DIVISION OF STUDENT FINANCIAL AID

Federal Parent Loan (PLUS)
Disbursements

Your school first receives the loan funds and might require your parents to endorse a disbursement check and return it to the school.  The loan will be disbursed in at least two equal installments, and no installment will be greater than half the loan amount.

The funds will first be applied to your tuition, fees, room and board, and other school charges on your student account.  If any loan funds remain, your parents will receive the amount as a check, unless they authorize the amount to be released to you or to be credited to your school account.  Any remaining loan funds must be used for your education expenses.

Can I cancel the loan if I change my mind, even if I've signed the PMPN agreeing to the loan terms?

• Yes.  Your school must notify you whenever it credits your account with your PLUS Loan funds.  You may cancel all or a portion of your loan if you inform your school within 14 days after the date your school sends you this notice, or by the first day of your payment period, whichever is later.  If you have received funds from the loan by check or direct deposit, you will have to return the funds to the school.