How to Accept a Parent Plus Loan at Howard University
Navigating the financial aid process for college can be overwhelming, especially when it comes to accepting loans. For students attending Howard University, one common loan option is the Parent Plus Loan. This loan is designed to help parents finance their child’s education by covering costs that are not met by other financial aid sources. In this article, we will guide you through the steps to accept a Parent Plus Loan at Howard University.
Understanding the Parent Plus Loan
Before you begin the acceptance process, it’s important to understand the Parent Plus Loan. This loan is offered through the Federal Direct Loan Program and is credit-based, meaning that the parent borrower must pass a credit check. The loan can be used to cover educational expenses such as tuition, fees, room and board, and other costs. Interest rates and fees may apply, and repayment begins 60 days after the loan is fully disbursed.
Steps to Accept a Parent Plus Loan at Howard University
1. Complete the FAFSA: The first step in applying for a Parent Plus Loan is to complete the Free Application for Federal Student Aid (FAFSA). This application determines your eligibility for federal financial aid, including the Parent Plus Loan.
2. Review Your Financial Aid Offer: Once you have completed the FAFSA, you will receive a financial aid offer from Howard University. This offer will indicate whether you are eligible for a Parent Plus Loan and the amount you can borrow.
3. Credit Check: As mentioned earlier, the Parent Plus Loan is credit-based. If you do not pass the credit check, you may need to obtain an endorser or agree to an additional credit counseling session.
4. Accept the Loan: To accept the Parent Plus Loan, you must complete the Master Promissory Note (MPN) and the entrance counseling. The MPN is a legal document that outlines the terms and conditions of the loan, while entrance counseling provides information on repayment options and responsibilities.
5. Submit the MPN and Entrance Counseling: After completing the MPN and entrance counseling, submit the required documentation to Howard University’s financial aid office. This will ensure that the loan is processed and disbursed to your student’s account.
6. Monitor Your Loan Status: Once you have submitted all the necessary documents, monitor your loan status through Howard University’s financial aid portal. You can track the processing and disbursement of your Parent Plus Loan here.
7. Repayment: Remember that repayment begins 60 days after the loan is fully disbursed. It’s important to stay informed about your repayment plan and make timely payments to avoid default.
Conclusion
Accepting a Parent Plus Loan at Howard University can be a straightforward process if you follow these steps. By understanding the loan’s terms and conditions, completing the necessary paperwork, and staying informed about your loan status, you can help ensure that your student’s education is financially supported. For more information on financial aid and the Parent Plus Loan, visit Howard University’s financial aid website or contact their financial aid office directly.
