financial aid basics

LOANS

Title IV Federal School Code
001153


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What is the difference between a subsidized and an unsubsidized loan?





Location

Bayramian Hall, first floor
(west of the Oviatt Library)
1-818-677-4085

Office Hours

Monday and Thursday: 8:30 a.m.-4:30 p.m.
Tuesday and Wednesday: 10 a.m.-6:30 p.m.
Friday: 8:30 a.m.-4 p.m.

Counseling Hours

Monday: 10 a.m.-3 p.m.
Tuesday and Wednesday: 10 a.m.-5:30 p.m.
(referral slip required from the first-floor financial aid window)

Please be in line at least 30 minutes before closing; hours are subject to change.

Related Links

FAFSA Application

Master Promissory Note

Interest Rates

Parent Loan for Undergraduate Students (PLUS)

Basics


Basics

Interest: Low-interest loan from the federal government for parents of dependent undergraduate students. Interest rate adjusted yearly, but may not exceed 8.5 percent. The government does not subsidize the interest while the student is in school.

Repayment: Begins 60 days after check is disbursed.

Activation: The parent who applies for the PLUS loan must be a U.S. citizen or an eligible noncitizen. If eligible, parents may borrow up to the cost of attendance minus any other financial aid the student receives.

Eligibility


Eligibility Requirements

  1. Student must submit a Free Application for Federal Student Aid (FAFSA) for the appropriate aid year.
  2. The borrower (parent) must use a federal PIN number to sign the Master Promissory Note. The PIN is the same one the parent used to sign the FAFSA online.
  3. Once signed in, select "Complete Master Promissory Note" then choose "Parent PLUS".
  4. The borrower (parent) and student must complete a PLUS loan request form, which can be found under "Forms & Documents." Make sure you select the correct academic year. For example, 2012-2013 is for fall 2012, spring 2013 and summer 2013. Do not use the "Request PLUS Loan" link found at StudentLoans.gov; Northridge does not accept PLUS applications submitted through StudetntLoans.gov.
  5. Submit supplemental documents if the Financial Aid & Scholarship Department requests any additional material.
  6. The Financial Aid & Scholarship Department electronically certifies PLUS loans. The PLUS award is subject to a credit decision by the Department of Education. If a PLUS loan is added to a student's award package, it does not guarantee loan approval.
  7. After final approval, the Department of Education will transmit the PLUS funds electronically to the school. PLUS funds are applied toward any outstanding charges on the student's account. Excess funds will be mailed to the parent borrower. Disbursement begins the Wednesday prior to the start of each term. The student must be enrolled in at least six units for funds to disburse.