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 Parent PLUS Loan is a credit-based loan with a fixed interest rate of 7.21%, with default and up front origination fees of 4.288% (after October 1, 2014, it will be 4.292%). Students must be enrolled at least half-time in a bachelor's degree (or teacher certification) program for parents to access a PLUS loan and must meet other federal aid requirements such as half-time status and satisfactory academic progress. Through the Federal PLUS Loan Program, parents of dependent students may borrow up to the cost of education less any other financial aid received by the student. For additional information about the Federal PLUS Loan, please click here.
If a parent is denied a Parent PLUS Loan, the student will automatically be considered for an additional unsubsidized Stafford loan in an amount up to $4,000/year for freshman and sophomores and up to $5,000/year for juniors and seniors.
Deferment Option (Postponing Repayment): Borrowers may request a deferment while the student is enrolled. The parent may request the deferment during the application process or by contacting the servicer. Servicer information can be obtained at www.nslds.ed.gov and click on the number for each loan. Some loans may have different servicers.
Repayment Options: 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). Additional information regarding repayment can be found at www.StudentLoans.gov.
Note: Apply for the full year amount for August to May if you need funds for both semesters.
Complete the Free Application for Federal Student Aid (FAFSA) for the student.
"Sign In" on the left side of the page; A parent must sign in using his/her Social Security Number and his/her FAFSA PIN.
Click on "Complete PLUS Request Process".
- Do not use the student's PIN or SSN in this section.
- Go to www.PIN.ed.gov to request a duplicate or to create a new PIN.
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 a Parent PLUS Loan Master Promissory Note.
Click on the "My Account" button found in the top box, next to your name.
Click on "Sign Master Promissory Note".
Click on "Parent PLUS".
Complete the required items and then "Submit" the Master Promissory Note.
- Complete the required items.
- Note: Please select either I want to borrow the maximum Direct PLUS Loan amount for which I am eligible, as determined by the school or I would like to specify a loan amount. Do not mark I do not know the amount I want to borrow. This will prevent your application from being processed.
- Use "August 2014 through May 2015" for the loan term dates.
- Be sure to request the entire year amount.
- "Submit" the PLUS request.
If the Parent PLUS Application has been APPROVED, the application will be forwarded to Slippery Rock University. Please allow approximately 1-2 weeks for a Parent PLUS Loan to be processed. Parents are encouraged to file the application early to allow for the loan funds to arrive at the school.
If the Parent PLUS Application has been DENIED and the parent 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