Parent Loan Processing
Federal Direct PLUS Loans
All Stafford and PLUS loan funds will be delivered directly to UNMC from the U.S. Department of Education. Your award notification details your loan eligibility in these loan programs.
You have requested a Parent PLUS Loan Application for your student.
The steps to complete the Federal Direct PLUS loan process are as follows:
Step 1 - Complete the Parent PLUS Loan Application and Consent Form. You will need the most updated version of Adobe Reader installed on your computer. The information will be submitted to the Department of Education for a credit decision.
Please note : To borrow a Parent PLUS loan for a student, the parent must be the student's biological or adoptive mother or father. A stepparent is also eligible to borrow a PLUS loan if his/her income and assets were taken into account when calculating the Expected Family Contribution (EFC). A legal guardian is not considered a parent for federal aid purposes.
Step 2 - Complete the Master Promissory Note for the Parent PLUS Loan. The electronic version of the MPN allows a parent to complete, sign and obtain a copy of his/her MPN over the web using his/her U.S. Department of Education issued PIN. Our office will be notified once your parent has completed this process. This notification must be received before we can disburse the Federal Direct PLUS Loan to a student's consolidated billing account. The parent who completes the Parent PLUS Application must have a Federal PIN number. If that parent does not have a Federal PIN, he/she may apply for one by going to the Department of Education site. The PIN serves as an identifier to let you access personal information in various U.S. Department of Education systems. The PIN also serves as an electronic signature.
To avoid delays in processing your Federal Direct PLUS Loan, please follow these helpful hints:
- The same parent borrower who completed and signed the Federal Direct Parent Loan (PLUS) Application must sign the Electronic Master Promissory Note.
- The parent should complete the PLUS Application using their full legal name. Likewise, when completing the Electronic MPN the parent should use their full legal name. The MPN will not "link" to the PLUS Loan unless these items match.
- If one parent borrowed through the PLUS Loan program in a previous year and completed an MPN, and for the upcoming academic year a different parent has completed the PLUS Application, a new MPN is required from that parent.
- Have one parent complete the PLUS Application.
- Make sure the parent borrower's Social Security Number and Date of Birth are correct when completing the PLUS Application and Electronic Master Promissory Note.
- Request a specific dollar amount on the PLUS Application. If this question is left blank or "maximum" is indicated, the form will be returned.
- Make certain the application is complete, including the Disbursement Authorization and Release of Excess Funds sections.
- Eligible non-citizens must provide documentation. Acceptable documentation is the Alien Registration Card (I-551 or I-151) or the Arrival-Departure Record (I-94). Provide a copy of the front and back of the card.
Federal Direct PLUS Loan Information
The Federal Direct PLUS Loan Program assists eligible parents in meeting educational expenses. The Federal Direct PLUS Loan allows parents to borrow up to the cost of attendance minus other resources. The U.S. Department of Education is the lender and delivers the loan money to you through UNMC. Students must be attending school at least half-time to be eligible.
- Interest Rate - 6.41% fixed (for loans disbursed after July 1, 2013)
- Origination Fee - 4.205%
- Borrower retains repayment incentive- by making first 12 payments on time
- Grace Period before repayment begins - None
- Repayment- Begins 60 days after the entire Direct PLUS Loan is disbursed for a school year. The borrower has the option of beginning repayment on the PLUS loan either 60 days after the loan is fully disbursed or wait until six months after the dependent student on whose behalf the parent borrowed ceases to be enrolled on at least a half-time basis. Generally, monthly payments will include both a portion of the loan principal and the interest that is owed on the loan principal for that month. Repayment plans are Standard, Extended, and Graduated.
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