Fillable Form 023: Parent PLUS Loan Information and Application (New York Department of Motor Vehicles)

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Form 023: Parent PLUS Loan Information and Application (New York Department of Motor Vehicles)

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University
of
Massachusetts
Amherst I
ii%
flii
i&HH
Academi ea 2-2
Academic
c Y
Year
r 202
2022-2023
Financial Aid Services
023
Fax: 413-545-1700
Phone: 413-545-0801
Parent PLUS Loan Information and Application Form
Information about the Federal Direct Parent PLUS Loan:
The Federal Direct Parent PLUS Loan is a low-interest, credit based loan program, that enables parents of dependent undergraduate
students to borrow directly from the Federal Government to help pay for the student’s educational expenses. A parent can borrow up
to the cost of attendance minus other financial aid received. Before applying for a Parent PLUS Loan you must file the 2022-2023
Student FAFSA
Interest Rate, Fees and Credit Requirements:
The interest rate is currently fixed at 6.28%*, with an origination
fee of 4.228%*, deducted from the loan before disbursement.
* Interest rate and origination fee are subject to change.
The parent borrower is required to pass a credit check.
If credit is approved, the borrower must complete a Loan
Agreement for PLUS Loan (MPN) at studentaid.gov, which is
valid for 10 years and for all future approved PLUS loans for
the same borrower.
If credit is denied, the loan can be approved with an Endorser**,
or student can receive a limited amount of additional
unsubsidized loan funds.
Note: **Loan Agreement (MPN) for loans approved with an
Endorser are only valid for that single loan.
Examples of each plan are given below:
Repayment and Deferments:
Repayment of Parent PLUS loans begins 60 days after the loan is fully disbursed.
The Parent PLUS loans offer a variety of repayment options:
The Standard Repayment Plan allows repayment of your loans in 10 years with a fixed
monthly payment.
The Graduated Repayment Plan allows you to start with lower monthly payments
at first, and then gradually increases your payments until your loan is fully repaid in
ten years.
The Extended Repayment Plan allows you to repay your loan over a period not to
exceed 25 years. There are eligibility requirements for the Extended Repayment Plan.
A deferment may be requested with the loan servicer, while the student is enrolled at least
half-time in an eligible program.
You will be assigned to one of the Federal Loan Services to repay your PLUS loan.
Initial debt
when you enter
repayment
Standard Repayment Plan Graduated Repayment Plan
Extended Repayment Plan
Monthly
Payment
$119
Total Repaid
$14,307
Monthly
Payment
$69-$208
Total Repaid
$15,529
Monthly
Payment
Not Available
Total Repaid
Not Available$10,000
$50,000 $596 $71,535 $347-$1,041 $77,656 $373 $111,826
$70,000 $835 $100,148 $486-$1,457 $108,703 $522 $156,557
For additional information on repayment plans or to request a deferment, please contact your assigned loan servicer or visit studentaid.gov.
RESULTS OF CREDIT CHECK:
If credit is approved, and you have not previously signed a
Master Promissory Note for a Parent PLUS Loan for this student,
use your FSA ID to complete the promissory note on online at
studentaid.gov:
Click on the “Parent” tab and choose “Complete a Master
Promissory Note for a Parent PLUS Loan”.
Login with your FSA ID and password- if you do not have one, you
will be instructed how to create one on the site.
Make sure to use the correct Parent borrower and student
information.
Once the Parent Borrower succesfully completes the promissory
note and it is accepted, an electronic notification is sent to the
school.
After the school receives the electronic notification of acceptance
for the Master Promissory Note, the semester loan amount minus
the origination fee is disbursed to the student’s University
account, at the scheduled time.
If credit is denied, the Parent Borrower receives notification from Direct
Loan Servicing Center, with the loan denial reason and the reporting credit
bureau. This notification includes information on how to:
Appeal the credit decision and/or provide an Endorser to get the loan
approved at studentaid.gov.
Borrower also receives notification of credit denial from UMass Financial
Aid Services, including a PLUS Denial Follow-Up Form, with the option
for the student to receive an additional unsubsidized loan, or to let us know
if you will be appealing the credit decision or using an Endorser.
To receive the additional unsubsidized loan, please submit the completed
PLUS Denial Follow-up Form to Financial Aid Services. The student may
be eligible to received additional unsubsidized loans up to the annual
established limits: Freshmen/Sophomores up to $4,000; Juniors/Seniors up
to $5,000. An unsubsidized loan accrues interest while the student is in
school.
TO APPLY FOR A FEDERAL DIRECT PARENT PLUS LOAN:
Complete the Application form below and fax it to (413) 545-1700.
Remember to include the origination fees in the requested amount.
For detailed information on the Parent PLUS loan, please visit studentaid.gov.
University
of
Massachusetts
Amherst I
ii%
flii
i&HH
Academi ea 2-2
41 5-1700
0
.edu/fi
Academic
c Y
Year
r 202
2022-2023
023
Fax: 413-545-1700
Phone: 413-545-0801
Financial Aid Services
Parent PLUS Loan Application Form
A. Student Information: Please make sure you have filed a 2022-2023 FAFSA before applying for this loan.
Student’s Name (Last, First MI): _____________________________________________ UMass SPIRE ID_________________________
Student’s UMass Email Address: ____________________________________________ Cell Phone #: ( ) ____________________
Year in School: 1st Yr Freshman 2nd Yr Sophomore 3rd Yr Junior 4th Yr Senior
B. Loan Information:
Loan Amount Requested: $______________ (Remember to include the origination fee (4.228%) in the total amount).
Loan Period - Please Check One:
Academic Year- Fall 2022 and Spring 2023 Term - Loan disbursed 50% Fall / 50% Spring
Fall Term Only- Loan Disbursed in one payment
Winter Session - Student must be enrolled in winter session classes.
Spring Term Only- Loan Disbursed in one payment
C. Parent Borrower Information: (Please Print or Type clearly, make sure all information is correct, remember to sign the application)
Parent Name (Last, First, MI):___________________________________________________ Parent Date of Birth: ______ / _____ / _________
MM DD YYYY
Social Security Number: _______-_______-__________ Relationship to Student: Mother Father Stepparent
Gender: Female Male Citizenship Status: US Citizen or National
Permanent Resident or Eligible Non Citizen: A ____________________________
DHS Alien Registration Number
Permanent Address (include apt. #): ___________________________________________________________________________
City: __________________________ State:_______ Zip: _____________ Cell Phone #: ( ) __________________________
Email Address: ________________________________________________ Telephone #: ( ) __________________________
You will be notified via email of loan approval or denial.
D. Statement of Non Default Status and Educational Purpose
I certify that I do not owe a refund on any grant, I am not in default on any loan or have made satisfactory progress to repay any defaulted loan,
and have not borrowed in excess of the loan limits under Title IV programs at any institution; that I will use any funds I receive from this
application solely for expenses related to my attendance at the University of Massachusetts Amherst. I authorize any PLUS loan amounts to be
credited to the student’s account and any excess funds to be issued to the student.
PLUS Borrower signature (parent/stepparent):_______________________________________ Date:___________________
Student signature:_____________________________________________________________ Date:___________________
Application will not be process without all signatures. Digital signatures are not accepted
Fax completed form to:
3-54
413-545-17 0 or
Secure Document Upload at:
umass
umass.edu/fi
nancialaid/upload
nancialaid/upload
School Use ONLY - Parent PS ID:
*FPLSAP*
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Form 023: Parent PLUS Loan Information and Application (New York Department of Motor Vehicles)

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Completed 9 June 2022

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