Frequently asked questions
The student will receive an email and an updated Financial Aid Award letter displaying the amount for which the PLUS loan has been certified. The borrowed funds does not disburse through to the mother or father debtor has complete the new Parent And additionally Master Promissory Note (MPN) and you may And Credit Counseling – if for example the loan try originally rejected.
If your PLUS loan is denied, you have the following options:
a. You may appeal the credit decision by contacting Direct Loan Originations at (800) 557-7394 option 3, after holding through the first options.
b. You may add your spouse, or someone else, as an endorser/cosigner. The parent will be sent a paper application for the endorser or the endorser can complete the Endorse a Direct PLUS Loan online. To complete the application online, the endorser will need:
- The loan’s reference or honor ID amount you should located once you pertain
- The endorser will have to score a keen FSA ID
If the focus otherwise endorser is eligible, try to done on line Plus Guidance and a new Mother And additionally Learn Promissory Mention (MPN). If the Often of those criteria commonly satisfied, the loan does not disburse.
If you do not has actually an enthusiastic endorser, students out of parents that refused the brand new Plus Financing will get pertain to have an extra Federal Lead Stafford Unsubsidized mortgage. The newest college student may submit an application for the additional Government Direct Stafford Unsubsidized Loan off $4,100000 just like the a good freshman otherwise sophomore, or $5,100 since the a beneficial junior otherwise senior towards the informative 12 months. Continue reading
