William D. Ford Federal Direct Grad/Professional PLUS
The recently passed Deficit Reduction Act of 2005 will allow Graduate and Professional students to borrow under the Federal PLUS loan program on their own behalf. The PLUS was previously available only to the parents of dependent undergraduate students.
Special Notice to Grad PLUS borrowers
Students interested in receiving a Federal Graduate PLUS Loan should read this important notice.
Eligibility
Criteria:
1. Enrolled at least half-time
2. Not in default on another student loan
3. U.S. Citizen or eligible non citizen
4. Maintaining satisfactory academic progress
5. Good Credit Standing
6. Parents of Graduate/Professional students will not be eligible to apply for the loan for their son or daughter
Amounts & Selection Process:
Student may borrow up to the Total Cost of Education minus Financial Aid with no Aggregate Maximum.
Terms:
For the 2009-2010 academic year, the interest rate will be a fixed rate of 7.9%. Interest accrues while the student is in school. Students may choose to make quarterly interest and principal payments, or have the loan deferred and interest capitalized onace at the time of repayment. Standard repayment period is10 years. A 2.5% processing fee is deducted from the loan proceeds when funds are disbursed. There is no grace period. Repayment begins 60 days after the loan has fully disbursed (or 45 days after the last date of deferment). Multiple repayment options are available
Application Process:
- File the Free Application for Federal Student Aid (FAFSA).
- Complete and Submit a Federal Direct Grad/Professional PLUS Loan Credit Authorization Form to the Office of Student Financial Aid.
- Federal Loan Servicing Center will proceed with a credit check.
- Following loan approval, borrower receives a letter to complete entrance counseling and the Grad PLUS eMPN.
Renewal Process:
Renewed only if all necessary forms are filed each year and students continue to meet eligibility requirements. Students may not be required to complete entrance counseling & eMPN if these requirements were previously completed (while at Marquette).
