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What is the Parent PLUS Loan? Who may (California Polytechnic State University, Pomona)

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Office of Financial Aid & Scholarships Summer 2020 Loan Request
SSB Bldg #121 – First Floor
Parent PLUS Loan
3801 W. Temple Ave; Pomona, CA 91768-4008
Phone: (909) 869-3700
Fax: (909) 869 - 4757
What is the Parent PLUS Loan?
The Federal Parent PLUS loan is a federal credit-based loan, which is available to the parent of a dependent
undergraduate student to assist with the costs of the student’s degree program. Maximum loan eligibility is
determined by subtracting the student’s total financial aid and resources from the cost of attendance. The total
amount awarded can never exceed the cost of attendance for the Summer 2020 semester.
Who may borrow a Parent PLUS Loan?
The Parent PLUS Loan may be borrowed by:
• Either biological parent of a Dependent Undergraduate student
• A step-parent whose information was included on the FAFSA
Grandparents, Foster parents, step-parents who did not provide information on the FAFSA, and other relatives (or
legal guardians) are not eligible to be Parent PLUS Loan borrowers.
What are the eligibility requirements for a Parent PLUS Loan?
To be eligible for a Parent PLUS Loan, a 2019 – 2020 FAFSA must be on file with Cal Poly Pomona. In addition:
• Both the parent and the student must meet the following:
• Be a United States citizen or eligible non-citizen;
• Not be in default on a federal student loan;
• Not owe a refund on a federal education grant;
• The Student must meet the following:
• Be meeting Satisfactory Academic Progress after Spring 2020 grades have been finalized / posted.
• Be enrolled at least half-time (6 units) during the Summer 2020 semester.
What if I don’t pass the credit check?
The parent borrower must pass a credit check to be eligible for the Parent PLUS Loan. If you do not pass the credit
check, you have the following options:
• Appeal: If you think there may be an error in how the credit worthiness was determined
• Apply with a credit-worthy endorser: You may use someone else to endorse (co-sign) the loan. This person
will be responsible to repay the loan in the event you are unable to make payments.
• Request the additional Direct Unsubsidized Stafford Loan funds (if eligible).
If a Parent PLUS Loan was applied for & denied during the 2019 – 2020 academic year, and the student borrowed additional
Unsubsidized Loan funds at that time, they may not have any remaining eligibility.
You will receive the results of your credit check by the Federal Loan Servicing Center. If you decide to appeal the credit
check or to apply with a credit-worthy endorser, follow the instructions provided by the Loan Servicing Center (which
includes completing the PLUS Counseling module on www.studentaid.gov
).
Be sure to indicate on the Loan Request form what you would like to do, in the event your loan is credit-denied.
I have completed the loan request form. What’s next?
Once you have submitted your completed loan request to Financial Aid, you must complete a Parent PLUS Master
Promissory Note (MPN) at www.studentaid.gov. The MPN is required. If
you do not complete the MPN, the loan
process is not complete and your loan funds will not be released.
Who Receives the Federal Parent PLUS Loan funds?
Cal Poly Pomona will receive the funds and apply them and any other financial aid the student receives to the charges
on the student’s account (tuition or fees, or books – if applicable).
IF any funds remain after the student’s university charges are paid, a refund (or “Financial Aid Disbursement) for the
remaining funds will be mailed to the Parent borrower. This refund is processed by the Cal Poly Pomona Student
Accounting & Cashiering Services office – and is sent by U.S. Mail to the parent.
Loan Fees, Interest Rates, and Repayment Information
After you have been approved for a PLUS Loan, a “Loan Disclosure Statement” will be sent to you by the Department of
Education indicating the amount you are borrowing, the loan period, and the loan fees. Interest begins to accrue at the
time funds are released; repayment of principal and interest begins 60 days after the loan has been fully released.
The Parent PLUS Loan has a fixed interest rate of 7.08% (for those loans with a first disbursement that occurs on or
after July 1, 2019 and before July 1, 2020).
For information about current interest rates, loan fees, repayment options and monthly payment estimators, visit
Federal Student Aid at https://studentaid.gov/understand-aid/types/loans/interest-rates
.
How to Apply for the Parent PLUS Loan
To apply for the Parent PLUS Loan, complete the following steps:
• Con
firm that there is a 2019 – 2020 FAFSA on file with Cal Poly Pomona.
• Submit your completed Summer 2020 Federal PLUS Loan Request (Parent) to the Cal Poly Pomona Office o
f
F
inancial Aid & Scholarships.
• Complete the Parent PLUS Loan Master Promissory Note (MPN) at www.studentaid.gov
.
Your loan request will be reviewed to determine your loan eligibility. To be eligible, the student must:
Be enrolled at least half-time (6 units) for the Summer 2020 semester.
