parent loans can help you cover college expenses, but first your parents have to apply. solet's talk about the steps you have to take and common mistakes to avoid. before your parent applies, accept the parent plus loan by activating
Us Dept Of Education Loans, your financial aid notification, or fan, on the cash page. once your fan is activated, your parent can apply, but avoid mistake #1: applying for the loan too early.
your parents should apply no earlier than60 days before the start of classes. if completed too early, the credit checkmay expire before we can certify the loan. to apply, your parent will visit studentloans.gov. at studentloans.gov, make sure your parent avoids mistake #2: signing in as you, the student. your parent's social security number, first two letters of their last name,date of birth,
and fafsa pin are required. next, complete the application request. thisinitiates a credit check. here, avoid mistake #3: inputting wrong information on the application. select the appropriate award year thatcorresponds with the semesters you are applying for aid. enter the social security number correctly. edits cannot be made.
if your parent wishes to defer loan repayment while you are in school, they'll select "yes." if they select "no", repayment will begin60 days after the loan disperses. to apply for the loan amount you accepted on your fan, select the maximum amount option. if you choose one of the other options, please be aware that specifying an amount that is less than what you accepted on your fan, will delay the loan process.
selecting "i don't know" will prevent the loan from processing. select a loan period for which you will borrow the loan. you may select a single semester loan period or one that encompasses the fall and spring academic year. approval or denial is provided immediately after submission. denied? well, you have options. visit our faq's at finaid.utexas.edu for more information. if approved,
your parent must go on to complete theplus master promissory note, or mpn. here, avoid mistake #4: forgetting to submit the mpn. your parent must complete the mpn. they should only need to do this once. if your parent completed all requiredsteps and was approved, your loan should release no earlier thanten days before the start of the semester. you've got more important things to worry about,
so avoid these mistakes and make applying for a plus loan a thing of the past.
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