Federal PLUS Loans for Undergraduate Students
Effective Summer quarter 2010, The Evergreen State College will become a participant in the Federal Direct Loan program and will cease enrollment in the Federal Family Educational Loan Program (FFELP)
Information about borrowing loans beginning Summer Quarter 2010
The Federal Parent PLUS Loan for Undergraduate Students (PLUS) Loan is a loan that is offered to eligible parents of dependent undergraduate students.
Remember, to receive these loans, eligible students must be attending at least half-time!
PLUS Loan FAQ
Question: When I received my award letter, one of the offers was a PLUS loan. What is that?
Answer: As parents of an dependent student, your parents are eligible to apply for a Federal Parent PLUS Loan through the FFEL Program. If your parents have an acceptable credit history, they can borrow this PLUS Loan to pay your education expenses.
Question: Will my parents automatically be approved for this loan?
Answer: The Federal Student Guide says that: "To be eligible to receive a PLUS Loan, your parents generally will be required to pass a credit check. A parent cannot be turned down for having no credit history-only for having an adverse one. If your parents don't pass the credit check, they may still be able to receive a loan if someone, such as a relative or friend who is able to pass the credit check, agrees to endorse the loan. An endorser promises to repay the loan if your parents fail to do so. Your parents may also qualify for a loan without passing the credit check if they can demonstrate that extenuating circumstances exist. You and your parents must also meet other general eligibility requirements for federal student financial aid."
Question: Are there other general eligibility requirements?
Answer: Your complete financial aid file must be reviewed for eligibilty. You must be enrolled at least half time (6-8 credits per term). You must make satisfactory academic progress.
In order to process your PLUS loan, you must submit the PLUS Loan Request Form (PLRF). This form allows your parent to choose a lender and let us know how much money they want to borrow (up to the amount offered on your award letter). If you have been offered a PLUS loan and you have not yet received a PLRF, the form can be found at the top of this page. Please be aware that any PLRF received before a loan has been offered, or additional loan eligibility has been determined, will be disregarded.
When we receive the PLRF, and verify your enrollment, we will be able to certify the loan. The lending institution your parents chose will then get in touch with them to make arrangements for the loan.
On-line PLUS Loan Decision—Easy Application from the Privacy of Your Home
Citibank
Prescreen decision in 3 minutes or less
www.studentloan.com
or call 1-800-394-7035
Nelnet
Instant pre-approvals
www.collegeplanning.nelnet.net
phone: 1-866-866-7372
U.S. Bank
Instant decision
www.usbank.com/plusapp
Wachovia
Pre-approval in minutes
www.wachovia.com/parentplus
phone: 1-888-689-0763
Washington First/SLFA
Instant on-line decision
www.wa-first.com
Wells Fargo
Instant credit decision
www.wellsfargo.com/student
phone: 1-800-658-3567