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DATE: 2015-2016TO: Parent(s) of NWU StudentFROM: Katrina Rademacher, Financial Aid Counselor and Loan SpecialistSUBJ: Federal Parent Loan for Undergraduate Students (PLUS)The Federal Direct PLUS offers an affordable option for parents to assist their dependent student with the costs of tuition, fees, room, board, books and miscellaneous expenses. The amount borrowed using the PLUS loan may include the yearly cost of an undergraduate education less financial aid (scholarships, grants, loans, and outside scholarships). Eligibility is not based on financial need; it is determined by a credit check approval. There is a federal loan origination fee of 4.292% that will reduce the requested amount. However, you may increase the loan amount to cover the fees. The loan disbursements will be sent to Nebraska Wesleyan in two equal installments (half each semester). Interest begins accruing at 6.84% when the money is applied to the student’s school account. Payment on the PLUS loan begins either 60 days after the loan is fully disbursed or you may request through your servicer to 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. For more information about borrowing limits, repayment plans and interest rates, go to . Nebraska Wesleyan is participating exclusively in the William D. Ford Federal Direct lending program (DL). In the DL program parents will borrow directly from the U.S. Department of Education by: going online to , click on “log in,” enter one parent’s/stepparent’s FSA ID username and FSA ID password. If the parent/stepparent borrower does not have a FSA ID username and password yet, click on the link “Create an FSA ID.” Once you are logged into the website, click on “Complete Master Promissory Note” and then under “select the type of loan you would like to receive,” click on Parent PLUS. You are now ready to complete and submit the PLUS Master Promissory Note (MPN). Our office will be notified once you have completed this process. This notification must be received before we can process your PLUS for the amount you wish to borrow.ADDITIONAL INFORMATION: Make certain the borrower’s social security number and date of birth are correctIf parents are separated/divorced, each parent may complete an MPN for same studentEligible non-citizens must provide documentation to our office. 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 cardRoom and board charges for residential halls, suites, townhouses and university owned apartments are on back of this sheet. If you know your credit rating is poor, contact our office, krademac@nebrwesleyan.edu, and request an application for PLUS pre-approval prior to completing the MPN online. It will be faxed or e-mailed if you provide us with that information.Be sure to return to NWU’S Financial Aid Office the enclosed PLUS Application Form. It must be completed entirely, including an exact dollar amount in #6. Our address: Office of Scholarships and Financial Aid, 5000 St. Paul Ave, Lincoln, NE 68504Fax number: (402) 465-2194 E-mail: jld@nebrwesleyan.edu or krademac@nebrwesleyan.edu 2015-2016 FEDERAL DIRECT PLUS APPLICATION______________________________ ______________________________Student Name (please print) Student Social Security NumberPARENT BORROWER INFORMATION (Please Print)Name _____________________________________ ______________________________ Last First MI Parent Social Security NumberPermanent Mailing Address______________________________________________________________Permanent Phone: (____) ________________________ Date of Birth: _____ / _____ / ______Please answer the following questions:Citizenship Status: Citizen Eligible Non-Citizen Alien ID: _______________What is your relationship to the student (circle one)? Mother Stepmother Father StepfatherAre you currently in default on a federal education loan? Yes No Do you owe a refund on a federal student grant? Yes No Indicate the term(s) of enrollment to which this PLUS loan request applies: Academic Year (Fall and Spring) Fall only Spring only Requested Loan Amount: $____________________ 7. Parent e-mail: _____________________ You must request a specific dollar amount (optional-for use regarding PLUS Loan only) DISBURSEMENT AUTHORIZATIONFederal Direct PLUS Loan funds will be credited to your student’s account in the Business Office to assist in paying for tuition, fees, university contracted room and board charges. With your authorization, if the PLUS loan creates a credit balance with excess funds in your student’s student’s account, PLUS Loan funds can also pay for books purchased at the Prairie Wolves Bookstore (Business Office must have the receipt), sorority/fraternity housing, and reserved parking space. YES, I authorize Nebraska Wesleyan University to use Federal Direct PLUS Loan funds to pay the above institu- tional charges which may appear on my son/daughter’s student bill. No, do not use Federal Direct PLUS Loan funds to pay the above institutional charges which may appear on my son/ daughter’s student bill. I understand that we will be responsible for paying those charges with our own funds.RELEASE OF EXCESS FUNDSIf the amount of the PLUS Loan exceeds your student’s consolidated student bill, you or your student will receive the excess funds in the form of a refund. If the amount of the PLUS loan does not exceed the charges, there will be no refund. Please select one of the following: YES, release excess funds to student. NO, if my PLUS disbursement exceeds current NWU charges, do not release excess funds to student. (Excess funds will be mailed to borrower)Parent Signature: _________________________________________________ Date: ______________________Costs Per Academic YearTuition and Fees: (12 to 18 hours per semester) $29,200 + $600 = $29,800One Time Matriculation Fee (New Students Only): 120 On campus Board and Room: (Residence Halls – double occupancy) 8,340On campus Board and Room: (Suites, Townhouses, Apartments – variable costs) Estimated book costs (not covered by financial aid): 1,000 ................
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