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Who may borrow a Graduate PLUS Loan? What (California Polytechnic State University, Pomona)

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Office of Financial Aid & Scholarships Summer 2020 Loan Request
SSB Bldg #121 – First Floor
Graduate PLUS Loan
3801 W. Temple Ave; Pomona, CA 91768-4008
Phone: (909) 869-3700
Fax: (909) 869 - 4757
What is the Graduate PLUS Loan?
The Federal Graduate PLUS loan is a federal credit-based loan, which is available to assist graduate students (Master’s
and Doctoral level) with the costs of their degree program. Students are encouraged to borrow only the minimum
amount needed to cover actual costs. 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 Graduate PLUS Loan?
The Graduate PLUS Loan is available to students who meet all of the following criteria:
• Graduate students who are enrolled in a Master’s or Doctoral degree program (Credential & Certificate
students are not considered graduate students)
• Filed a 2019 – 2020 FAFSA (and submitted all follow up documents, if applicable)
• Eligible for Federal Student Aid
• Enrolled at least half-time (3 units) in Graduate-level coursework during the Summer 2020 semester
• Meeting Satisfactory Academic Progress Standards (SAP) for Financial Aid
What if I don’t pass the credit check?
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.
Y
ou 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 Graduate PLUS Master
Promissory Note (MPN) at studentaid.gov. The MPN is required o
f all borrowers. If you do not complete the MPN, the
loan process is not complete and your loan funds will not be released. Additionally, you must complete the Loan
Entrance Counseling for Graduate PLUS Borrowers (also at studentaid.
gov).
Who Receives the Graduate PLUS Loan funds?
Cal Poly Pomona will receive the funds and apply them, and any other financial aid you receive, to the charges on your
student account (tuition, fees, room & board – if applicable). IF any funds remain after your bill is paid, a refund (or
Financial Aid Disbursement) will be issued. This refund is processed by the Cal Poly Pomona Student Financial Services
office. Be sure to sign up for Direct Deposit so your funds can be sent directly to your bank account.
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.
For information about interest rates, loan fees, repayment options and monthly payment estimators, visit Federal
Student Aid at https://studentaid.ed.gov/
.
How To Apply for the Graduate PLUS Loan
To apply for the Graduate PLUS Loan, complete the following steps:
• Confirm that there is a 2019 – 2020 FAFSA on file with Cal Poly Pomona, and that there are no outstanding
financial aid documents needed (check your To Do List on BroncoDirect).
• Submit your completed Summer 2020 Federal PLUS Loan Request (Graduate) to the Cal Poly Pomona Financial
Aid Office.
• Complete the Graduate PLUS Loan Master Promissory Note (MPN) at studentaid.gov
.
• Complete the Entrance Counseling for the Graduate PLUS Loan at studentaid.gov.
Your loan request will be reviewed to determine your loan eligibility. To be eligible, you must:
Be enrolled at least half-time (3 units) in graduate-level coursework 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 you are currently SAP Disqualified, or 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, you are not meeting the SAP Standards, you will not be eligible to receive the Graduate
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:
• Graduate PLUS Loans will be processed based on your actual Summer 2020 cost of attendance.
• If you drop below half-time status, you will be ineligible to receive Graduate PLUS Loan funds.
• If you fail to complete either the MPN or the Entrance Counseling for the Graduate PLUS Loan, funds from the
loan will not be released.
• If you fail to complete the MPN for the Graduate PLUS Loan, funds from the loan will not be released.
Priority Application Processing Deadline for Summer Graduate PLUS Loan is June 1, 2020
Office of Financial Aid & Scholarships Summer 2020 Loan Request
SSB Bldg #121 – First Floor
Direct PLUS Loan (Graduate)
3801 W. Temple Ave; Pomona, CA 91768-4008
Phone: (909) 869-3700
Fax: (909) 869 - 4757
Student Name: __________________________________________Bronco ID Number: _____________________
Student Borrower Information
SOCIAL SECURITY NUMBER_________________________________ DATE OF BIRTH____________________________
STREET ADDRESS_____________________________________________________________________________________
CITY________________________________________________________ STATE________ Zip Code________________
ACADEMIC PROGRAM ENROLLED IN FOR 2019 – 2020 ______________________________________________________
Loan Request: For the Summer 2020 Enrollment Period Only (May 27 - August 06, 2020)
List the number of units you are 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 Graduate PLUS Loan Amount: $_______________________
Cal Poly Pomona reserves the right to certify less than the requested amount in the event it exceeds your eligibility.
Graduate PLUS maximum eligibility is determined by subtracting all financial aid you will be receiving from your Summer
Cost of Attendance. You Do Not Have to Borrow Your Maximum Eligibility.
PLUS Loan Denial Options (In the event the PLUS loan is credit-denied. Please check only one)
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.
Student 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 I must be enrolled at least half-time and be making Satisfactory Academic Progress toward my degree in
order to obtain a Federal Graduate PLUS Loan.
3. I understand that I MUST complete a Graduate PLUS Loan Entrance Counseling session AND have a signed Direct PLUS Loan
Master Promissory Note (MPN) on file with the U.S. Department of Education to complete the PLUS loan process (the Entrance
Counseling & Loan MPN can both be completed at www.studentaid.gov).
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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Completed 28 January 2021

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