Federal PLUS Application Process for Parents and Graduate Students |
Step 1:
Aid Application |
The student submits a Free Application for Federal Student Aid (FAFSA) listing UCSC (school code: 001321). |
Step 2a:
Application Form |
The parent borrower must submit a completed Parent Loan for Undergraduate Students(PLUS) Application.
Submit the Summer PLUS Application to request a loan for summer 2009.
A graduate student must submit a completed Federal Direct Graduate PLUS Loan Application.
If a loan amount is not specified on the application, the loan will be processed for the student's maximum eligibility. |
Step 2b:
Credit Check |
No action is required on the part of the borrower for this step. The PLUS loan application will be processed by the UC Santa Cruz Financial Aid Office and transmitted to the U. S. Department of Education Direct Loan Servicing Center for credit check and approval. Results of the credit check (approval/denial) will be mailed directly to the borrower. |
Step 3:
Master Promissory Note |
The first time the applicant is approved, he/she must complete a Master Promissory Note in order for PLUS funds to be disbursed. This promissory note is valid for future loans borrowed on behalf of the same student for up to 10 years.
If denied, the borrower may pursue a co-signer. Contact the Department of Education for details at 1-800-433-3243 or see http://www.ed.gov/Direct Loan/ for assistance. The Department of Education will send notification to UCSC that the electronic Master Promissory Note has been completed and accepted. |
Disbursement
of Funds |
Funds are credited to the student’s UCSC billing account. Any PLUS funds remaining after UCSC charges are paid will be given to the student.
Note for Parent borrowers: funds remaining after UCSC charges are paid may be sent to the parent if the box in question #9 on the PLUS Application has been checked. Changes to the recipient of refunds cannot be made after the loan has been processed.
If the undergraduate student is on an Education Abroad Program (EAP), the funds will always go to the parent. |
Step 4:
Permanent Address |
Avoid problems receiving loan funds
The student must update his/her permanent address on the MyUCSC student portal. The permanent address must be set to “active” before the loan will disburse. |
Step 5 (optional):
Direct Deposit |
The student may sign up for Direct Deposit/Electronic Funds Transfer (EFT) to deposit remaining funds directly to his/her bank account. Otherwise, a check will be produced if all UCSC charges have been paid and there are funds remaining in the student's account. EFT is a faster way to receive funds. This is recommended, but not required. |
