How long is a credit approval valid?
90 days
How much can I borrow?
A parent may apply for a PLUS up to the cost of attendance minus all
other financial assistance. If the PLUS is for one term only, the amount
a parent may borrow is based on the cost of attendance minus the financial
aid for that term. If the amount requested exceeds the eligibility,
DWU will reduce the loan amount to abide by federal regulation.
What is a Master Promissory Note (MPN)?
A promissory note is a binding legal document that lists the conditions
of your loan and the terms of repayment. A Master Promissory Note is
a multi-year promissory note that only has to be completed once while
your student is attending DWU.
How do I sign an MPN?
Instructions for completion of the MPN will be forwarded to first time
Direct Loan borrowers after you have completed the PLUS Loan Credit
Check Form and you have been credit-approved.
When will the PLUS disburse?
In accordance with federal loan regulations, the loan may be applied
to your student’s account approximately 7-10 days prior to the
beginning of the term if all requirements are met. If full-year enrollment
is anticipated, one-half of the loan will be disbursed at the beginning
of each term. If enrolled one term only, the total amount of your loan
will disburse at the beginning of the term.
When will repayment begin?
PLUS loan borrowers whose funds were first disbursed on or after July
1, 2008, have the option of delaying their repayment on the PLUS loan
either 60 days after the loan is fully disbursed or six months after
the dependent student is not enrolled at least half-time. During this
time, interest may be paid by the parent or capitalized. The repayment
period for the PLUS loan may range from 10 to 25 years.
A .25% interest rate reduction is offered to borrowers
who have their monthly payment auto-debited from their account.
What if my loan proceeds exceed what is actually
due to DWU?
If PLUS funds result in a credit on the student’s account, a refund
will be sent to whom the parent selected on the PLUS excess cash form.
What if additional financial assistance is received
and I want to reduce or cancel my PLUS?
If your student has received additional financial aid and you now wish
to reduce or cancel the amount you borrowed with the Federal Direct
PLUS, it is important that you notify the Financial Aid Office at DWU
in writing as soon as possible. You may cancel all, or a portion of
your loan before or after funds have been credited to your student’s
account, by notifying us in writing. Canceling your Federal Direct PLUS
loan will not make your student eligible for additional unsubsidized
loan amounts. If the additional financial aid received by your student
results in aid that is in excess of your student’s cost of attendance,
our office will automatically reduce the appropriate loan fund. These
loan funds will be returned to the U.S. Department of Education. The
amount returned will appear as a charge on the student’s bill.
Who should I contact to reduce or cancel my PLUS
loan?
Contact DWU’s Office of Financial Assistance to cancel or make
revisions to your loan.
(800) 333-8506 or email: mohuber@dwu.edu.
What if I want to apply for additional PLUS loan
funds?
You may apply for additional PLUS loan funds by completing another Parent
PLUS Loan Request Additional Funds Form. You can contact our office
to provide you with this form. You should list the additional amount
and mark a check on the application that you are requesting additional
funds. Please note that your credit history may be reviewed again to
determine your eligibility.
Can I consolidate my loans when my student graduates
if I’ve had previous PLUS loans with a lender/bank?
Yes, you may consolidate your PLUS loans. Consolidation allows you to
combine all of your loans (whether Direct or with a lender) thereby
making one new loan requiring only one monthly payment. Consolidation
loans are offered through the Direct Loan Consolidation Center and some
lenders.
More information on loan consolidation can be obtained by contacting
the Direct Loan Consolidation Center at (800) 557-7392 or www.loanconsolidation.ed.gov.
Where can I get more information on the Federal
Direct PLUS Loan?
General Information: www.studentaid.ed.gov (Click on “Federal
Student Aid Programs”, then “PLUS Loans “on left.)
Account Information: www.dl.ed.gov Phone: Direct Loan Servicing Center
(800) 848-0983
