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Financial Aid Programs
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Federal Graduate PLUS Loans are non-need, credit based loans made to graduate and professional students, who may borrow up to the cost of education, less any other financial assistance received during the loan period. The Federal PLUS Loan was disbursed through the Federal Family Education Loan Program (FFELP) prior to the 2010-11 academic year, when the program was switched to the Federal Direct Loan Program. For loans disbursed on or after July 1, 2006 through the summer 2010 academic session, the interest rate was fixed at 8.50%. Previous PLUS loans may have a different interest rate depending upon when the loan was first disbursed. For loans disbursed during the fall 2010 academic session and beyond, the interest rate is fixed at 7.90%. Borrowers must first complete the FAFSA and apply for the Federal Direct Stafford Loan program before applying for the Graduate PLUS Loan. Students are advised to exhaust their eligibility for other federal student aid programs before considering the PLUS Loan. New borrowers must sign a master promissory note and complete entrance loan counseling before any loan funds will be disbursed. Graduate PLUS Loans will be disbursed in at least two installments, generally to coincide with the beginning of the enrollment period covered by the loan. Equal installments of your loan will be disbursed at the start of each semester if your loans cover multiple semesters. A loan that covers only one semester or term, however, will be disbursed in full at the beginning of the semester or term. The Student Loan Accounting Office of the Bursar handles all PLUS loan disbursements. Questions regarding the handling of disbursements should be directed to that office.For more information about the Graduate Federal PLUS Loan program, including how to apply, click here |
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