You have been awarded a FEDERAL PARENT PLUS LOAN as a "placeholder" award to show you/your parents your eligibility for a Direct Parent PLUS Loan. As an undergraduate student, our office is unable to meet your full cost of attendance with grants/scholarships and federal student loan eligibility. The Parent Plus loan is borrowed by a parent/step parent/legal guardian. The student is not the borrower for this loan. Your parent/legal guardian must complete the Parent PLUS Consent Form and Direct Parent PLUS Master Promissory Note (MPN). The Department of Education will conduct a credit check, on the parent borrower, at the time the Master Promissory Note is completed. If the parent borrower is denied the Parent PLUS loan, the parent/student should contact our office, as soon as possible, to discuss the loan appeal process or other loan alternatives.
- Once you make a decision to borrow this loan, complete the Parent PLUS Consent Form and Parent PLUS MPN.
- Return the PLUS Consent Form directly to our office. Our office will build your parent information in the student information system as the borrower. The requested amount should be the value of the PLUS loan offer or less.
- We will post the amount requested on the Consent Form as the accepted amount on your MyRecords award screen.
- We will transmit the request for funds to the Department of Education.
- The Department of Education will match the request with the Master Promissory Note on file.
- The Department of Education will then send the requested funds to UNMC in in accordance with request made on the PLUS Consent form (fall only, spring only, fall/spring, fall/spring/summer) and the academic year disbursement calendar. Loan funds will not be released prior to the term release date posted on the disbursement calendar.
- The funds will be delivered to UNMC and credited to the student’s UNMC tuition/fee account. If the loan disbursement exceeds the tuition/fee balance, the credit balance will be issued as a refund to the checking account designated for direct deposit. If direct deposit is not established on the UNMC tuition/fee account, a check will be mailed to the billing address listed in MyRecords.
- If you/your parents choose not accept the PLUS loan offer, please decline the loan on your MyRecords award screen. We will remove the PLUS Consent Form and PLUS MPN from your MyRecords TO DO list. You may request the loan be reinstated at any time during the academic year, provided your request is made before the APRIL 1 deadline to request academic year student loan aid.
- Each year the Department of Education changes the federal loan origination fee rate on October 1. Federal loan offers that have not been accepted and processed before October 1 are canceled on the student MyRecords financial aid award package by the financial aid staff. If you make a decision, after October 1, that you/your parents would like to borrow the Parent PLUS loan, please email firstname.lastname@example.org and request the Parent PLUS loan be reinstated.