Office of Student Financial Aid » Loans http://blogs.missouristate.edu/financialaid Financial Aid weblog Tue, 14 Apr 2009 19:24:52 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 Update to the Parent PLUS Loan Program for 2009/10 http://blogs.missouristate.edu/financialaid/2009/04/14/update-to-the-parent-plus-loan-program-for-200910/ http://blogs.missouristate.edu/financialaid/2009/04/14/update-to-the-parent-plus-loan-program-for-200910/#comments Tue, 14 Apr 2009 19:24:52 +0000 Vicki Mattocks http://blogs.missouristate.edu/financialaid/?p=21 Continue reading →]]> Parents no longer need to wait to apply for the Parent PLUS loan for the 2009/10 academic year.

The Federal Department of Education has announced the cancellation of the Competitive Loan Auction Pilot Program for Parent PLUS loans. 

Per the Federal Department of Education:  During the 2009-10 and 2010-11 award years, Parent PLUS loans under the Federal Family Education Loan program may be made by any eligible lender to parents of students attending eligible educational institutions in any State.

For more information about the Parent PLUS Loan program or to view a partial list of lenders who offer the Plus loan please visit our web site at:  http://www.missouristate.edu/FinancialAid/plus.htm 

]]> http://blogs.missouristate.edu/financialaid/2009/04/14/update-to-the-parent-plus-loan-program-for-200910/feed/ 0 Important Information for SmartFUNDS Borrowers http://blogs.missouristate.edu/financialaid/2009/03/06/important-information-for-smartfunds-borrowers/ http://blogs.missouristate.edu/financialaid/2009/03/06/important-information-for-smartfunds-borrowers/#comments Fri, 06 Mar 2009 15:37:59 +0000 Vicki Mattocks http://blogs.missouristate.edu/financialaid/?p=13 Continue reading →]]> A long-time lender associate, SmartFUNDS has announced they will no longer be participating in the Federal Family Educational Loan Program (FFELP) effective immediately.  How does this affect MSU students? Nearly 900 of our current students use SmartFUNDS  as the lender for their current student loan; these students will be required to select a new lender and to sign a new Master Promissory Note (MPN) with that new lender for the next term in which they borrow a Federal Stafford Student loan, whether it be the summer or fall semester of 2009.

These students will be given the opportunity to select a new lender when they receive their award letters for either of these semesters.  The new lender selected will not be able to disburse any loan funds to the school on a student’s behalf until they have received and processed a MPN for that student, so it is vital that a student follow through with this requirement.  In an effort to help our students select a new lender, we encourage them to visit our web site for information about lenders who continue to participate in the FFELP program.  The web address for our partial lender list is http://www.missouristate.edu/FinancialAid/lenderlist.html , or a student can select a lender not on the list as long as that lender is a FFELP associate.

Please note, selecting a new lender will in no way change the terms of a student loan; the interest rate and repayment requirements will remain the same no matter which lender is selected.

]]> http://blogs.missouristate.edu/financialaid/2009/03/06/important-information-for-smartfunds-borrowers/feed/ 0 Changes for NEW Parent Plus Loan Borrowers! http://blogs.missouristate.edu/financialaid/2009/02/24/changes-for-new-parent-plus-loan-borrowers/ http://blogs.missouristate.edu/financialaid/2009/02/24/changes-for-new-parent-plus-loan-borrowers/#comments Tue, 24 Feb 2009 22:05:13 +0000 Vicki Mattocks http://blogs.missouristate.edu/financialaid/?p=11 Continue reading →]]>  

UPDATE               UPDATE               UPDATE               UPDATE               UPDATE               UPDATE

 

CHANGES PENDING FOR THE PARENT LOAN PROGRAM (PLUS) FOR 2009/10:

 

Congress has voted to change the way FFELP PLUS loans will be processed in the future.  This change will affect only NEW PLUS loan borrowers starting in 09/10.  A new policy is being established that will assign one financial institution to be the PLUS lender within each state; that lender will be designated to process all PLUS loans for all schools in their state.

Several details regarding this new process are pending final determination, including who will act as Missouri’s lender.  Therefore, we strongly recommend that any parent considering a PLUS loan for the 2009 school year delay applying until we are able to provide definite procedures for doing so. 

The Federal Department of Education will notify financial aid offices mid-summer on the status of the new procedure.  Until we receive that notification, we will be required to “hold” all PLUS applications we may receive, which could result in multiple inquiries on a parent’s credit report.  For that reason, we are encouraging our PLUS applicants to simply wait until further notice to apply.  Students and parents should review our website on a frequent basis; we will keep our students notified as we are provided more information.  For future updates and additional information, visit our website at   http://www.missouristate.edu/FinancialAid/plus.htm

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