Loans – Additional Federal Direct Unsubsidized Due to PLUS Denial
If a parent applies for a Federal Direct PLUS Loan with the Federal Department of Education and is denied due to credit reasons, we are able to offer an additional amount of Direct Unsubsidized Loan money to the student. In addition to the denial, the student’s FAFSA results must be on file with our office in order to qualify for the additional Direct Unsubsidized Loan funds.
In the case of a PLUS denial, we are able to offer up to an additional $4000 per year in Direct Unsubsidized to Freshmen and Sophomores and up to an additional $5000 in Direct Unsubsidized to Juniors and Seniors.
In order for us to initiate the credit check, you will need to complete a three-step process:
- Complete the FAFSA for 2014-2015.
- Complete an application for the Federal Direct PLUS Loan with the Federal Department of Education. We will be able to view your application electronically once it has been submitted. Please login at the website and click on “Request PLUS Loan.” Once the application is submitted, the credit check will be generated.
- Complete the Federal PLUS LOAN REQUEST FORM (FORMS 2014-2015).
If the credit check results in a denial and the parent will not seek to appeal the decision or acquire a co-signer, the parent will need to notify the Financial Aid Office they will not seek an appeal or a co-signer. Once received, the Financial Aid Office will recalculate the Financial Aid Award Letter to include the additional Direct Unsubsidized Loan eligibility. The student will be emailed that a revised award letter is available on Campus Web and the student is required to respond to our email with the amount they wish to borrow before the additional loan funds can be credited toward tuition charges.
If you are denied you may forward the “denial” email to email@example.com to expedite the process.