Grad PLUS Loan Application

Application

Need to complete your Grad PLUS Master Promissory Note?

Grad PLUS MPN

• Eligibility
• Promissory Note
• Disbursements
• Borrower's Responsibilities - Repayment
• Eligibility Chart

ELIGIBILITY

In addition to the Federal Direct Subsidized and Unsubsidized Loans available to student borrowers, graduate students may borrow additional funds through the William D. Ford Federal Direct Graduate PLUS Loan program. The borrower must be a graduate or professional student. The lender is the U.S. Department of Education rather than a bank or credit union. Students may borrow any amount up to the cost of education minus any other financial aid and assistantships they are receiving. Eligibility will be based upon a satisfactory credit check.

To apply for a Federal Direct Grad PLUS Loan you must complete a Grad PLUS application. The application may be downloaded from the forms page of our website or it is available at the Office of Student Financial Assistance. The borrower must complete and sign the Grad PLUS application and return it to the Office of Student Financial Assistance. The Free Application for Federal Student Aid (FAFSA) must also be submitted before a Federal Direct Grad PLUS Loan Application can be processed. By completing a Federal Direct Graduate Plus Loan application, the student borrower authorizes the Department of Education to review the borrower's credit record for each loan received.

Further information regarding this program can be found in the 2008-2009 Student Guide or by calling Borrower Services at 1-800-848-0979.

PROMISSORY NOTE

The Master PLUS Promissory Note (MPN) will simplify the processing of your loan(s). The Federal Direct Grad PLUS MPN is a promissory note that can be used to make one or more Federal Direct Grad PLUS Loans to a borrower to help pay for the educational costs of their education for one or more academic years. In most cases, the student may receive additional Federal Direct Grad PLUS Loans for themselves up to 10 years without completing a new Federal Direct Grad PLUS MPN.

If it is determined that the student has an adverse credit history and has obtained an endorser for a Federal Direct Grad PLUS Loan, the Federal Direct Grad PLUS MPN that the student completes becomes a "single-loan" promissory note. No further Federal Direct Grad PLUS Loans may be made under that Federal Direct Grad PLUS MPN. The endorser is liable only for the specific loan that he or she has agreed to endorse.

DISBURSEMENT

The interest rate is fixed and is adjusted each year on July 1. The interest rate will never be higher than 9 percent. There is a 4 percent loan fee deducted from each disbursement of the PLUS loan. However a 1.5 percent rebate is being offered for borrowers. To obtain current interest rates click here.

The loan will be applied to your Bursar account. The loan must be disbursed in two equal amounts at the beginning of each term. A check is made payable to the student and mailed the student's local home address if the loan disbursement is in excess of the amount owed to the University.

Changing your loan amounts

You may cancel all or portions of your loan(s) after the funds have been credited to your Bursar account by notifying us in writing within 30 days after the date of the disbursement notice.

Contact the Office of Student Financial Assistance to determine if eligibility for increased funding is available. Please note that you may borrow any amount up to your cost of attendance minus any other financial aid you may receive for the academic year.

REPAYMENT

The student is responsible for repayment of this loan. Repayment begins 60 days after disbursement of the loan proceeds for the academic year is applied to the student Bursar account.

The Federal Direct Loan Program offers loan repayment plans designed to meet the needs of almost every borrower. Federal Direct loan borrowers may choose between the standard, extended, or graduated repayment plans. Repayment of PLUS loans are managed by the Direct Loan Servicing Center.

You will have from 10 to 30 years to repay depending upon the repayment plan chosen. To estimate an amount of repayment based on the standard, extended, or graduated repayment plans, you may access the Federal Direct Loan's interactive repayment calculator. Calculations are estimates and the values may not reflect the actual amount computed by the Direct Loan Servicing Center.

While you are enrolled in school, completing an in-school deferment form will allow you to postpone any payments required. In addition, The Federal Direct Loan program offers other types of deferment and forbearance.

ELIGIBILITY CHART