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. 

Eligibility Criteria:

1. Enrolled at least halftime.
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:

• Fixed interest rate of 7.9%. 
• Interest will accrue while borrower is enrolled at least half-time; total interest accrued capitalized once at time of repayment. 
• A 2.5% origination fee (4.0% with a 1.5% rebate if first 12 monthly payments are made on time) is deducted from the loan proceeds when the funds are disbursed.

• Interest and principal may be paid while in school. No penalty if prepaid.
• Repayment of principal and interest is deferred while borrower is enrolled at least half-time.
• There is no grace period.
• Multiple repayment options available.
• Up to 20 year maximum repayment period.

 

Application Process:

1. File the Free Application for Federal Student Aid (FAFSA).
2. Complete and Submit a Federal Direct Grad/Professional PLUS Loan Credit Authorization Form to the Office of Student Financial Aid.
3. Federal Loan Servicing Center will proceed with a credit check.
4. Following loan approval, borrower receives a letter to complete entrance counseling and the Grad PLUS eMPN.

 

Renewal Process:

Renewed only if you file all necessary forms each year and continue to meet eligibility requirements. Students may not be required to complete entrance counseling & eMPN if they have done so previously (while at Marquette).