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: 

• You must meet all Delta College Financial Aid Satisfactory Standards of Academic Progress (SAP) policies.
• If at any time before your loan funds are disbursed you wish to cancel or reduce the amount of your loan(s), you must contact the Financial Aid Office in writing at studentloans@delta.edu. 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 in 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 on the award letter is the gross amount. Parent Plus Loans require a 4.204 percent origination fee. The net disbursement is 95.79 percent of the gross amount.
• 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.
• Delta College will not authorize late disbursements after the end of the loan period.
• You can access information regarding your Federal student loans at www.nslds.ed.gov/nslds_SA/. 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 to your student account.