Meet the general eligibility requirements for Federal Student aid.
Be meeting the Cal Poly Pomona Satisfactory Academic Progress (SAP) standards for Financial Aid
recipients.
Please note: SAP for the Spring 2020 term will be run after Spring grades have been posted (approximately
June 9). If a student is currently SAP Disqualified, or is on “Warning,” “Probation,” or on an “Academic Plan,”
your loan request cannot be processed until after SAP has run and eligibility for financial aid confirmed. If,
once SAP has been run, the student is not meeting the SAP Standards, you will not be eligible to receive the
Parent PLUS Loan. If your loan was processed, it will be cancelled, and you will be required to return any
funds that may have disbursed.
Please Note the Following:
• Parent PLUS Loans will be processed based on the student’s actual Summer 2020 cost of attendance.
• All Summer loans will be released according to the student’s summer enrollment period; review the chart on
the Request form for details.
• If the student drops below half-time (6 units), you will be ineligible to receive Parent PLUS Loan funds.
• If you fail to complete the MPN for the Parent PLUS Loan, funds from the loan will not be released.
Priority Application Processing Deadline for Summer Parent PLUS Loan is June 1, 2020
Office of Financial Aid & Scholarships Summer 2020 Loan Request
SSB Bldg #121 – First Floor
Direct PLUS Loan (Parent)
3801 W. Temple Ave; Pomona, CA 91768-4008
Phone: (909) 869-3700
Fax: (909) 869 - 4757
Student Name: __________________________________________Bronco ID Number: _____________________
Parent Borrower Information (The parent applying for the PLUS Loan)
LAST NAME____________________________________ FIRST NAME____________________________________ M.I. ___
Date of Birth_______________________________________ SSN_____________________________ Gender ______
Street Address________________________________________________________________________________________
City________________________________________________________ State_________ Zip Code__________________
Phone____________________________ Email Address____________________________________________________
Are you, the parent borrower, in default on a prior educational loan or owe a refund on a federal education grant? ______
Citizenship Status (check one): Citizen Eligible Non-Citizen (Alien Registration Number) _______________
Please note: If you are neither a U.S. Citizen nor an Eligible Non-Citizen, you are not eligible for the Federal Direct PLUS Loan.
Loan Request: For the Summer 2020 Enrollment Period Only (May 27 - August 06, 2020)
List the number of units the student is enrolled in – for each session of Summer 2020 (must be at least half-time)
Term
Number of Units Enrolled In
Loan Disbursement Date
10 Week Summer Session (5/27/20 – 8/06/20)
05/27/2020
1
st
5 Week Summer Session (5/27/20 – 6/30/20)
05/27/2020
2
nd
5 Week Summer Session (7/01/20 – 8/04/20)
07/01/2020
Requested Parent PLUS Loan Amount: $_______________________
Cal Poly Pomona reserves the right to certify less than the requested amount in the event it exceeds the student’s eligibility.
PLUS Loan Denial Options (In the event the PLUS loan is credit-denied. Please check only one)
Allow the student to be offered additional Federal Direct Unsubsidized Loan funds. Additional loan funds are: freshman &
sophomores up to $4,000 per academic year; juniors & seniors up to $5,000 per academic year.
Use an endorser (credit-worthy co-signer) or contest the credit denial. I understand it is my responsibility to contact the Direct
Loan Servicer at 1-800-557-7394 to obtain the necessary paperwork, and that I will be required to complete the PLUS Counseling
module on www.studentaid.gov.
Cancel the PLUS request. I will pursue other options.
Parent Borrower’s Consent & Signature
1. I consent to the U.S. Department of Education and its agents obtaining a report of my credit record and using that information
in determining whether to make a Direct PLUS Loan to me. I understand that the Department of Education will notify me in
writing of the results of the credit check with respect to my loan application.
2.
I understand that the student must be enrolled at least half-time and be making Satisfactory Academic Progress towards
her/his degree in order for the parent to obtain a Federal Parent PLUS Loan.
3. I understand that I MUST have a signed Direct PLUS Loan
Master Promissory Note (MPN) on file with the U.S. Department of
Education to complete the Parent PLUS loan process (the PLUS Loan MPN can be completed at www.studentaid.gov
).
Parent Signature_____________________________________________________ Date__________________________
Student Signature____________________________________________________ Date__________________________
Return This Form using our Secure Document Upload (on the Forms Page of our website), or by FAX to (909) 869-4757
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What is the Parent PLUS Loan Who may (California Polytechnic State University, Pomona)

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Completed 28 January 2021

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