If you are enrolled at least half-time in a graduate degree or approved professional certificate program, you may qualify for a PLUS loan to supplement your financial aid package. PLUS loans are unsubsidized U.S. government loans intended to
bridge the gap between a student's estimated cost of attendance and the
student's total other financial aid. Loan approval is subject to credit
criteria established by the U.S. Department of Education.
There is an origination fee of 4.292 percent. The fees are proportionally deducted from the total loan prior to disbursement. Interest is currently fixed at 7.21 percent and begins accruing from the date of the first disbursement to the university. For official fee and interest rate information, go to the Department of Education website.
These loans must be repaid to the U.S. government, normally within 10 years, with repayment set to begin 60 days after the final disbursement of each loan.
PLUS loans are normally disbursed to the university in two payments for the academic year (for fall and spring semester) or in one payment or in one payment if funds are for only one semester or for summer term enrollment. Please keep this in mind in deciding how much money you need to borrow. If you prefer a different disbursement schedule, you must notify Student Financial Services in writing when you submit your loan application.
PLUS Loans require credit approval, which is valid for only 180 days. To avoid disbursement delays and an additional credit review, we recommend that PLUS borrowers complete the application process AFTER June 15 for fall/spring term (academic year) loans and AFTER November 15 for spring or summer term-only loans.
Any funds remaining after the university has satisfied the student's account payable for the semester will be refunded to the student.
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