PLUS Loan (Parent for Student)
A PLUS Loan for parents is available to parents of dependent students. The student must first complete a FAFSA (this rule is in effect for the 2008-2009 aid year). Visit the Federal Student Aid website for complete information regarding this loan program. PLUS loans are credit worthy. Should a parent not pass the credit check the student will be offered an additional $4,000 in an unsubsidized loan.
Lawrence Tech parents borrower directly from the Federal Direct PLUS loan program.
PLUS loan payment deferments now available! Parents borrowing a PLUS loan beginning July 1, 2008 may defer payments on interest only or on both interest and principal while the student for whom the loan was taken is enrolled at least half time. Parents must request the deferment of payment from the Federal Direct PLUS Loan Program.
Cancellation of loans - PLUS Loan borrowers have the right to cancel their loan disbursements within 14 days of the disbursement notice. Should you decide to cancel the disbursement of your PLUS Loan, you should contact the One Stop Center at Enrollmentservices@ltu.edu in writing within the specified time period. By canceling the disbursement, you will be responsible for any unpaid tuition and fees, as well as repayment of loan funds already paid to you.
Begin The PLUS Loan Process
Now that you have made your decison to borrow from the PLUS loan program there are several steps to follow. First complete the parent information form and submit to Enrollment Services. The Office of Financial Aid will originate your loan request and Federal Direct Loans will perform a credit check. You will also be required to sign a Master Promissory Note (MPN) with the Federal Direct Loan Program. Without a signed MPN your son/daughter will not receive the loan funds.
New parent borrowers - access the Federal Direct Student Loan Program site for additional information and MPN site.
Returning student parent borrowers - borrow directly from the Federal Direct PLUS Loan Program. Access the Federal Direct Student Loan Program site for additional information and MPN site. Please be aware of the terms and conditions of all loans borrowed in the past. Beginning with the 2008-2009 academic year most lenders are selling their educational loans to the Federal government. Please read carefully any correspondance you receive from your prior lender regarding the terms and conditions of repayment. If you are considering consolidation of your PLUS loans in the future, you may jeopardize your anticipated borrower benefits (such as reduced interest rates) if you are not acutely aware of the terms and conditions of these loans.
Parents may accept or decline the PLUS Loan through Banner Web. Have your son/daughter log on to Banner Web and select your decision.
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