Spring 2014 PLUS Loan Delays
As per changes announced by the Department of Education, Federal Direct PLUS Loan fees will increase from 4.204 to 4.288 percent for new loans disbursing after December 1, 2013.
We are implementing necessary changes which will cause delays in PLUS processing for the Spring 2014 semester. The fee increase and delay will affect first-time borrowers and those PLUS loans that have not yet disbursed for Fall. Borrowers who have already had a PLUS loan disbursed this fall will not be affected by the processing delay or receive increased fees for Spring.
On Monday evening, December 2, 2013, we will begin transmitting all new PLUS loan requests received since mid-October to Direct Loan Applicant Services for credit checks.
You will be notified by email or paper letter of the credit check decisions. First-time borrowers must accept the PLUS loan by signing the master promissory note (MPN) on studentloans.gov.
If your PLUS application is denied, you may receive extended unsubsidized Stafford funds, use an endorser, or file for a credit appeal through the Department of Education after December 2nd. Information will be mailed to you regarding the appeal and endorser processes.
Approved PLUS loans with signed master promissory notes will begin showing as a credit on the bill during the first week of December. We recommend requesting an extension on your payment to the Spring tuition bill since PLUS credit checks will begin just a few days before the December 6th bill due date.
How to request an extension on your Spring Semester Tuition Bill
- Log into eLion
- Select “Financial” from the left-hand menu, followed by “Bursar Tuition Bills”
- Select your Spring 2014 Tuition Bill and then select "View/Pay Bill"
- Select the “Request Due Date Extension” button to extend your due date