Get the free Federal Direct PLUS Loan Excess Fund Authorization Form - southernct
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This form authorizes Southern Connecticut State University to manage the credit balance from a Direct PLUS Loan, indicating how excess funds should be handled to cover educational charges.
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How to fill out federal direct plus loan
How to fill out Federal Direct PLUS Loan Excess Fund Authorization Form
01
Obtain the Federal Direct PLUS Loan Excess Fund Authorization Form from your school's financial aid office or website.
02
Read through the instructions carefully to understand the requirements and implications of the form.
03
Fill out your personal information, including your name, student ID, and contact details.
04
Indicate the amount you wish to authorize as excess funds, specifying any particular uses if required.
05
Review the terms and conditions laid out in the form regarding the management of excess funds.
06
Sign and date the form to certify that you understand the conditions and agree to the authorization.
07
Submit the completed form to your financial aid office by the specified deadline.
Who needs Federal Direct PLUS Loan Excess Fund Authorization Form?
01
Parents of dependent undergraduate students who are borrowing a Federal Direct PLUS Loan.
02
Graduate or professional students who are taking out a Federal Direct PLUS Loan.
03
Students or parents who need to authorize the use of excess loan funds for non-tuition expenses.
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People Also Ask about
Can direct plus loans be forgiven?
Only the parent borrower is required to pay back a Parent PLUS Loan, as only the parent signed the master promissory note for the Parent PLUS Loan. The student is not responsible for repaying a Parent PLUS Loan. They're under no legal obligation to do so.
Do I get the leftover financial aid money?
The parent-borrower will have the option to choose "Me" or "The Student." If they choose "The Student," any available refund will be issued to the student. If they choose "Me" (refunds go to the parent-borrower), we are required to issue the refund to the parent- borrower.
What happens to the leftover money from a parent PLUS loan?
In most cases, your school will disburse your parent's loan money by crediting it to your school account to pay tuition, fees, room and board, and other authorized charges. If there is money left over, the school will pay it to your parent, usually by check.
Where does the parent PLUS loan money go?
The school will first apply parent PLUS loan funds to the student's school account to pay for tuition, fees, room and board, and other school charges. If any loan funds remain, your child's school will give them to you to help pay other education expenses for the student.
What is the difference between a federal direct loan and a federal PLUS loan?
Direct PLUS loans have higher interest rates than other federal student loans. Direct PLUS loan borrowers also pay an origination fee, which could make the loan more expensive than a private loan. Borrowers must undergo a credit check, and adverse credit history might limit eligibility.
What happens to unused student loan money?
Grants and Student Loans Any money left over is paid to you directly for other education expenses. If you get your loan money, but then you realize that you don't need the money after all, you may cancel all or part of your loan within 120 days of receiving it and no interest or fees will be charged.
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What is Federal Direct PLUS Loan Excess Fund Authorization Form?
The Federal Direct PLUS Loan Excess Fund Authorization Form is a document that allows parents of dependent students or graduate/professional students to authorize the school to disburse any excess funds received from the Federal Direct PLUS Loan.
Who is required to file Federal Direct PLUS Loan Excess Fund Authorization Form?
Parents of dependent students who have taken out a Federal Direct PLUS Loan or graduate/professional students themselves are required to file this form to determine how excess funds are to be managed.
How to fill out Federal Direct PLUS Loan Excess Fund Authorization Form?
To fill out the form, borrowers should provide their personal information, details of the loan, and specify how they want the excess funds to be handled, either to cover educational expenses, refund to themselves, or customize to their preference.
What is the purpose of Federal Direct PLUS Loan Excess Fund Authorization Form?
The purpose of the form is to enable the administration of excess federal loan funds and to ensure that borrowers can designate how any additional money, beyond tuition and fees, is applied.
What information must be reported on Federal Direct PLUS Loan Excess Fund Authorization Form?
The form requires information such as the borrower's name, Social Security number, loan details, amount of excess funds, and specific instructions on how to allocate those funds.
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