Louisiana Tech University will disburse your loan money by crediting it to your child's school account to pay tuition, fees, room, board, and other authorized charges. If the loan disbursement amount exceeds your child's school charges, the school will pay you the remaining balance of the disbursement directly by check or other means. If the parent grants documented permission, Louisiana Tech may disburse some of the PLUS loan money directly to the student. You will be notified each time part of your loan money is disbursed and will provide information about how to cancel all or part of your disbursement if you find you no longer need the money. You will also receive a notice from the Department of Education confirming the disbursement. You should read and keep all correspondence received concerning your loan.
Using the loan for education expenses: You may use the loan money you receive only to pay for your child's education expenses. Education expenses include school charges such as tuition, room and board, fees, and indirect expenses such as books, supplies, equipment, dependent child care expenses, transportation, and rental or purchase of a personal computer.
When a loan disbursement is received at the school, a student must continue to meet all eligibility requirements in order to receive the funds. Some of the requirements are being enrolled half-time in an eligible degree program and meeting the Satisfactory Academic Progress requirements. If any of the requirements are not met, we are required to return your funds to the Department of Education immediately. Due to Federal regulations, we will not be able to hold funds for students attempting to meet qualifications; so all students should make sure that they are eligible for their loan funds by the scheduled disbursement date.Can I cancel the loan if I change my mind, even if I've signed the PMPN agreeing to the loan terms?
- Yes. Louisiana Tech University 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 Louisiana Tech within 14 days after the date Louisiana Tech 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 Louisiana Tech.