Applying for Graduate PLUS Loan

Who is eligible for a Grad PLUS Loan?

• Any matriculated graduate student enrolled at least half time.
• Must have completed the 2008-2009 FAFSA and have it on file with the Student Financial Services.
• Should have applied for the maximum eligibility under the Federal Stafford Loan program.
• Be a US citizen or an eligible non-citizen.

Is a credit check required?

• A credit check is required, but many students with limited or no credit history can qualify for this loan.

How much may I borrow?

• Up to the total cost of attendance minus aid.

What is the interest rate?

• Fixed interest rate of 8.5% and up to 10 years to repay the loan.

How will the process work?

• Once we have received the completed Graduate PLUS Loan Request Form, we will certify your loan electronically with your lender.  You will be notified by your lender of the process to complete your Master Promissory Note.

What lender should I use?

• You may use any lender you wish, but you might wish to remain with your current Stafford Loan lender to simplify repayment.

Is a Grad PLUS Loan better than another Alternative Loan product?

• Yes. Graduate PLUS loans are federally insured and are discharged in the event of total and permanent disability or death.
• They also have a fixed interest rate, while other alternative loans have variable rates.
• Lenders offer flexible repayment terms, including income sensitive and graduated repayment option.

How soon do I begin repayment?

• No payments are required while you are enrolled at least half time.  You will need to check with your lender to be sure they do not require official notification of your enrollment status.  Once you drop below half time, your payments will begin.  There is no grace period for the Federal Graduate PLUS Loan.

Graduate PLUS Loan Request Form