Federal Direct Plus Loan for Graduate Students (Grad PLUS)
This loan is not based on financial need, but must be within the cost of attendance determined by the university. The amount a student can borrow is the difference between the cost of attendance and financial aid eligibility. Students must utilize their full Stafford loan eligibility before applying for the Grad PLUS.
For Grad PLUS loans first disbursed on, or after July 1, 2006, there will be a fixed rate of 7.9%. There is a 3% origination fee charged by the federal government and a 1% federal default fee charged. Repayment begins within 60 days of the full loan disbursement.
Application requests are submitted to Student Financial Services. Lynn requires that a valid FAFSA is on file prior to our certification of a PLUS loan. If a student is denied a Federal Graduate PLUS loan due to credit reasons, the student may appeal the denial with the Direct Loan Origination Center or reapply with a credit-worthy co-borrower. The Direct Loan Origination Center can be reached at (800)-557-7394.
Here are the steps to complete the Graduate PLUS loan process:
Step One:
Complete the Free Application for Federal Student Aid (FAFSA). To be eligible for the Direct Graduate PLUS loan, the student must be enrolled in a degree-granting program for at least six credits each term. Please note that federal regulations do not allow PLUS loan applications to be processed for an outstanding balance that is associated with an academic year that has already ended.
Step Two:
All Direct Grad PLUS loan borrowers must complete a Grad PLUS Loan Application. To complete the Graduate PLUS Application, go to studentloans.gov and select "Request PLUS Loan" and then "Graduate PLUS." The student will also be required to use their U.S. Department of Education issued PIN to complete the online MPN. Students who do not have a PIN or cannot recall their PIN, should go to www.pin.ed.gov to request one. Please note that it may take up to ten business days to receive a PIN.
Need-based Aid: No
Award Amount: Up to the cost of attendance
This aid is for Graduate Students
Enrollment Requirements: At least half-time enrollment status
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