Financial Aid : Graduate Plus Criteria

Detailed terms of the federal Graduate 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 Direct Subsidized and Unsubsidized loan programs.

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 7.9%.  Interest is accruing on the loan from the date of disbursement and is capitalized once, at repayment.  The government provides an up-front 1.5 % interest rate rebate. A borrower retains the rebate by making the first twelve monthly payments on time. If all twelve payments are not made on time, the borrower will be required to repay the amount of the rebates (s).

Loan fees: There is an origination fee of 4% of the loan amount (deducted from the loan before funds are disbursed). 

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.