Federal Parent PLUS Loans are disbursed directly to students’ billing accounts. When there is a combination of student financial aid and a Parent PLUS Loan, the Parent Loan is disbursed to the student account first.
If a credit balance remains after semester charges are paid, a refund is issued according to the following guidelines:
If the Parent PLUS Loan borrower elects for their student to receive the refund, any credit balance will be refunded directly to the student.
If the PLUS Loan borrower elects to receive a refund directly, any credit balance up to the amount of the student’s financial aid award is first refunded to the student. Any remaining credit balance will be refunded directly to the borrower.
***If the PLUS Loan borrower elects to receive a refund directly then chooses instead to allow any refund(s) to be issued directly to the student, a written statement must be submitted to the Office of Scholarships and Financial Aid. The statement must include: the student's name, campus ID number, a brief explanation of the request, and a physical signature. To comply with federal regulation, this or the submission of a new loan application are the only acceptable ways to change the refund recipient for a Parent PLUS Loan. The statement may be faxed to the attention of Pam Adams at 989-774-3634 or mailed to:
Office of Scholarships and Financial Aid
Student Service Court
Bovee UC #119
Mount Pleasant, MI 48859
Parents/Borrowers that wish to receive a refund directly must provide CMU with a different direct deposit account than that of their student. If you have made this selection, please watch for a letter from the Student Account Services and University Billing Office. The letter will contain a business partner number and verification code. Once you have received this information, navigate to the following site:
Once you have navigated to the website, you will be asked for three pieces of information: your business partner number, verification code, and birthdate. Please make certain to keep this information as you may need it in the future if you wish to change your direct deposit location. Once you have logged in, follow the prompts to set up your direct deposit account.
Please make certain to set up your direct deposit location as soon as possible so that any refund that you may receive is processed in a timely manner.
If you should have questions regarding the setup of your direct deposit, you may call our office at (800) 610-4991 or e-mail us at email@example.com.