Document Sample
					                                                      A PROMISE.      A FUTURE.

This application must be completed by the parent or legal guardian of the qualifying student. Completed
applications may be brought into the Office of Financial Aid, or faxed to 305-626-3106. Please subtract the total
amount on your student’s award letter from the cost of attendance to determine the amount needed in a Direct
Parent Plus Loan. Enclosed is pertinent information regarding the Federal Direct Loan Process that you should
be aware of.

Parent eligibility requirements for a Direct PLUS Loan
You must be the student's biological or adoptive parent or the student's stepparent, if the biological or adoptive
parent has remarried at the time of application. Your child must be a dependent student who is enrolled at least
half-time at a school that participates in the Direct Loan Program. For financial aid purposes, a student is
considered "dependent" if he or she is under 24, unmarried, and has no legal dependents at the time the Free
Application for Federal Student Aid is submitted.

Additional requirements to receive a PLUS loan
Parent PLUS loan borrowers cannot have an adverse credit history (a credit-check will be done). In addition,
parents and their dependent child must be U.S. citizens or eligible noncitizens, must not be in default on any
federal education loans or owe an overpayment on a federal education grant, and must meet other general
eligibility requirements for the Federal Student Aid programs.

Applying for a PLUS Loan and the Master Promissory Note (MPN)
To take out a Direct Loan for the first time, you must complete a PLUS Application and master promissory note
(MPN). The MPN is a legal document in which you promise to repay your loan(s) and any accrued interest and
fees to the Department. It also explains the terms and conditions of your loan(s).

You must complete the MPN electronically. You can do so online at the Direct Loans website
https://studentloans.gov/myDirectLoan/index.action. If you are borrowing Direct PLUS Loans for more than one
student, you'll need to complete a separate MPN for each one. To complete an MPN online, you will be
required to use your Department of Education-issued PIN (not your child's). If you do not have a PIN, you may
request one from the website http://www.pin.ed.gov/PINWebApp/pinindex.jsp.

Credit check & endorser alternative
If you are found to have an adverse credit history, you may still borrow a PLUS Loan if you get an endorser
who does not have an adverse credit history. An endorser is someone who agrees to repay the Direct PLUS
Loan if you do not repay the loan. The endorser may not be the student on whose behalf a parent obtains a
Direct PLUS Loan.

Loan limits, interest rate, and loan charges
There are no set limits for Direct PLUS Loans, but you may not borrow more than the cost of your child's
education minus any other financial aid received, such as a Direct Subsidized or Unsubsidized Loan. The
school will determine the actual amount you may borrow. The interest rate for Direct PLUS Loans is a fixed
rate of 7.9%. Interest is charged on Direct PLUS Loans during all periods, beginning on the date of your loan's
first disbursement. To find out more information on interest rates for Direct PLUS Loans, contact the Direct
Loan Servicing Center. In addition to interest, you pay a loan origination fee that is a percentage of the
principal amount of each Direct PLUS Loan that you receive. This fee helps reduce the cost of making these
low-interest loans. This fee is deducted before you receive any loan money, so the loan amount you actually
receive will be less than the amount you have to repay.

Loan repayment
There is no grace period for Direct PLUS Loans; the repayment period begins 60 days after your school makes
the last disbursement of the loan. Generally you will have 10 to 25 years to repay your loan.
Dependent students whose parents have applied for but were unable to get a PLUS Loan are eligible to
receive additional Direct Unsubsidized Loan funds.

Member-The College Fund/UNCF

                15800 NW 42 Avenue • Miami Gardens, Florida 33054-6199 • Phone: (305) 626-3745
                                      Website: www.fmuniv.edu
                                                                                  A PROMISE.          A FUTURE.

                                     FEDERAL DIRECT PARENT (PLUS) APPLICATION

           ________________________________                                                ___________________________
           (Print)Student’s Last Name, First, M.I.                                         Student’s Social Security Number

           _______________________________                                                 ________________________________
           (Print) Parent’s Last Name, First, M.I.                                         Parent’s Social Security Number
           Street address: __________________________________________________________________
           City, State, Zip Code: ____________________________________________________________
           ________________________         __________________      ______________________________
           Area Code & Phone Number                                 Date of Birth                      Driver’s License: STATE & DL NUMBER
           Borrower’s status: _____________ Yes, I am a U.S. citizen
                              _____________ I am an eligible non-citizen. My INS number is: A_______________
                              _____________ No, neither of the above
           Semester(s):     _______FALL       _______SPRING _______SUMMER
           NOTE: You may apply for no more than 2 consecutive semesters on one (1) application. If you are approved for a
           Direct Parent PLUS Loan for the Fall and/or Spring semesters you may increase your loan for the Summer
           semester by providing a written notarized letter only.

           $______________ Please speak to a financial aid advisor for further assistance in determining the amount needed.

                                   FEDERAL DIRECT PARENT (PLUS) CREDIT CONSENT FORM
                 I consent to Florida Memorial University operating as an agent for the U.S. Department of Education to obtain a report
           of my credit record and using the information from that report in determining whether to make a Federal Direct PLUS Parent
           Loan to me for child. I understand that I will be notified in writing of the results of the credit check with respect to my loan

           __________________________________                                              _____________________

           Parent Borrower’s Signature                                                                Date Signed

                                                                  Privacy Act Disclosure Notice

The Privacy Act of 1974 (5 U.S.C. 552a) requires that the following notice be provided to you. The authority for collecting the information requested on this form is 451
 et seq. of the Higher Education of 1965, as amended. Your disclosure of this information is voluntary. However, if you do not provide this information, you cannot be
  considered for a Direct PLUS Loan. The information on this form will be used to determine your eligibility for a Direct PLUS Loan. The information in your file may e
    disclosed to third parties as authorized under routine uses in the Privacy Act notices called “Title IV Programs Files” (originally published on April 12 1994, Federal
     Register, Vol. 59 p. 17351) and “National Student Loan Data System” (originally published on December 20, 1994, Federal Register, Vol. 59 p. 65632). Thus, this
     information may be disclosed to federal and state agencies, private parties such as relative, present and former employers and creditors, and contractors of the
 Department of Education for purposes of administration of the student financial assistance program, for enforcement purposes, for litigation where such disclosure is
 compatible with the purposes for which the records were collected, for use by federal, state, local, or foreign agencies in connection with employment matters or the
      issuance of a license, grant, or other benefit, for use in any employee grievance or discipline proceeding in which the Federal Government is a party, for use in
  connection with audits or other investigations, for research purposes, for purposes of determining whether particular records are required to be disclosed under the
 Freedom of Information. Act, and to a Member of Congress in response to an inquiry from the congressional office made at your written request. Because we request
   your social security number (SSN), we must inform you that we collect you SSN on voluntary basis, but section 484 (a)(4) of the HEA (20 U.S.C. 1091 (a)(4)) provides
  that, in order to receive any grant, loan, or work assistance under Title IV of the HEA, a student must provide his or her SSN. Your SSN is used to verify your identity,
                              and as an account number (identifier) throughout the life of you loan(s) so that data may be recorded accurately.

           Member-The College Fund/UNCF

                                 15800 NW 42 Avenue • Miami Gardens, Florida 33054-6199 • Phone: (305) 626-3745
                                                       Website: www.fmuniv.edu

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