Grad PLUS
Loan
The Federal
PLUS Loan was previously available only to
the parents of dependent undergraduate
students. Beginning with the 2006-07
academic year, availability is extended to
graduate/professional students. The
graduate/professional student is both the
borrower and the student and must be credit
worthy as determined by the lender. A
graduate/professional student can borrow up
to the cost of attendance less any other
financial aid received.
Interest
Rates
The
Graduate/Professional PLUS loan interest
rate is fixed at 8.5%. Interest begins to
accrue at the
time of each loan disbursement.
Loan
Fees
There is a 3%
origination fee charged by the U.S.
Department of Education for processing the
Graduate/Professional PLUS loan. The loan
fee is deducted proportionately from each
disbursement of the Graduate/Professional
PLUS loan.
Credit
Checks
In order to
borrow a Graduate/Professional PLUS loan,
the student must pass a credit check. Your
lender will perform the credit check and
notify you of the results by mail.
The OSFA will
receive an electronic notification of
the credit check results. If you have
questions about the outcome of the credit
check, contact your lender.
Denied
Credit Checks
If you do not
pass the credit check, there are two options
available to you.
1.
Contact your lender if you believe
there was an error made on the credit check.
2.
You can obtain a credit-worthy
endorser. The endorser would need to pass
the credit check, agree to endorse the
Master Promissory Note, and agree to repay
the loan if you would fail to do so.
Information about how to proceed with this
option will be included in your letter from
your lender.
Disbursements
A positive
credit check and completed PLUS Master
Promissory Note must be received before any
funds can be disbursed to your account.
Estimated loan amounts will appear on your
account if we have received notification of
a positive credit check.
Repayments
Repayment on
a Graduate/Professional PLUS loan begins 60
days after the final disbursement of the
loan and will continue while you are
enrolled in school. However, you may
request a deferment while enrolled on at
least a half-time basis (minimum of 6 credit
hours). If you would like to request a
deferment, you should contact your lender.
Student
Eligibility
Before any
Graduate/Professional PLUS loan proceeds can
be disbursed, you must be:
·
Enroll and
attend at least half-time (6 credit hours)
at the graduate level
·
Enrolled in a
degree-seeking program (cannot be
provisional or special student status)
·
Maintaining
satisfactory academic progress
Graduate Borrower Benefits |
