PLUS
Loan Steps
General Loan Information
Students must do the following steps:
- Complete the Free Application for Federal Student
Aid (FAFSA) or Renewal FAFSA online at www.fafsa.ed.gov
- Complete additional paperwork required by Southwestern
- Receive your Official Award Letter.
- NOTE: Students that do not qualify for
other federal or state aid do not need to complete the additional
paperwork, you may proceed to the parent steps listed below.
- Determine the amount of loan funds you will need to pay for your
College education and how much your parent needs to borrow to cover
your costs.
Parent borrow must do the following steps:
- Choose your lender by accessing the list of recommended
lenders or your lender of choice. Complete the master promissory note (MPN)
online, indicate the amount you wish to borrow and electronically
sign the note.
- Please allow two weeks
for processing the loan application and to complete the certification
process. Loan applications may be submitted starting July 1st
of each year.
- You will be notified by your lender of your application status. If
you are denied the PLUS loan, your student is eligible to apply for
additional loan funds from the Federal Stafford Loan Program. Please
notify the Student Loan Coordinator of
your denial and have the student provide a written request, along
with the amount requested, to the Student Loan Coordinator. PLEASE
NOTE: If the student did not complete the financial aid application
required paperwork, the student will be required to complete all
of the paperwork prior to requesting the Federal Stafford Loan Program
funds.
- You will sent an loan approval notice by the Financial Aid Office
that the loan has been certified, the amount certified, when and
how disbursement will occur each term and any other conditions required
before receiving the loan funds.
- Loan funds will be credited to the students account and any credit
balance remaining will be disbursed to you at the mailing address
indicated on the Master Promissory Note. Please keep the College
informed of your current mailing address.
- You have the option to have the excess loan funds disbursed directly
to the student. You will need to notify the Student
Loan Coordinator in writing that you are authorizing the College
to disburse funds to the student.
- Loan funds may not be certified if the student is no longer in
attendance at Southwestern.
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