Husker Hub Explains: Applying for a Parent PLUS Loans

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03/02/2022 Added

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In this video a real parent goes through the Parent PLUS loan with a Student Services Specialist to highlight common mistakes within the application along with tips and tricks for submitting the application the correct way the first time!

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[00:00:03.630]Hi there.
[00:00:04.500]My name's Dan and I'm a student services specialist
[00:00:06.860]in University of Nebraska-Lincoln Husker Hub.
[00:00:09.920]In this Husker Hub explains video,
[00:00:11.660]we will be discussing the Parent PLUS Loan application
[00:00:15.280]which a parent can complete at studentaid.gov.
[00:00:19.230]For parents that are looking to apply
[00:00:20.730]to provide assistance to their students bills
[00:00:23.070]on their UNL consolidated bills,
[00:00:25.460]either over an academic semester in academic year
[00:00:28.320]they would wanna make sure to login
[00:00:29.720]to the studentaid.gov website
[00:00:31.580]with their parent FSA ID login information,
[00:00:34.270]username or phone number, cell phone, and password.
[00:00:38.280]If there is any issues with that
[00:00:39.667]the FSA ID information center can be of assistance for you
[00:00:43.460]in obtaining password information or login information.
[00:00:47.960]For the parent, they would wanna make sure that
[00:00:49.530]when they go onto that studentaid.gov website,
[00:00:51.370]that they would navigate
[00:00:52.203]to the Complete Parent PLUS Loan application
[00:00:55.120]and not the Parent PLUS Loan Master Promissory Note.
[00:00:57.330]If they're just wanting to apply
[00:00:59.100]to be considered
[00:00:59.933]for the Parent PLUS Loan application itself.
[00:01:02.310]The master promissory note for the Parent PLUS Loan
[00:01:04.190]can come afterwards of being approved
[00:01:06.970]but you'd wanna make sure as the parent
[00:01:08.410]that you're completing that Parent PLUS Loan application
[00:01:10.870]while you're signed in under your parent FSA ID login.
[00:01:15.170]I will go ahead and let you know and preface this
[00:01:17.010]by stating that I will just be playing this video here
[00:01:20.320]by actually having the assistance from my own parent
[00:01:23.290]who is willing and gracious enough
[00:01:24.750]to go through the application process
[00:01:26.840]as an example, in mock demonstration
[00:01:29.520]of the perils and pitfalls
[00:01:31.820]that a parent can actually encounter
[00:01:33.220]when going through the Parent PLUS Loan application
[00:01:35.700]but also the relative ease
[00:01:37.670]once those perils and pitfalls are conquered
[00:01:41.380]to see how simple the Parent PLUS Loan application
[00:01:43.860]actually is.
[00:01:44.693]And without further ado,
[00:01:45.640]I'll go ahead and start the video here
[00:01:47.060]of my actual parent, Karen
[00:01:49.530]going through for the very first time ever
[00:01:51.050]the Parent PLUS Loan application.
[00:01:52.720]This video is just the raw unedited footage
[00:01:55.400]of an actual parent
[00:01:56.610]going through the Parent PLUS Loan application
[00:01:58.330]on a studentaid.gov site.
[00:02:02.147]And accept in.
[00:02:04.120]Hopefully your parent who's watching
[00:02:05.790]and is wondering how to submit
[00:02:06.670]to the university of Nebraska link
[00:02:08.240]in a Parent PLUS Loan that your student may have seen
[00:02:10.600]as an award offer on their financial aid award package.
[00:02:14.360]In this first section Loan Information,
[00:02:16.450]you will indicate the award year
[00:02:17.940]in which you are requesting this Parent PLUS Loan to be paid
[00:02:20.410]towards your students UNL consolidated bill charges.
[00:02:24.330]If you have multiple students attending UNL at same time
[00:02:26.810]for which you are wanting to have a Parent PLUS Loan,
[00:02:29.010]provide funds towards each of your students' costs
[00:02:31.790]you'll need to complete a separate Parent PLUS Loan
[00:02:33.980]for each student who attends UNL
[00:02:39.840]Any social?
[00:02:44.150]Make sure to input your UNL student's information here
[00:02:46.620]and not your own information.
[00:02:48.500]Also in this goes for everything
[00:02:49.710]you've seen this demonstration
[00:02:51.110]do not use this fake information you see on your screen.
[00:02:54.110]Please provide your factual and accurate information
[00:02:57.100]because if you do not,
[00:02:58.000]it could be potentially considered a crime.
[00:03:00.090]You've been warned.
[00:03:01.361](mouse clicking)
[00:03:05.926]Anything?
[00:03:15.905]That'll work.
[00:03:34.341]Anything?
[00:03:36.609](mouse clicking)
[00:03:42.930]Addendum.
[00:03:43.810]Electing to have Parent PLUS Loan payments deferred
[00:03:46.130]means that, so long as your student
[00:03:47.770]maintains at least halftime enrollment each semester
[00:03:50.300]at least six credit hours,
[00:03:51.820]no payments will be required from the Parent PLUS Loan.
