Federal Direct Graduate PLUS Loan
Creditworthy graduate students who incur educational expenses that are not covered by their Federal Unsubsidized Direct Loan may be eligible to borrow a Federal Direct Graduate PLUS Loan. A Graduate PLUS Loan can cost less than a private loan. You must first apply to borrow the maximum in Federal Unsubsidized Direct Loan before you apply for the Graduate PLUS Loan. The amount you may borrow is the difference between the Cost of Attendance and the other financial aid you have been awarded.
To initiate the Federal Direct Graduate PLUS Loan process, the student must complete the Federal Direct Graduate PLUS Loan Request Form and submit it to the Office of Financial Aid. Students who are borrowing funds for the first time must complete a Federal Direct Graduate PLUS Loan Entrance Counseling. The Entrance Counseling is designed to inform borrowers of the rights and responsibilities inherent in borrowing from this Program. The Office of Financial Aid will notify borrowers of the procedures for completing the Entrance Counseling.
All new Federal Direct Graduate PLUS Loan borrowers must complete a Master Promissory Note (MPN). The Office for Financial Aid will notify borrowers of the procedures for completing the MPN. The MPN is valid for up to ten years of educational borrowing.
Loans covering more than one semester must be disbursed in multiple disbursements. If the loan is intended for the Fall and Spring semesters, the first half of the loan proceeds will be disbursed at the beginning of the Fall semester and the second half at the beginning of the Spring semester. If the loan is intended for one semester only, the loan will be disbursed at the beginning of the term.
The amount of the Graduate PLUS Loan funding that arrives at the College will be less than the amount for which you have applied as the Federal Government retains an origination fee.
The College is required to reaffirm applicants’ eligibility for the Federal Direct Graduate PLUS Loan prior to disbursing the proceeds to students’ accounts. If, at the time that the College receives the loan disbursement, eligibility has changed for any reason, the College may be required to return some or all of the proceeds to the lender. In such cases, the borrower will be responsible for the student account balance that may result.
When borrowers cease to be enrolled for at least six credits, they are required to complete an Exit Counseling. The Exit Counseling is a final reminder of borrowers’ rights and responsibilities as they prepare to enter repayment. The Office for Financial Aid will inform borrowers of the procedures for completing the Exit Counseling process.