Financial Aid : Grad Plus Criteria

Detailed terms of the federal Grad Plus (credit based)

Eligibility:

• full or half-time graduate students
• demonstrate financial need as determined by the institution
• U.S. citizen/national or an eligible noncitizen.
• Must first apply for maximum annual loan eligibility in the Stafford loan program.

Credit Requirements:  This loan is based on being credit-ready; therefore, your income, debt, credit score and assets are not factors for approval; however, negative credits items are grounds for denial (tax lien, charge off, delinquent accounts, etc.). An option is available to obtain a co-signer/endorser if the loan is denied.

Annual/aggregate limits:  Up to the cost of attendance less any awarded aid (i.e. other loans, scholarships and federal work-study) per academic year.

Interest rate:  For loans disbursed after 7/1/06 the interest rate is fixed at 8.5%.  Interest is accruing on the loan from the date of disbursement and is capitalized once, at repayment.

Loan fees:  There is an origination fee of 3% of the loan amount and a default fee of 1% of the loan amount. 

Loan Repayment:  Repayment commences within 60 days following the last disbursement. Graduate/professional students will automatically receive an in school deferment until enrollment drops below half-time status or at graduation.  The standard repayment period is 10 years; however, for balances above $30,000 the repayment period may be extended to 25 years.