4 Steps to Receive a Direct Parent PLUS Loan
1. Complete Federal Direct Loan Request Form
The Federal Loan Request Form informs the school that you would like to obtain loans to fund your child’s education. This is not the application. Hobart Institute of Welding Technology requires that the form is obtained prior to processing loans. Please print, complete and return the form to the school.
2. Apply for a PLUS Loan
The Direct PLUS Loan Request is used for the purpose of collecting information that will be used by the school to process your application for a Direct PLUS Loan. A credit check will be processed with an immediate response of decision.
3. Complete Master Promissory Note (MPN)
A Master Promissory Note (MPN) is a legally binding contract between the borrower of a Direct Loan, and the lender – the U.S. Department of Education. It contains the terms and conditions of the loan and explains how and when it should be repaid. Before you receive your loan funds, you must sign a promissory note. You can sign electronically with your FAFSA Pin Number. It is important that you completely read and understand all of the information on the MPN before you sign it.
4. Complete Excess Funds Request Form
If there are excess PLUS monies, after fees and tuition for the program has been paid in full, we will distribute funds to whomever the borrower designates (parent borrower or student) when disbursements are received. Any funds that are reimbursed to the parent or the student for living expenses will be disbursed on Friday after 2:30 p.m. Any funds posted after checks are run for the week will be disbursed the following week.