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2008-09 Federal Direct Parent Loan Information

Our goal is to assist families in making a Whitworth education affordable. The Parent (PLUS) Loan is a financing option to help families meet the costs of tuition and other expenses related to the student’s enrollment.

Beginning July 1, 2008, parent loans can be deferred:

Parents can choose to defer payments on a PLUS loan until six months after the date the student ceases to be enrolled at least half-time.  Accruing interest may be paid by the parent borrower monthly or quarterly, or it may be capitalized quarterly.  If you need additional information, please contact the Direct Loan Servicing Center at 800.848.0979.

The following requirements apply to parents wishing to borrow via the Federal Parent Loan Program.

• Be a natural or adoptive mother or father of a dependent undergraduate student or be an eligible stepparent (income and asset information included on FAFSA).
• Be a U.S. citizen, a U.S. national or an eligible non-citizen.
• Have no adverse credit history.

The amount borrowed cannot exceed the student’s cost of attendance as defined by the school, minus other financial aid awarded.

Steps for Parent Loan Borrowers

_____ Complete the Parent Loan Worksheet to determine how much is needed to cover your student’s estimated charges at Whitworth. This worksheet does not reflect whether a student has other charges of if the student is living off-campus. 

_____ Complete a Parent Loan Request Form for 2008-09. This form is not a promissory note and must be completed each academic year that a parent wants to borrow.  This form lets us know how much you intend to borrow and how you would like any credit balance handled. 

_____ Submit the Parent Loan Request Form to Whitworth either by mail or by fax (509.777.4601).  For 2008-09, we will begin to process these forms in early summer and will continue throughout the year. After your parent loan has been either approved or denied, you will be notified of your status, which will be one of the following:

Approved: For first-time parent borrowers, the borrower will need to complete an Electronic Master Promissory Note with his/her federal PIN.  Promissory notes can be completed by clicking here.

Approved: For prior borrowers with active promissory notes on file, no further action will be required.

Denied: Parent borrowers will determine if they want to pursue an endorser or have their student borrow through a Federal Unsubsidized Stafford Loan. Click here to access the necessary request form.

Disbursement Information:   Your parent loan will be disbursed directly to your student’s Whitworth account the first week of classes. Credit balances that are a result of the parent loan will be handled according to your authorization in the Parent Loan Request Form.  The amount you borrow will be divided and equally disbursed among the terms your student is attending at least half-time. There is a fee of 2.5 percent deducted from each disbursement.  

If you have questions, please contact the Whitworth Financial Aid Office at 509.777.3215.