
Master Promissory note at the secure Department of Education site at https://studentaid.gov/. Once you
access this website, select the option for “Complete New MPN for Parent PLUS Loans” at the bottom of
the page.
Step 2: The parent will be notified by the U.S. Department of Education of acceptance or
denial of the
PLUS loan request.
Step 3: If the PLUS loan is denied, the servicer will provide instructions concerning an endorser. If a
PLUS loan is denied and the parent does not wish to seek an endorser, the student becomes eligible for
an additional Federal Direct Unsubsidized Loan. Freshman and sophomores are eligible for an additional
unsubsidized loan up to $4000 depending on the student’s cost of attendance.
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 Federal PLUS loan.
The information on this form will be used to determine your eligibility for a Federal 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 Dec. 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 litigations
where such disclosure is compatible with the purposes for which the records were collected, for use by federal, state, local or
foreign agencies purposes 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 may be recorded accurately.
Submit this form to Office of Financial Aid, fax to (804) 371-3739 or mail to J. Sargeant
Reynolds Community College, Office of Financial Aid, P.O. Box 85622, Richmond, VA,
23285-5622
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Completed 27 July 2020

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