Parent Plus Loans
If you are awarded a Parent Plus Loan, listed below are Federal Policy requirements that you will need to be aware of. You/Your refers to the student for whom the parent borrowed money to help meet educational expenses. Please review the following:
NEW THIS YEAR: Loan funds will be disbursed in two separate installments per semester. First disbursement will be applied 30 days after the start of the semester. The second disbursement will be applied after the mid-point of the semester. Any remaining balance of loan funds, after tuition, fee, book and supply charges are paid, will be mailed to your address on file with the College.
If at any time before your loan funds are disbursed you wish to cancel or reduce the amount of your loan(s), you must complete the Loan Modification/Cancellation Request in your MyDelta account. If no request is received to cancel or reduce your loan, this is your affirmative confirmation that you accept your loan(s).
- Loan funds received will be credited to your account. Any remaining balance of loan funds will be mailed to your address on file with the College, no earlier than 30 days from the beginning of the semester.
- You must be registered and in attendance of a minimum of six credit hours.
- Loans will be recalculated for eligibility if you register for fewer credit hours than indicated on your loan application.
- Amount appearing is the gross amount. Parent Plus loans require a 4.204% origination fee.
- You are responsible to ensure the net amount of your loan is enough to cover tuition and fees. If there is a balance, it must be paid by payment deadline.
- If you drop below 6 credits and have received your loan funds, your loan(s) will go into repayment after six months. Deferment can continue if you are enrolled in a minimum of 6 credits during subsequent semesters.
- If you completely withdraw during a semester and you have not completed more than 60% of the semester or your instructor reports you never attended your class(es), the Financial Aid Office will proceed with a Title IV refund calculation. The amount of aid is determined on a prorated basis. If you have received more aid than you have earned, excess aid is returned back to the programs and you will be responsible for immediate repayment of these funds.
- You must meet all Delta College Financial Aid Satisfactory Standards of Academic Progress (SAP) policies.
- Delta College will not authorize late disbursements after the end of the loan period.
- You can access information regarding your federal student loans at NSLDS. You will need your federal pin number to access this site.
- Once loan funds are disbursed you will receive an email indicating the amount of the net disbursement.