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
2019-2020 Federal Direct PLUS Loan Application
Before applying for a PLUS loan, your student must have a valid 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
.
• Bo
rrowers must meet citizenship requirements and not be in default or owe a repayment to a Fede
ral
S
tudent 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 7.08% 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
lo
ans. The fee is currently 4.248% 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 – December 6, 2019
Full Year or Spring Loan Application – May 1, 2020
• Your federal FSA ID allows you to access your personal information on various Department of Education websites. It also
se
rves as your electronic signature.
• You may Apply for a FSA ID online at https://fsaid.ed.gov
Step 1: Locate your federal FSA ID
