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GRADUATE PLUS
Graduate and professional degree students enrolled at least half-time, are eligible to borrow under the PLUS Loan Program up to their cost of attendance minus other estimated financial assistance. The terms and conditions applicable to Parent PLUS Loans also apply to Graduate/Professional PLUS loans. These requirements include a determination that the applicant does not have an adverse credit history, repayment beginning on the date of the last disbursement of the loan, and a fixed interest rate of 8.5 percent. Note: Grad PLUS loans typically go into repayment within 60 days after the loan has fully disbursed; however, you may be eligible to postpone making payments by completing forbearance or deferment paperwork with Great Lakes.
Applicants for these loans are required to complete the Free Application for Federal Student Aid (FAFSA). They also must have applied for their maximum loan eligibility under the Federal Stafford Loan Program before applying for a Graduate/Professional PLUS loan. Note: Even though it is called the Graduate PLUS Loan program, the loan is in the graduate student’s name (not their parents’ name).
In order to finalize your Grad PLUS Loan you must complete the following steps:
- Review the on-line lender list
- Select a lender and click on “Apply Now” or click on “My Lender is Not Listed”. (Note: if you select “My Lender is Not Listed” you need to obtain the six digit lender code for your lender.)
- Complete the required loan counseling (Entrance Counseling) and an on-line Master Promissory Note (MPN).
- Sign for your loan. When completing the on-line MPN you will be given the option of signing it electronically using your Federal PIN from filing your FAFSA. If you do not remember your Federal PIN you can obtain it at www.pin.ed.gov . Other signing options include printing a paper MPN, signing it and mailing it to:
Great Lakes Educational Loan Services, Inc.
4689 Hilton Corp. Dr., Columbus, OH 43232-4152
- All Stafford Loan funds processed through Great Lakes will be electronically transferred to the student’s account (EFT).
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