Graduate PLUS Loan Process
Graduate and professional degree students enrolled at least half-time are eligible to borrow a PLUS loan to help cover education expenses. The current interest rate for PLUS loans is fixed at 7.9%, and a 2.5% origination fee is deducted from the disbursed amount. Students can borrow up to the Cost of Attendance less any other financial aid awarded to the student. Loan payments can be deferred while the student is enrolled at least half-time.
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).
How to Apply
Graduate students interested in borrowing a Federal Direct Graduate PLUS Loan will complete the online application process through the Department of Education at www.studentloans.gov. An instant credit check is a part of this application process. A Department of Education-issued FAFSA PIN is necessary to complete the process. Go to www.pin.ed.gov to find your current PIN, apply for a PIN, or obtain a new PIN.
Step 1: Apply for a Graduate PLUS Loan for the 2010-2011 school year*.
- Go to www.studentloans.gov.
- Click on the green 'Sign-In' button.
- Sign in using your FAFSA PIN.
- Choose 'Request a Graduate PLUS Loan.'
- Enter requested information and submit application.
*Please Note: 2011-2012 Graduate PLUS Application will be available April 1, 2011 at www.studentloans.gov.
If the credit check is approved, a Graduate PLUS Master Promissory Note (MPN) must be completed.
Step 2: Complete Federal Direct PLUS Master Promissory Note.
- Go to www.studentloans.gov.
- Click on green 'Sign-In' button.
- Sign in using your information and FAFSA PIN.
- Click on 'Complete Master Promissory Note.'
- Select 'Graduate PLUS' and follow the instructions.
***The process is not complete until you see a "Congratulations" message.***
Please print confirmations for your personal records. John Carroll will be notified electronically within 24-48 hours once you have completed the process. All Federal Direct Graduate PLUS Loan funds will be electronically transferred to the student's account.
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