Grad PLUS Loan

The Federal Graduate PLUS Loan is an unsubsidized loan for graduate and professional students. The borrower is responsible for all interest that accrues. The program, effective July 1, 2006, allows a graduate student to borrow on his/her own behalf up to the cost of attendance minus estimated financial assistance. Students should first apply for a Stafford Loan before applying for a Grad PLUS Loan because terms and interest rates are better with the Sttaford Loan.

• Must be a Graduate or Professional student enrolled at least half-time per semester
• Must complete the FAFSA
• Parents of Graduate students will not be eligible to borrow the loan. The student will be the borrower.
• The borrower or endorser must not have an adverse history in order for the lender to approve the loan. Plus Loan borrowers are required to pass a credit check. Borrowers cannot be 90 days or more delinquent on the repayment of any debt.

Annual Loan Limit

Borrower may borrow the difference between the total Cost of the student's education minus any aid the student will receive.

Repayment Terms:

Repayment begins within 60 days after the final disbursement of the loan. You may be eligible to postpone payments while you are enrolled at least half-time, unemployed, experiencing economic hardship or otherwise unable to make any scheduled payment. Contact your lender for more information.

Interest Rate and Fees:

Direct PLUS Loans have a fixed interest rate of 7.9%. This interest rate will not change throughout the life of your loan. Interest can be capitalized. Federal Law requires certain fees to be charged for each loan made, including an origination fee and a federal default fee. Fees charged to the borrower are deducted from the loan proceeds when the money is sent to the school.

How to Apply :

• Complete the Free Application for Financial Aid (FAFSA).
• Contact the Financial Aid Office to begin the process for the Graduate PLUS Loan.