Fillable 2020-2021 Federal Direct Parent PLUS Loan Certification (Sacred Heart University)

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2020-2021 Federal Direct Parent PLUS Loan Certification (Sacred Heart University)

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2020-2021 Federal Direct Parent PLUS Loan Certification
This form is to be completed and signed by the parent borrower only.
Student Information
Name: ____________________________________________ ID#: ________________________
Street Address: _______________________________________________________________________
City: _________________________________State: ______ Zip: ____________________
Email: ______________________________________ Cell Phone: ____________________
Parent Information
Parent Name: _____________________________ Last 4 of Social Security #: ______________
Email: __________________________________ Cell Phone: ____________________
Please follow these steps:
1. Review Borrowing Parent PLUS Loans FAQs (enclosed).
2. Write the total amount you want to borrow below and check the semesters for disbursement
installments:
Requested Annual Loan Amount $ _____________
☐ Fall ☐ Spring ☐ Summer
Note: First-time PLUS Loan borrowers must complete a Federal Direct PLUS Loan Agreement (MPN) which can
be found online at studentaid.gov. Direct PLUS Loans for parents have a fixed interest rate of 7.08%. After July
1, 2020, the interest rate is TBD. An origination fee of 4.236% will be deducted from your requested loan
amount. After October 1, 2020, the origination fee is TBD.
3. Sign below to indicate that you have read, understood, and agree to the Direct Loan borrowing
requirements and responsibilities according to federal guidelines.
Parent's Signature: _____________________________________________________ Date: ______________
Typed or e-signatures are not acceptable.
Submit this form to the Office of Student Financial Assistance via regular mail, secure fax, SHUAwards upload, or in person as it
contains personally identifiable information.
5151 Park Avenue, Fairfield, CT 06825 203-371-7980 (phone) 203-365-7608 (secure fax)
2
Borrowing Parent PLUS Loans – Frequently Asked Questions
What is the difference between a Parent PLUS loan and an alternative education loan?
The Direct Parent PLUS loan is a credit-based loan program with the U.S. Department of Education for parents
of eligible dependent undergraduate students. The parent is the borrower responsible for repayment.
Repayment responsibility cannot be transferred to the student. As a federal loan, the Parent PLUS loan carries
a fixed interest rate, deferment options, and various repayment plans. Alternative education loans are
available via private lenders, such as banks, credit unions, or state agencies. Sacred Heart University has a list
of preferred alternative education lenders available via elmselect.com. Depending on your credit, alternative
education loans may have competitive interest rates. Typically, the student applies for an alternative
education loan with a creditworthy co-signer who does not necessarily have to be the parent.
Who can borrow a Parent PLUS Loan?
The borrower must be the biological or adoptive parent of the student. Direct Parent PLUS loan borrowers
must obtain a credit approval via an electronic application on studentaid.gov. Both the parent and the
student must meet general eligibility requirements for federal aid. The student needs to submit a FAFSA.
What if I am not approved for the Parent PLUS Loan?
If you are credit denied, you have the option of obtaining a creditworthy endorser (co-borrower).
Alternatively, you can appeal the credit decision with the U.S. Department of Education. Students whose
parents are denied the Parent PLUS loan may be eligible for additional federal student loan eligibility.
How much should I borrow?
Direct Parent PLUS loans can be processed for up to your student’s remaining cost of attendance. Refer to
your student’s Financial Aid Disclosure in SHUAwards. The PLUS loan may only be used to pay for education-
related expenses. Your student can authorize you access to their Student Account online to determine
semester billed tuition and fee costs. Need help planning for the academic year? Contact us!
What are the interest rates and fees?
Direct PLUS Loans for parents have a fixed interest rate of 7.08%. The interest rate after 7/1/2020 is TBD. The
origination fee is 4.236%. After 10/1/2020, the origination fee is TBD.
What actions need to be completed for loan processing?
You will need a credit approval via studentaid.gov and you must complete a PLUS Loan Agreement (MPN).
You need to certify the amount you wish to borrow on the Parent PLUS Loan Certification form. Credit
approvals are valid for 180 days. Have your student to review SHUAwards for any outstanding
documentation. Your student will receive periodic emails if financial aid forms are missing or incomplete.
How and when will my loan disburse?
Direct Loans are typically divided into equal installments for each semester. After the add/drop period, the
PLUS loan will post to your student’s account. Your student must initiate attendance, be enrolled at least half-
time, and be maintaining satisfactory academic progress to be eligible for PLUS loan disbursement. All
outstanding financial aid requests related to eligibility must be received. Once posted, you will receive a
disbursement notification from the Office of Student Accounts.
3
If I over-borrowed, when will I receive a financial aid refund?
If your Direct PLUS loan exceeds your student’s billed charges for the term, a financial aid refund will be issued
within 14 days of aid disbursement. For more information, refer to the Student Accounts Credit Balance
Processing webpage. You may elect to have the credit held for future academic year charges.
How do I modify, cancel, or return a portion of my loan?
To increase a loan amount, you may submit an additional Parent PLUS Loan Certification form. Note: if your
credit approval has expired, you will need to obtain a new credit approval. You may request a modification or
cancellation to a future term by emailing SFA@sacredheart.edu. For returns back to the lender, send your
written request to either SFA or to Student Accounts within 120 days of your PLUS loan’s disbursement date.
What happens to my loan if my student adds, drops, or withdraws from classes?
Changes in your student’s enrollment status may impact financial aid. If your student drops below 6 credits,
they will be ineligible for federal loan disbursement. Students are encouraged to review our FA Withdrawal
Policy and to go over the changes with their Financial Aid Counselor. Failed attendance and course
withdrawals affect your student’s satisfactory academic progress, which may also impact aid eligibility.
Do I have to make payments on my loan while my student is enrolled?
If you request a deferment, you will not need to make payments while your child is enrolled at least half-time
(6 or more credits). Interest will accrue during this time. It is advised that you at least pay the interest. If you
elect not to pay the interest, accrued interest will be capitalized (added to your loan’s principal balance). If
you do not request a deferment, payments are due after the PLUS loan is fully disbursed. There are no
prepayment penalties.
When does my Parent PLUS Loan need to be repaid?
If not deferred, your repayment date will begin 60 days after the loan is fully disbursed. If you elected to defer
payments, the repayment date will be after a 180-day grace period following your student’s graduation,
withdrawal from courses, or when your student drops below 6 credits. During this grace period, you are not
required to make payments though interest will continue to accrue.
How do I repay my loans?
After your loans disburse, you will be assigned a federal loan servicer who will manage the repayment of your
Direct Parent PLUS loans. Borrowers are automatically assigned to the 10-year standard repayment plan.
However, there are several repayment plans available to Direct Loan borrowers. Contact your loan servicer
for information on the different repayment strategies.
Where can I find out how much I have borrowed?
Please visit the National Student Loan Data System and log in with your FSA ID. This website will display your
loan history (not your student’s loan history) for all federal loans. Private loans are not included.
Who do I contact with loan questions?
More questions? We are here to help! Contact Student Financial Assistance via email (sfa@sacredheart.edu)
or by phone at 203-371-7980. For specific information about your loan repayment, reach out to your federal
loan servicer.
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2020-2021 Federal Direct Parent PLUS Loan Certification (Sacred Heart University)

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Completed 25 August 2020

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