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Contact Information
| Contact Information for Financial Aid | |
|---|---|
| Phone | (775) 784-4666 |
| Phone | (877) 666-0014 (Toll Free) |
| Fax | (775) 784-1025 and (775) 327-5019 |
| Location |
Fitzgerald Student Services Building
319 |
| Address | 1664 N. Virginia Street Reno, NV 89557-0076 |
| Contact | Contact Us |
Federal PLUS Loan for Undergraduate Students
To borrow the PLUS Loan, please read all the information contained in this brochure, complete and submit the PLUS Loan Activation Form. You may submit the PLUS Loan Activation Form in person to Student Financial Aid and Scholarships, 3rd floor, Fitzgerald Student Services Bldg., via U.S. Mail to Mailstop 0076, Reno, NV 89557 or via fax (775) 784-1025. Processing instructions are listed on the back page. You are encouraged to have the student apply for all federal Stafford loans before considering the Plus loan.
What are the Borrowing Requirements?
Parents are required to pass a credit check and also meet some of the general eligibility requirements for federal financial aid. For example, parents must meet citizenship requirements and may not be in default or owe a refund to any financial aid program. The student must also be eligible for aid, including Satisfactory Academic Progress requirements.
What If I Am Denied the Plus Loan?
If you are denied a PLUS Loan an offer of an additional Unsubsidized Stafford Loan made be made to the student. In addition, the student must request the Unsubsidized Stafford Loan by completing a Stafford Loan Activation Form specifically requesting an Unsubsidized Stafford Loan.
How Much Can I Borrow?
The yearly maximum on a PLUS Loan is equal to the student budget minus other financial aid/scholarships. For example, if the student budget (tuition, fees, books and supplies, room and board) is $20,000 and the student was offered $8,000 in other financial aid/scholarships, the parent could borrow up to $12,000 from the PLUS loan. The Offer Letter identifies the student budget and all available financial aid/scholarships. The student can view the most recent Offer Letter via MyNEVADA at www.unr.edu, under "Fin. Aid Offer".
What's the Interest Rate On Plus Loans?
The fixed interest rate on the PLUS Loan is 7.9%. Interest is charged from the date the first disbursement is made until the loan is fully repaid.
Are There Loan Fees?
Yes, you may pay a fee of up to 4% of the loan amount. This fee is deducted proportionately each time a loan disbursement is made. A portion of this fee goes to the federal government to help reduce the cost of the loans.
How Are Loan Funds Disbursed?
If approved, the lender electronically disburses funds to the University or mails a paper check. One-half of the total loan, minus fees, is disbursed each semester. The funds are used to pay all outstanding obligations to the University. Funds remaining after all University charges are paid are made payable to the student through direct deposit to a checking account or by check mailed from the Cashier's Office. Students may change their mailing address via MyNEVADA.
Can I Cancel My Plus Loan After I Apply?
Yes, our office notifies the student in writing whenever loan funds credit the student's account. You may cancel all or a portion of the loan in writing within 14 days after the date of the notice. If you cancel the loan, tuition, fees, and other charges must be paid by the semester fee payment deadline or arrangements made with the Cashier's Office for a deferred payment plan. If you receive PLUS Loan funds directly from the lender by check, you may refuse the funds by not endorsing the check and returning it directly to the lender.
When Does Repayment Begin?
Repayment begins within 60 days after the 2nd disbursement for the academic year. There is no grace period, so interest begins to accumulate at the time the first disbursement is made. The parent borrower must begin repaying both principal and interest while the student is in school. Borrowers have the option to contact their lender to inquire about forbearance while in school.
New Borrowers At This University
- Effective July 1, 2010 the William D Ford Federal Direct Loan program will be the sole provider of Federal Stafford, Plus, and Graduate Plus loans.
- Go to the Direct Loan Web site at https://studentloans.gov for more information including to complete the Master Promissory Note (MPN) and sign using your FAFSA PIN. New borrowers must sign the Master Promissory Note before we will certify your loan with the lender. If you don't complete the online MPN, the lender will automatically mail you a pre-printed paper MPN, but this process is slower and may delay your funds.
William D Ford Direct Loan Program
Direct Loans are low-interest loans for students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education (hereinafter will be called "the Lender") rather than a bank or other financial institution. With Direct Loans, you
- Borrow directly from the federal government and have a single contact-the Direct Loan Servicing Center-for everything related to the repayment of your loans, even if you receive Direct Loans at different schools.
- Have online access to your Direct Loan account information 24 hours a day, 7 days a week at Direct Loans on the web at www.dl.ed.gov
- Can choose from several repayment plans that are designed to meet the needs of almost any borrower, and you can switch repayment plans if your needs change.
Processing Instructions
- Decide how much you wish to borrow. Refer back to the first page section on "How Much Can I Borrow?" If you want to borrow a lesser amount than the maximum, write in the amount on the PLUS Loan Activation Form.
- Complete and submit the PLUS Loan Activation Form to our office after you have signed the Master Promissory Note. We will not certify a loan with the lender until the MPN has been signed.
- PLUS Loan borrowers at this University can complete the PLUS Master Promissory Note (MPN) on the internet at https://studentloans.gov. The MPN is the legal paperwork between the borrower and the lender. If you have previously borrowed a Plus loan through a private lender (Wells Fargo, Bank of America etc.,) you will need to sign a new MPN with the Direct loan program.
- If you did not complete the MPN on the Internet, you will receive a pre-printed PLUS MPN from the lender. Complete the reference section and any other requested information and return it promptly.
- The lender conducts a credit check with a national credit bureau before approving the loan. If the loan is approved, the parent borrower receives a "Notice of Guarantee" (NOG) from the lender which identifies approximate dates for the electronic disbursement of funds from the lender to the University. If the lender denies the loan, the student should contact our office for other borrowing options.
- When the University receives funds, our office confirms the student's eligibility for aid, including Satisfactory Academic Progress. Our office also checks enrollment status (full time=12 or more undergraduate credits; 3/4 time=9-11 credits; or 1/2 time= 6-8 credits). If the student is still eligible, the funds are credited to the student's account and all outstanding financial obligations to the University are paid (fees, tuition, housing, etc) or if a paper check was requested the check is mailed to the parent.
- Our office notifies the student in writing each time a loan disbursement is made. The notification details the fund program(s) and amount(s) disbursed into the student's account.
- When the borrower marks “Accept” on MyNEVADA, the loan funds will be made payable to the University to pay mandatory charges. Then if any funds remain after all University charges are paid-in-full, the residual funds are made payable to the student. Students may request the funds to be direct deposited to a checking account. Information about setting up a direct deposit is available from the Cashier's Office. If direct deposit is not arranged, the funds will be mailed to the address listed on MyNEVADA. Students can change their mailing address via MyNEVADA
- It is the student's responsibility to read "The Guide" and maintain Satisfactory Academic Progress standards.