[00:03:54.880]If your student drops below halftime
[00:03:56.620]six credit hours at any point or after graduation,
[00:03:59.850]then the loan servicer
[00:04:00.750]that will acquire your Parent PLUS Loan
[00:04:02.300]will contact you regarding repayment.
[00:04:04.910]At any time you can change your mind
[00:04:06.490]and like to have the loan payment deferred.
[00:04:09.950]If you would like the same six month grace period
[00:04:11.940]afforded to your Parent PLUS Loan
[00:04:13.490]as your students' own federal loans have
[00:04:15.670]and are provided after they graduate
[00:04:17.640]or drop below halftime enrollment, you can select Yes here.
[00:04:20.740]By selecting no to the six month post enrollment deferment,
[00:04:23.700]once your student is below halftime enrollment
[00:04:25.890]of six credit hours or upon their graduation
[00:04:28.700]is when your Parent PLUS Loan will go into repayment.
[00:04:30.970]The majority of charges a student can incur at UNL
[00:04:34.210]can be paid by way of Parent PLUS Loan,
[00:04:36.460]but please contact Husker Hub
[00:04:37.650]if you have questions on figuring out
[00:04:39.070]how much to actually request
[00:04:40.380]in your Parent PLUS Loan application
[00:04:42.240]for the assistant to be provided to your student's bills.
[00:04:45.450]And then this is just basically stating
[00:04:46.800]if the parent wants the refund, if there's to be a refund
[00:04:49.530]or if that wants to go to the student.
[00:04:51.255]OK.
[00:04:52.170]Addendum.
[00:04:53.260]Husker Hub frequently receives questions
[00:04:55.070]from parents completing a PLUS Loan application
[00:04:57.110]about this section.
[00:04:58.830]In a nutshell, to avoid devoting the time
[00:05:00.680]it took for my parent to get UNL school code added here,
[00:05:03.780]simply select the word radial button for US schools
[00:05:06.190]US territory schools, and begin to type Nebraska.
[00:05:09.660]Once you've see Nebraska pop up in the selection box,
[00:05:12.160]stop typing and click on Nebraska in the selection box.
[00:05:15.490]As well allow Nebraska to populate in the type search field.
[00:05:18.780]If you do not do this
[00:05:19.760]and instead continue to type in Nebraska entirely,
[00:05:21.960]it may not populate that selection box.
[00:05:24.940]As well by only typing in the first few letters of Nebraska,
[00:05:28.080]it will make sure you're not filling the type search box
[00:05:30.410]with too many spaces as this is what happened to my parent.
[00:05:33.870]If you end up hitting this point
[00:05:35.060]where even typing in Nebraska
[00:05:36.310]doesn't yield the selection box,
[00:05:37.840]simply click the circular X
[00:05:39.920]instead of hitting the backspace key repeatedly.
[00:05:42.730]You will know you've done it right when you click the X
[00:05:45.060]and the field reads, 'Type Response' instead of being blank.
[00:05:48.640]Now you can begin to type Nebraska,
[00:05:50.730]click it when it pops up in the selection box
[00:05:52.800]and then proceed to the second box
[00:05:54.820]where you can begin typing University of Nebraska-Lincoln.
[00:05:58.160]Once you see it pop up, you can then select it.
[00:06:01.130]You'll receive a green check mark to the right
[00:06:03.110]showing UNL's federal school code has latched.
[00:06:05.740]When students get offered financial aid,
[00:06:08.400]there's the maximum amount that the PLUS loan is offered for
[00:06:11.260]is like, it brings them up to their cost per tenant.
[00:06:13.030]So this is the biggest question most parents have is like,
[00:06:15.400]how much should I take out?
[00:06:16.790]And like, we have to like calculate things for them.
[00:06:19.620]So just do wanna borrow the maximum,
[00:06:22.790]click that first button on top.
[00:06:24.484]Okay.
[00:06:25.440]Addendum:
[00:06:26.273]If you as the parent do not know the loan period
[00:06:28.280]for which you wanna borrow your Parent PLUS Loan,
[00:06:30.917]you can contact Husker Hub
[00:06:32.357]and a student services specialist can advise you.
[00:06:35.060]Next, the loan period.
[00:06:37.410]A little eye next to it.
[00:06:39.470]Gotcha you.
[00:06:41.700]Loan periods displayed
[00:06:42.930]are those at your school most commonly use.
[00:06:46.290]If you do not see a loan period
[00:06:47.870]that coincides with the period
[00:06:49.310]for which you are requesting a direct PLUS Loan,
[00:06:51.320]you may choose out.
[00:06:55.384]And most parents just wanna do it for the year.
[00:06:58.570]So that's from August to May
[00:07:00.150]so as long as that's the one inputted.
[00:07:04.470]Now try to go to the third button and see what it does.
[00:07:09.236]I don't know the amount I wanna borrow,
[00:07:11.080]I will contact the school.
[00:07:12.830]You have to click it though.
[00:07:16.691](mouse clicking)
[00:07:20.000]Yes? Press
[00:07:20.833]that button.
[00:07:21.666]I don't know the amount I wanna borrow.
[00:07:31.550]And then go to, I'd like to specify a loan amount.
[00:07:36.310]Bear in mind that in the loan amount requested field,
