Students who are enrolled or who intend to enroll in graduate or professional programs may apply for the graduate PLUS loan.

The application process for the Graduate PLUS loan is web-based and should be completed by following the instructions on the lenders web page. Please review the terms and conditions as explained on each lenders web page. Additionally, you will receive a disclosure statement from your lender outlining the terms of your loan.

Many banks and other lending institutions participate in the Federal Family Education Loan Programs and students have the right to choose their lender. Since these are federal loans, the federal government controls the interest rate and eligibility criteria, so the interest rate, amount of eligibility, and repayment terms will be the same no matter which lender you pick. You may wish to use the same lender as you selected for the Stafford Loans to keep everything together, but you are not required to do so.

Like many students, you may be unfamiliar with the issues involved in making a lender choice.  In order to help you make a good decision, the Office of Student Financial Aid and Scholarships has compiled a listing of lenders that our students have used over the past three years.  The listing will always be in random order each time it is viewed.  There is no significance attached to where a lender falls in the listing.  You are not required to select one of the lenders from the listing.  You may want to use a different lender and are free to do so.  The choice is yours.

  Discover
  National Education
  Nelnet
  Suntrust
  Wachovia, a Wells Fargo Company
  Citibank
  South Carolina Student Loan Corporation
  Navy Federal Credit Union
  College Foundation
  PNC (formerly National City)
  Regions
  Sallie Mae

As a final caution, please keep in mind that, due to future market conditions, your lender could decide to suspend any of its programs or discontinue/change any of the benefits it may offer. You are responsible for selecting a lender. Your lender, rather than the University of South Carolina, is solely responsible for any programs or discounts the lender offers.

Borrowers must pass a credit check with their lender. If they don't pass, they may still be able to receive a PLUS loan if they can demonstrate that extenuating circumstances exist, or if they have an endorser who is willing to cosign the loan with them. Additionally, the student must meet the general eligibility requirements for federal student aid, such as being US citizens or eligible noncitizens as well as not be in default or owe a refund to any federal student aid program.

Students must complete the FAFSA and request the Federal Stafford Loan before eligibility for a Graduate PLUS can be determined. Students are not required to accept the Stafford Loan once it has been processed but The University of South Carolina strongly encourages students to do so as the Stafford Loan program may have better terms and conditions.

Currently, the interest rate is fixed at 8.5% for the PLUS loan.

Lenders are required to charge at least 3%--and may charge loan fees up to 4%--of the scheduled disbursement amount. This rate varies by lender and is subject to change. Please note that prior to disbursement the loan amount listed on your account does not necessarily reflect loan fees deducted from your disbursement by your lender. For example, if your award is $1,000 and your lender assesses a 4% loan fee, the net disbursement will be $960.

Students can borrow up to the cost of their education, as determined each year by the Office of Financial Aid and Scholarships, less any other aid the student may receive, including grants, loans, and scholarships.

Unless otherwise indicated by the PLUS loan application, the PLUS loan will be issued in multiple disbursements during the academic year. If you plan to enroll for both fall and spring, the PLUS loan will be issued in two equal disbursements (one disbursement per term). If you plan to enroll for only one term, either fall or spring, your Stafford Loan will be issued to you in one disbursement, the amount to be determined by your eligibility.

Entrance Loan Counseling is a process that will explain your rights and responsibilities as a new Graduate PLUS Loan borrower. If this is your first time receiving a Graduate PLUS Loan, then you may click here to complete Entrance Loan Counseling.

It may take up to seven days after your lender sends the school certification request until it shows as an award for your use on VIP. Additionally, the lender or the school may request additional information during the credit, application, or certification process.

Yes. Once your PLUS Loan has been awarded, the University of South Carolina will advance you the aid to pay your bill via VIP and that advance will be paid off once your lender disburses the funds on the established disbursement dates.

The University of South Carolina will award the PLUS Loan to the maximum of your eligibility and requested amount, whichever is lowest. If you chose to decline your loan or wish to request a lower amount, you must indicate this choice on your award letter, available on VIP, and return it to the Financial Aid Office. You may also send your request via e-mail to our office at uscfaid@mailbox.sc.edu.

The Graduate PLUS Loan is deferred until six months after graduation. You may arrange with your lender to pay the interest while you are in school to avoid having it capitalized at the end.