What is a Federal Graduate PLUS Loan?

The Federal Parent Loan for Undergraduate Students (PLUS) is now available for the first time for the 2006-2007 school year for graduate or professional students to borrow. The Federal Graduate PLUS Loan is a federal loan that graduate or professional students can borrow to pay for their educational expenses. Federal PLUS Loans must be repaid.

How to Apply!

QUICK LINKS

Online Gradaute PLUS PreApproval

WSU Cost Calculator

WSU's List of Lenders

Online Federal Graduate PLUS Loan Master Promissory Note

Great Lakes Higher Education Corporation

What requirements must be met to borrow a Federal Graduate PLUS Loan?

•  The student must meet the general eligibility requirements for federal student aid.

•  The student must be enrolled at least half time [a minimum of six (4) registered credit hours/quarter].

•  The graduate or professional student borrower must have no adverse credit history.

How can a graduate or professional student check to see if they meet Federal Graduate PLUS Loan credit requirements?

Without applying for a Federal Graduate PLUS Loan, students who are concerned as to whether or not they'll meet Federal Graduate PLUS Loan credit requirements may want to complete an Online Graduate PLUS PreApproval. 

How much can a graduate or professional student borrow in a Federal Graduate PLUS Loan?

The amount of Federal Graduate PLUS Loan funds available is the student's cost of attendance at Wright State University minus any other financial aid accepted by the student. For example, if the student's cost of attendance at Wright State University is $13,000 and the student has accepted $3,000 in other financial aid, the student could borrow up to--but no more than--$10,000. The Office of Financial Aid and Scholarships encourages students to use the WSU Cost Estimator to help determine the amount of Federal Graduate PLUS Loan funds they may want to borrow to cover anticipated out-of-pocket expenses at Wright State University.

How do graduate or professional students apply for a Federal Graduate PLUS Loan at Wright State University?

1. Submit FAFSA.

The student must first file a FAFSA .

2. If you plan to enroll Summer, go to WINGS Express and complete the Summer Aid Request.

Logon to the WINGS portal and click on the WINGS Express icon. Enter your University ID and WINGS Express PIN. Click on "Student and Financial Aid" and then click on "Financial Aid and Scholarships". Click on "Summer Aid Request" and select the appropriate aid year. Indicate your enrollment plans for Summer.

3. Check WINGS Express for Outstanding Requirements and/or Award Notice.

If the student has been admitted to Wright State University and has no additional outstanding requirements on his/her Financial Aid and Scholarship Requirement link on WINGS Express, the Office of Financial Aid and Scholarships will post the student's Award Notice on WINGS Express at the scheduled time. To check WINGS Express for outstanding requirements, logon to the WINGS portal and click on the WINGS Express icon. Enter your University ID and WINGS Express PIN. Click on "Student and Financial Aid" and then click on "Financial Aid and Scholarships". Click on "Financial Aid and Scholarship Requirements" and select the appropriate aid year. NOTE: Click on "Requirement Messages" for additional information/links regarding your outstanding requirements.

4. Go to WINGS Express to View Award Notice.

Logon to the WINGS portal and click on the WINGS Express icon. Enter your University ID and WINGS Express PIN. Click on "Student and Financial Aid" and then click on "Financial Aid and Scholarships". Click on "Award Notice" and select the appropriate aid year.

5. Complete Loan Entrance Counseling and Federal Graduate PLUS Loan Master Promissory Note.
The Office of Financial Aid and Scholarships processes Federal Graduate PLUS Loan funds with the guarantee agency, Great Lakes Higher Education Corporation (GLHEC). GLHEC will require the student to complete Loan Entrance Counseling (one-time only) and a Federal Graduate PLUS Loan Master Promissory Note (MPN). Loan Entrance Counseling and the Federal Graduate PLUS Loan MPN can be completed online at FASTPLUS-Grad. When completing the Federal Graduate PLUS Loan MPN, the applicant will be required to select a participating lender from which to borrow the loan funds.

What happens after a graduate or professional student has completed the Federal Graduate PLUS Loan MPN?

The Office of Financial Aid and Scholarships will transmit to Great Lakes Higher Education Corporation (GLHEC) a school certification* for Federal Graduate PLUS Loan processing. Once GLHEC receives both the student's MPN and the school certification, GLHEC will process the loan. The student will receive a Notice of Guarantee from GLHEC.

* Please note, the Office of Financial Aid will begin transmitting school certifications to GLHEC on July 1, 2006 for all Fall Quarter 2006 loans.

How are Federal Graduate PLUS Loan monies applied to the student's fees?

Great Lakes Higher Education Corporation will disburse to Wright State University the student's Federal Graduate PLUS Loan proceeds in accordance to the student's Notice of Guarantee. The Office of the Bursar will release the Federal Graduate PLUS Loan disbursements received to the student's account as long as the student: (1) has completed Loan Entrance Counseling, if required; and, (2) is eligible for disbursement. The loan funds will be applied first to the student's tuition, fees, room and board, and other institutional charges permitted by the student. Any Federal Graduate PLUS Loan funds remaining, after being applied to the student's fees, will be mailed to the student by check or can be directly deposited in a checking or savings account of the student's choice.

What is the interest rate on a Federal Graduate PLUS Loan?

The Federal Graduate PLUS Loan has a fixed interest rate of 8.5 percent (8.5%).

Other than interest, are there other fees to get a Federal Graduate PLUS Loan?

The student borrower can be charged a fee of up to four percent (4%), deducted proportionately from each loan disbursement. (Part of the fee is for insurance used to pay off loan defaults; the rest reduces the cost of the loan to the government.) Because of this deduction, the loan disbursements may be slightly less than the amount borrowed.

When do graduate or professional students begin repaying a Federal Graduate PLUS Loan?

Generally, repayment must begin within 60 days after the loan is fully disbursed. There is no grace period for Federal Graduate PLUS Loans. Borrowers must begin repaying both principal and interest while enrolled in school, or contact their lender regarding deferment/forbearance options.

Is it ever possible to postpone repayment of a Federal Graduate PLUS Loan?

Under certain circumstances, borrowers can receive a deferment or forbearance on their Federal Graduate PLUS Loan, as long as the loan is not in default. Borrowers should contact Great Lakes Higher Education Corporation at 1-800-377-9095 or visit their web site at www.mygreatlakes.com for more information on deferments or forbearances available for Federal Graduate PLUS Loan borrowers. Since Federal Graduate PLUS Loans are unsubsidized, borrowers will be charged interest during periods of approved deferments and forbearances. If the interest isn't paid as it accrues, it will be capitalized (increasing the total loan amount the borrower is required to repay).