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Federal Direct Graduate PLUS Loan
|Apply for a Loan||Applying for Academic Year Loans||Federal Direct Unsubsidized Loan||Federal Direct Graduate PLUS Loan||3L Bar Loan|
How to Begin: To begin the application process for all federal loans, law students must complete all of the financial aid application requirements. Students should log onto MySlice to view their "Financial Aid To Do List" and submit all of the necessary documents to apply for financial aid.
Eligibility: Borrowers must meet the federally established credit requirements to qualify for this loan. Borrowers must have no adverse credit: adverse credit is defined as 90 days or more delinquent on any debt, or having a credit report that shows default, discharge, foreclosure, repossession, tax lien, wage garnishment, or write-off of a Title IV debt, during the five years preceding the date of the credit report. Credit score is NOT used to determine Federal Graduate PLUS loan eligibility.
Loan Limit: Up to the cost of attendance for that academic period (as determined by the school) minus other financial aid received for the same academic period.
How Much to Borrow: Law students will be instructed to calculate their Federal Direct Graduate PLUS loan needs after receiving a financial aid award notification from the College of Law Financial Aid Office. Students are encouraged to borrow conservatively and carefully manage their debt.
Start the PLUS Application Process: When instructed by the College of Law Financial Aid Office, borrowers should log onto the Federal Student Aid Website StudentLoans.gov to:
1. Complete the application for a Graduate PLUS Loan and authorize a credit check.
2. Complete a Master Promissory Note (MPN). Complete this only if you are a new borrower. Most borrowers will need to complete only one MPN for a Federal Direct Graduate PLUS Loan during their enrollment at the College of Law.
3. Complete a Loan Entrance Counseling Session for Graduate PLUS Loans. Most borrowers will need to complete only one Loan Entrance Counseling Session for a Federal Direct Graduate PLUS Loan during their enrollment at the College of Law.
At any time a student wants to borrow an additional Graduate PLUS Loan, they must request the loan on the StudentLoans.gov website and a valid credit approval must be on file. The school will calculate and certify final eligibility.
Interest Rate: Fixed at 6.41% (for loans disbursed between 7/1/13 and 6/30/14)
Fees: Federal Direct Graduate PLUS Loans have a 4.288% Origination Fee which will be deducted from the principal amount borrowed upon disbursement.
Disbursement: Academic year loans are multiply disbursed; half of the loan amount, minus applicable fees, will be disbursed at the beginning of the fall semester and half, minus fees, for the spring semester.