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University of the Incarnate Word Office of Financial (University of the Incarnate Word)

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University of the Incarnate Word
Office of Financial Assistance
2020-2021 Parent PLUS Loan Request Form
4301 Broadway, Box 308
San Antonio, TX 78209
Phone: (210) 829-6008
Fax: (210) 283-5053
finaid@uiwtx.edu
www.uiw.edu/finaid
STUDENT INFORMATION (Black Ink Only) Online applications may be submitted at studentaid
.gov for a faster response.
Student’s Last Name* Student’s First Name Student’s UIW ID Number
PARENT
BORROWER INFORMATION:
Parent’s Last Name* Parent’s First Name Parent’s Social Security Number
*List your name as it appears on your Social Security Card
Parent’s Date of Birth Parent’s Phone Number Parent’s Email Address
Parent’s Street Address City State & Zip Code
Please answer each question below – incomplete forms cannot be processed.
Relationship to Student: Mother Father Step-mother Step-father Other:
Are you one of the parents (or step-parents) listed on the FAFSA?
Yes No – Please provide copies of your Social Security card or Permanent Residency card, and Driver’s license (required)
*Please note – step-parents may only request Parent PLUS loans when they are one of the parents included on the student’s FAFSA.
Parent Citizenship Status:
US Citizen Eligible Non-Citizen Not a US Citizen or Eligible Non-Citizen
REQUESTED LOAN AMOUNT(S) - If no amount is specified, the loan will be certified for the current balance only.
Summer 2020: $ or maximum or balance only
Fall 2020: $ or maximum or balance only
Spring 2021: $ or maximum or balance only
Notes:
MARK ONE OPTION IN EVENT OF CREDIT DENIAL
I will appeal the decision
I will obtain a credit-eligible endorser
Award my student additional loans - Freshman/Sophomore: up to $4,000 annually; Junior/Senior: up to $5,000 annually
OPTIONAL: If I am approved for the Parent PLUS Loan, I do not want the loan.
CONSENT TO OBTAIN A CREDIT REPORT AND CERTIFICATIONS:
I certify by signing below that:
• I consent to the U.S. Department of Education and its agents obtaining a report of my credit record and using the information
from that report in determining whether to grant a Direct PLUS Loan to me. I understand I will be notified in writing of the results
of the credit check with respect to my loan application.
• The information submitted for review is true and correct to the best of my knowledge.
• I am not in default on a federal student or parent loan, or have made satisfactory arrangements to pay it. I do not owe money back
on a Federal student grant, or have made satisfactory arrangements to pay it.
Please initial here if you would prefer for any refund to be sent to your student directly.
Please initial here if you would allow PLUS funds to pay for non-institutional charges (bookstore credit, laptop, etc.)
Please note: deferment can only be requested via online application, or directly through the loan servicer, once assigned.
Paren
t Signature: Date:
DPLUS
Parent PLUS Loan Information
Eligibility:
• A completed and valid 2020-2021 FAFSA is required before you may apply for a Parent PLUS Loan.
• PLUS loans are restricted to the biological parents, or adoptive parents of a dependent undergraduate student. Step-parents
whose information is included on the FAFSA may also apply. Grandparents, aunts, uncles, & friends may not apply for a
PLUS loan.
• Eligibility for the PLUS loan depends on a modest credit check that determines whether the parent has adverse credit. An
adverse credit history is defined as being more than 90 days late on any debt or having had Title IV debt within the past five
years subjected to default determination, bankruptcy, discharge, foreclosure, repossession, tax lien, wage garnishment, or
write off.
Loan Details:
• Repayment begins 60 days after the loan is fully disbursed. You may contact the Direct Loan Servicer to request to
defer payments until six months after your student graduates or drops below half-time enrollment, if you did not
already request a deferment on the application.
• The interest rate on the PLUS Loan is 7.079% fixed*. Interest begins to accrue on the loan once it is disbursed to UIW.
• There is a 4.236% net* origination fee charged by the Dept. of Education which is deducted from each loan disbursement.
• You may reduce or decline your loan or even return all or part of it, up to 120 days after funds have been released.
• PLUS loans may not be transferred to the student. The Parent PLUS loan is a Parent Loan, taken out in the Parent’s name.
• If you are not approved for the PLUS loan, you may add an endorser or increase the student’s unsubsidized loan.
• Your loan may be discharged if you pass away or if the child for whom you borrowed passes away, or if you become totally
and permanently disabled.
• For more information, please visit http://studentaid.ed.gov/types/loans/plus or contact the UIW Office of Financial
Assistance at (210) 829-6008.
*Origination fees and interest rates as of 10/01/2019, subject to change based upon legislative action.
What are the advantages of a Federal PLUS loan vs. a Private Loan?
Federal Direct PLUS Loan
· Less stringent credit approval than an alternative loan.
· Denial allows student to increase their Direct Unsubsidized
Loan.
· Fixed 7.079%* interest rate for the life of the loan
· Net origination fee of 4.236%*, deducted from each
disbursement
· Discharge in case of student or borrower death or in the case
of borrower total and permanent disability.
· No penalty for early repayment
Private Loan
· Approval based on credit criteria such as credit score, debt-
to-income ratio, etc.
· Denial does not result in additional funding for student.
· Variable interest rate, based on credit rating and market rates
· Origination fee may be added to principal balance rather than
deducted from disbursements
· Usually does not have a discharge option for borrower or
cosigner.
Sample Direct PLUS Loan Repayment Chart
(Based on Standard Repayment Plan of 10 Years. Other plans available.)
Loan Amount
Interest Rate
Monthly Payment
Months of Payment
Total Interest Paid
Total Loan Paid
$5,000.00
7.079%
$60.83
120
$2,300.47
$7,300.47
$10,000.00
7.079%
$121.67
120
$4,600.40
$14,600.40
$20,000.00
7.079%
$243.34
120
$9,200.79
$29,200.79
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Completed 24 July 2020

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