Parent Loans first disbursed after July 1, 2008 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. A parent borrower must request this deferment by calling the Direct Loan Servicing Center. 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.
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 2009-10. 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.
______ For your records, please print and keep a copy of the Privacy Act Disclosure.
_____ Submit the Parent Loan Request Form to Whitworth either by mail or by fax (509.777.4601). For 2009-10, 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 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.