|
The Federal Parent Loan for Undergraduate Students is a federal loan that credit-worthy graduate, Boonshoft School of Medicine and School of Professional Psychology students can borrow for themselves. Student applicants must meet eligibility requirements to receive federal student aid and meet satisfactory academic progress requirements. The Federal Graduate PLUS Loan is a form of aid that must be repaid by the student borrower.
Federal Graduate PLUS Loan Overview |
| How to Apply |
- Student must complete the Free Application for Federal Student Aid (FAFSA).
- Once the student receives an Award Notice, the student must accept the Federal Graduate PLUS Loan via WINGS Express in accordance with the instructions provided on the online Award Notice.
- After accepting the Federal Graduate PLUS Loan, the student must complete the additional requirements for Federal Family Education
Loan Program (FFELP) Loans as detailed on our Loan Processing page.
|
| Interest Rate |
8.5% fixed |
| Additional Loan Fees |
- Origination Fee: 3%
- Default Fee: 1%
NOTE: The lender you select may waive these fees. Visit our Lender List page for more information. |
| Credit Requirements |
Yes, borrower must be deemed credit-worthy. Credit denied applicants who would like to attempt to resolve the denial or apply for the Federal Graduate PLUS Loan with a credit-worthy endorser (co-borrower) can contact Great Lakes Educational Loan Services by calling (800) 247-0462. |
| Annual Loan Maximums |
Cost less aid. |
| Aggregate Loan Maximum |
None |
| Enrollment Requirement |
Student must be enrolled at least half-time (at least 4 graduate credit hours). |
| Disbursement |
For a given term, loan funds are disbursed no sooner than 10 days prior to the student's first attend date. Funds are applied directly to the student's account. If the student's account is paid in full and any Federal Graduate PLUS Loan funds remain, the Office of the Bursar will issue the remaining loan funds to the student in the form of a refund. |
| Grace Period |
None. Repayment begins within 60 days after the loan is fully disbursed. |
| Minimum Monthly Payment |
$50 |
| Maximum Repayment Period |
10 years. 25 years for borrowers whose first loan was made on/after October 7, 1998 with a balance at or above $30,000. |
| Deferment/Forbearance |
A Federal Graduate PLUS Loan borrower may receive a deferment while he or she is enrolled on at least a half-time basis. Deferment/forbearance may be available under other circumstances.* |
| Federal Loan Consolidation |
Available under certain circumstances.* |
| *Contact Great Lakes Educational Loan Services or your loan servicer for more information. |
|
