PLUS LOAN DATA FORM - Hampton University
PLUS LOAN DATA FORM
Hampton University is a participant in the Federal Family Education Loan (FFEL) Program. The FFEL Program consists of what are generally known as the Stafford Loans for students and the Parent Loan for Undergraduate Students, (PLUS) for parents. The PLUS is a federally funded low interest rate loan program that enables a parent to borrow money for each dependent undergraduate student who is enrolled at least half-time, regardless of their income or assets. A parent may borrow up to the total cost of education minus any other financial aid. The interest rate on the PLUS is variable based on the 91-day Treasury bill plus 4.1% however, the interest rate will not exceed 9%. The current rate as of 1 July 2005 is 6.1%. Parents can expect to begin repayment 60 days after disbursement.
Federal regulations require a credit check for the parent applicant. By completing this form, the parent is giving American Student Assistance, (ASA) permission to obtain a credit report. If the loan is approved, ASA will send to FIRST TIME BORROWERS, a Master Promissory Note, (MPN) with instructions on how to complete. The MPN must be completed and returned to ASA before any funds can be released to the school.
If the applicant is denied, ASA will notify the parent of the name of the credit bureau that supplied the credit report. Also the parent applicant whose credit is denied can appeal the denial by contacting ASA at, 1-800-999-9080. If the appeal is not successful the borrower can contact the Financial Aid to obtain information regarding other available options.
Parents interested in applying for the PLUS should return the completed form to:
Hampton University
Office of Financial Aid
Hampton, VA 23668
Data forms received by June 15th will be processed in time to meet the July 1st payment deadline.
Student Information (Please Print):
Student Name: ___________________________________
Student Social Security Number: _____-___-______
Parent Borrower Information (Please Print):
Social Security Number: _____-____-_____
Last Name: ________________________ First: ____________________ MI: __________
Street Address: ________________________ City: _____________________ State:___ Zip Code:__________
Requested Loan Amount: $_______________
Legal State of Residence: _______
Parent’s Date of Birth: _______________ Phone Number: _______________________
Parent’s Citizenship Status: (check one)
U.S. Citizen: _____ Eligible Non-Citizen: ____ Alien Registration#:__________________
Driver’s License#: _________________________________ State: ___________
Statement of Educational Purpose:
_____ I certify that I will use any Federal Title IV HEA Funds I receive during the award year covered by this application solely for the expenses related to attendance at Hampton University.
Check One:
______ I certify that I am not in default of a Title IV loan nor, do I owe a refund on a Federal Grant.
______ I certify that I am in default of a Title IV loan or I owe a refund on a Federal Education Grant.
Parent Borrower’s Signature: _____________________________________________ Date: ____________________
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