[00:07:38.980]that amount would not be able to exceed
[00:07:40.900]the student's cost of attendance
[00:07:42.960]minus their other financial aid assistance
[00:07:44.810]that they receive.
[00:07:46.060]Also note the amount that you input
[00:07:48.110]in the loan amount requested field,
[00:07:49.890]if selecting the fall and spring loan period,
[00:07:53.370]that amount will split between two semesters.
[00:07:56.410]The amount of 6,000 in this case
[00:07:58.010]would split between 3000 for the fall semester
[00:08:01.160]and 3000 for the spring semester.
[00:08:04.150]You are not in default
[00:08:05.240]on any federal student loans based on information received
[00:08:08.430]from National Student Loan Data System.
[00:08:10.480]You aren't in default on any federal student loans.
[00:08:17.670]And then we can just scroll down this.
[00:08:20.801](mouse clicking)
[00:08:31.800]And then the city?
[00:08:32.971]It has to be in address two.
[00:08:36.462](typing)
[00:08:42.370]Okay, review all information provided
[00:08:45.870]and verify that it is correct.
[00:08:54.600]Do you want to defer repayment of your Direct PLUS Loan
[00:08:57.930]while the student on whose behalf you obtain the loan
[00:09:00.680]is enrolled at an eligible school
[00:09:04.450]on at least a halftime basis?
[00:09:08.920]It's all good.
[00:09:09.753]Okay.
[00:09:16.477]Continue. Continue.
[00:09:18.774]An addendum regarding the credit check.
[00:09:20.350]If you have placed a security freeze on your credit file,
[00:09:23.460]you must lift or remove that freeze at each credit bureau
[00:09:25.810]before you can continue.
[00:09:27.490]The application for the Parent PLUS Loan
[00:09:28.960]would not be able to be processed
[00:09:30.760]if there's a security freeze.
[00:09:32.970]The Direct PLUS Loan application cannot be processed
[00:09:35.350]unless you authorize the US department of education
[00:09:37.510]to check your credit history.
[00:09:38.840]One of the eligibility requirements
[00:09:40.150]for receiving a Direct PLUS Loan
[00:09:41.380]is that you must not have an adverse credit history
[00:09:43.420]which you can obtain more information on from studentaid.gov
[00:09:46.390]unless you meet certain other requirements.
[00:09:48.370]The credit decision resulting from your credit check
[00:09:50.500]will be sent to UNL.
[00:09:53.559]At the close of the PLUS application,
[00:09:55.110]you must confirm that you certify the information
[00:09:57.250]you have provided in the application is true and accurate
[00:09:59.970]and that you had read the Privacy Act,
[00:10:01.510]Financial Privacy Act and Paperwork Reduction Act notices.
[00:10:04.530]The last checkbox
[00:10:05.363]is to authorize the department of education
[00:10:07.040]to perform the credit check
[00:10:08.350]to determine your eligibility for the Parent PLUS Loan.
[00:10:10.690]In the event of approval, congratulations,
[00:10:12.620]the credit check determined
[00:10:13.530]there was no adverse credit history
[00:10:14.830]determined on your credit files.
[00:10:16.540]You'll receive an email confirmation
[00:10:18.210]and UNL will be alerted to your approval
[00:10:20.070]within 24 to 48 hours.
[00:10:22.100]Be sure to navigate to the Husker Hub
[00:10:23.610]explains PLUS Master Promissory Note video
[00:10:26.420]for the next step in securing the disbursement
[00:10:28.500]of the PLUS Loan towards your student's UNL charges.
[00:10:31.360]Should your Parent PLUS Loan application have been denied,
[00:10:33.790]you may still be eligible to receive Direct PLUS Loans
[00:10:36.010]by either obtaining an endorser
[00:10:37.800]and then completing the Parent PLUS Loan
[00:10:39.300]Credit Counseling requirement.
[00:10:41.110]Or, you can appeal the decision
[00:10:42.790]by documenting extenuating circumstances
[00:10:44.930]within your credit files
[00:10:45.990]to the satisfaction of the department of education
[00:10:48.480]while also completing PLUS Credit Counseling.
[00:10:50.670]Please be sure to indicate upon a denial,
[00:10:52.540]whether you'll be pursuing an endorser
[00:10:54.330]providing appeal documentation,
[00:10:56.180]or if you'll not be pursuing a PLUS Loan further.
[00:10:59.350]In the event you receive a message
[00:11:00.610]stating that the department of education
[00:11:02.130]was unable to make a credit decision
[00:11:03.750]until you confirm the personal information
[00:11:05.700]you put in your application,
[00:11:07.370]please contact the Student Loan Support Center
[00:11:09.310]via phone or email.
[00:11:11.650]And as well, please contact Husker Hub
[00:11:13.640]via phone, email, in person or virtual visit options.
[00:11:17.680]Should you have any questions regarding this video
[00:11:20.270]or any of our other videos that you can find
[00:11:22.280]at huckerhub@unl.edu.
[00:11:24.840]Thank you and take care.
[00:11:28.460]Am I done? Yeah.

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Husker Hub Explains: Applying for a Parent PLUS Loans

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