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Federal Grad PLUS Loan

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The Plus Loan for Graduate Students is a non-need based educational loan program. This is a new federal program with the same interest rate and repayment terms as the PLUS loan for parents of undergraduate students. This Federal Family Education Loan Program (FFELP) Grad PLUS loan carries a fixed interest rate of 8.5% and a repayment term of 10 years. You must be credit approved to qualify. The credit criteria for this loan are not as stringent as most alternative loan programs. In the case of a denial, most lenders will approve an application with a credit-approved endorser.

Eligibility Requirements:

• You must complete a Free Application for Federal Student Aid (www.fafsa.ed.gov) and been awarded a Stafford Loan
• You must be enrolled in a degree seeking program
• You must be a U.S. Citizen, U.S. Permanent Resident, or other eligible non-citizen

Enrollment Requirements:

• You must enroll for at least 6 credits or 24 Graduate Units for each semester that you want to receive the loan.

Interest Rate: The Graduate PLUS interest rate is fixed at 8.5%.

Processing Fees: Fees will not exceed 3% of the amount borrowed and will be deducted from each semester's disbursement.

Repayment Terms: The borrower will receive in school deferment as long as they are enrolled at least half-time. The borrower will enter repayment 60 days after graduation or dropping below half-time status.

Borrowing Limits: Students may borrow up to the yearly Cost of Education minus all other aid the student is receiving (including other loans).

Forms:
Authorization Form
Master Promissory Note