Note: Federal Direct and Federal PLUS Loans can be disbursed only when the student has actually begun attendance in a total of six credits. It is the attendance in the 6th credit of class that constitutes eligibility for federal financial aid. In the case of 8 week Sessions, this may result in later disbursement. Please see the following examples below:
Example 1: If a student enrolls for 3 credits in the Fall semester 8 week Session 1, beginning in August, but does not begin enrollment in an additional 3 credits (constituting half-time enrollment) until the 8 week Session 2, beginning in October, the Federal Direct or Federal PLUS loans disbursement will not occur until approximately 10 days prior to the start of their second 8 week class. Refunds will be issued to students by the Student Accounts Office shortly after disbursement.
Example 2: If a student enrolls in a 3 credit course during Summer pre-session, but does not begin enrollment in the second 3 credit course until Session 1 (or Session 2), the Federal Direct or Federal PLUS loans disbursement will not occur until approximately 5 days prior to the start of their Session 1 class (or Session 2). Refunds will be issued to students by the Student Accounts Office shortly after disbursement.
Therefore, students who will not begin attendance in a total of six credits until later in the semester will need to plan accordingly for the purchase of any books or materials for their classes. Also, please note that if a student adjusts their schedule (drops the class) after a loan disbursement has been made which now makes the student less than half-time, the loan will need to be cancelled and will result in a balance due to SRU.
There are separate guidelines for disbursement of aid for other programs, please visit www.sru.edu/finaid for additional information.
The Federal Graduate PLUS Loan is a credit-based loan with a fixed interest rate of 7.21%, with default and up front origination fees of up to 4.288% (after October 1, 2014, it will be 4.292%). Students must be enrolled at least half-time (6 graduate credits) in a graduate degree program (master's or doctorate) to access a Graduate PLUS loan. For additional information about the Federal Graduate PLUS Loan, please click here.
Repayment: Repayment does not begin until 60 days after the loan is fully disbursed to the school (for a full-year loan, after the Spring portion is disbursed to SRU). However, if you are a graduate or professional student, your loan will be placed into deferment while you are enrolled at least half-time and for an additional six months after you cease to be enrolled at least half-time. Additional information regarding repayment can be found at www.StudentLoans.gov.
- Complete the Free Application for Federal Student Aid (FAFSA) for the student.
- Once on www.StudentLoans.gov simply click on "Sign In" on the left side of the page.
- also...if you forgot or don't have a PIN, you can go to www.PIN.ed.gov to request a duplicate or to create a new PIN.
- After signing in, click on "Request Direct PLUS Loan"
- Complete the required items; use "August 2014 through May 2015" for the loan term dates; then "submit" the PLUS request.
- Then, you must click on "Home" to return to the www.StudentLoans.gov homepage to continue to the next step of the PLUS Loan process, which is signing the Grad PLUS Loan Master Promissory Note.
- Click on the "My Account" button located in the top box, next to your name.
- Click on "Complete Master Promissory Note"
- Click on "Graduate PLUS"
- Complete the required items and then "Submit" the Master Promissory Note
If the Graduate PLUS Application has been APPROVED, the application will be forwarded to Slippery Rock University. Please allow approximately 1-2 weeks for a Graduate PLUS Loan to be processed. Graduate students are encouraged to file the application early to allow for the loan funds to arrive at the school.
If the Graduate PLUS Application has been DENIED and the student indicated he/she was going to appeal or seek an endorser, once the endorser/appeal has been approved, please forward the confirmation email with the student’s name and student Rock ID to firstname.lastname@example.org.
1 Morrow Way
Slippery Rock PA 16057
107 Maltby Center