Parent Loans
Click here to complete your Master Promissory Note
for your Federal Direct PLUS
Federal Direct PLUS Program
Effective Jan. 1, 2009, Connecticut College will process Federal PLUS loans differently. In the past, parents who borrowed from these loan programs were required to choose a lender. Given the volatility of the current financial markets, some lenders have chosen to stop participating in this program. Also, lenders who previously offered incentives have discontinued those benefits. Going forward, parents will be receiving their funds via Direct Lending, which means that the funding will come directly from the U.S. Treasury. Parents will no longer have to choose a lender. you are strongly encouraged to learn more about Direct Lending at http://www.ed.gov/offices/OSFAP/DirectLoan/index.html.
Because the source of the money has changed, new and returning borrowers will be required to complete a new master promissory note. Although the Department of Education administers both of these loan programs, parents must repay the proceeds to the holder of the promissory note. If a parent has had previous loans with a private lender and then borrows under Direct Lending, there will be multiple monthly payments. To avoid this, you are encouraged to consider consolidating your loans under Direct Lending. For more information about consolidation, please visit www.loanconsolidation.ed.gov.
Disbursement of Funds
The PLUS Loan is normally payable in two disbursements, on-half of the total in each semester, and will not be disbursed to your account earlier than 10 days before the start of classes.
Loan funds will not be disbursed to the student's account until all necessary paperwork is completed, certified by the College, approved by the lender, and the student has enrolled in sufficient credit hours.
All undergraduates at Connecticut College must be enrolled full-time, normally 16 credit hours per semester.
Do not apply for your PLUS loans before June 15, 2009. Credit checks are time sensitive and if you apply prior to this date, you may have to reapply.
Here are two charts: 2009-2010Cost of Education and Calculating the Bill. This information will help you determine what you owe the Accounting office and what you may be eligible for in a PLUS loan.
|
Connecticut College Student Budget |
|
|---|---|
| Tuition & Fees | $ 42,335 |
|
Room & Board |
8,780 |
| Books & Supplies | $ 1,000 |
| Miscellaneous | $ 500 |
| Transportation(cost may vary) | $ 400 |
| TOTAL | $ 53,015 |
Calculating the Bill |
||
|---|---|---|
| BILL | Fall Semester | Spring Semester |
| Comprehensive fee (tuition,fees room and board) $51,115/2=25,557.50 |
$ 25,557.50 | |
| Health Insurance - may change (This can be waived but the Waiver Form must be signed and return to the appropriate department. Actual fee will be determined in April.) |
$ 711 | 0 |
| Tuition Deposit (if you were required to send in a deposit, you can deduct it from the semester charges for the fall) |
$ 500 | 0 |
| AMOUNT OWED TO THE BURSAR'S OFFICE (with Health Insurance) |
||
Last Modified: Wednesday, June 17, 2009 14:33