Fillable Plus Loanapp18-19 2018-2019 Federal Direct PLUS Loan Application

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Plus Loanapp18-19 2018-2019 Federal Direct PLUS Loan Application

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File type: PDF

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HVCC Financial Aid Office Phone 518-629-7150 Guenther Room 110
80 Vandenburgh Ave Fax 518-629-7479 Monday-Friday
Troy, NY 12180 financialaid@hvcc.edu 8AM-5PM
Mastrangelo Financial Aid Center
2018-2019 Federal Direct PLUS Loan Application
Before applying for a PLUS loan, your student must have a completed FAFSA on file with Hudson Valley Community
College and be eligible for federal financial aid. Your student must also be continually
enrolled and participating in at
least 6 degree-applicable credit hours for you to borrow this loan and receive disbursements.
Facts about the PLUS loan:
• PLUS Loans can be borrowed to pay for your dependent
student’s educational expenses.
• A credit check will be performed when you apply online. Applicants who do not pass the credit check may
be able to receive the loan if they obtain an endorser and complete mandatory PLUS loan counseling online
at www.studentloans.gov.
• Borrowers must meet citizenship requirements and not be in default or owe a repayment to a Federal
Student Aid program.
• The yearly limit on a PLUS loan is equal to the student’s cost of attendance minus all other financial aid
available (including but not limited to grants, scholarships, and federal student loans). Contact the Financial
Aid Office for your limit.
• Loan funds are applied to the student’s tuition account to pay any balance outstanding at the time of
disbursement. Any remaining funds not used to pay a balance are refunded to the parent.
• Any portion of the loan can be cancelled within 14 days after the parent is notified that the funds were
credited to the tuition account, or by the first day of the payment period, whichever is later.
• The interest rate on PLUS loans is currently 7.595% but is subject to change
. Interest begins accruing with
the first disbursement of funds.
• There is an origination fee deducted from each disbursement of the loan to help reduce the cost of the
loans. The fee is currently 4.24% but is subject to change
.
• Repayment begins within 60 days after the final loan disbursement for the period of enrollment for which
the loan is borrowed. There is no grace period for these loans.
• There are 3 repayment plans: Standard, Graduated and Income-Contingent Repayment.
• There are tax incentives, such as deductions for student loan interest paid. Please see your accountant for
information.
• Under certain circumstances, borrowers may receive a deferment or forbearance on their loan, as long as
the loan is not in default. Information on deferment and forbearance can be obtained by calling your loan
servicer.
If you need special accommodations, please contact the Financial Aid Office at (518) 629-7150. There are computers available for parent use in the Financial Aid
Office. PLEASE NOTE: Hudson Valley Community College is not responsible for technical difficulties that may occur with the websites. The websites, on occasion, are
unavailable for use.
Application Deadlines:
Fall ONLY Loan Application – November 30, 2018
Full Year or Spring Loan Application – May 3, 2019
• Your federal FSA ID allows you to access your personal information on various Department of Education websites. It also
serves as your electronic signature.
• You may Apply for a FSA ID online at https://fsaid.ed.gov
Step 1: Locate your federal FSA ID
This must be completed online at https://studentloans.gov.
• Click on Parent Borrowers.
• N
ow click on Apply for a PLUS Loan
o You must attach a copy of your PLUS Loan application decision to this loan application
T
his also must be completed online at https://studentloans.gov
.
• Click on Parent Borrowers.
• N
ow click on Complete PLUS Loan Master Promissory Note (MPN)
• Complete all required steps.
o You must attach page 1 of your completed MPN to this loan application
Student Name
Date of Birth:
Social Security Number
Parent Name
Date of Birth:
Social Security Number
I would like to request a Federal Direct PLUS Loan for: $ ____________________
What term is the loan needed for? (Check all that apply) Fall 2018_________ Spring 2019_________
The loan amount above will be evenly divided for the Fall 2018 and Spring 2019 unless the loan is requested for one term only.
I certify that I have completed the online application and Master Promissory Note (MPN).
I have attached a copy of my Master Promissory Note with this loan application.
I understand my rights and responsibilities, as explained in the online PLUS Counseling at www.studentloans.gov.
PLUS loan funds will be applied to any outstanding balance on the student’s tuition account at the time of disbursement. If any
funds remain after the balance is paid, those funds will be refunded to the parent. Approved PLUS loan funds will be applied to
the student’s account in two disbursements: (08/20/18 and 01/14/19 for a full year loan, 08/20/18 and 10/25/18 for a Fall only
loan, 01/14/19 and 04/04/2019 for a Spring only loan).
A disclosure statement will be sent from the loan servicer each time a loan disbursement is made to the student’s tuition
account.
Parent Signature
Date
F
or office use only:
LOANAP
To be completed once processed:
SAAADMS
PLUS Amount $
NSLDS ROAENRL /
Term(s):
AY Fall Spring
ROASTAT /
Staff Initials:
Date:
RSISTDN /
RLADMPN
RLADLOR
Step 2: Apply online for a PLUS Loan
Step 4: Application Certification
Step 3: Complete PLUS Loan Master Promissory Note (MPN)
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Completed 31 December 2020

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