Application process for Graduate PLUS loan:
- Complete Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov. Our school code is 002780.
- Receive award notice from Student Financial Services outlining student loan eligibility.
- Apply for William D. Ford Graduate PLUS loan if needed by logging on to the federal Department of Education's website at studentloans.gov. Our federal school code for loans is 020662.
- Once we receive confirmation from the Department of Education that you have completed your e-MPN and passed a credit check, we will originate the loan and certify your enrollment. Please be aware that the default loan period that will be used for all PLUS applications received before January 1 is fall and spring. The default loan period that will be used for PLUS applications received on or after January 1 is spring only. If you prefer another loan period, you must notify our office in writing.
- Funds will be disbursed directly to The New School, and you will be notified when these funds have been applied to your account.
Important Notes: To qualify for a Graduate PLUS Loan you must be matriculated in a graduate degree or approved certificate program. In addition, PLUS Loans require credit approval which is valid for 90 days. To avoid disbursement delays and an additional credit review, we recommend that PLUS borrowers complete the application process no sooner than June 15 for fall/spring term (academic year) loans, and November 15 for spring term loans. Please monitor your application status online at https://my.newschool.edu to ensure that your financial aid file is complete.
Amount you can request: The Borrower can request up to the cost of attendance (minus any financial aid received).
Interest: Fixed at 7.9 percent. Interest begins accruing from the date funds are made available by the lender.
Fees: There is a guarantee fee up to 1 percent. There is an origination fee of 3 percent. Both fees are deducted from the proceeds prior to disbursement.
Repayment: Repayment begins within 60 days after the final disbursement of each loan, unless you request a deferment from the Direct Loan Servicer either at the time of application or after the loan is finalized. The maximum repayment period is 10 years, and the minimum monthly payment is $50.00. You may be eligible to defer payments as long as you are enrolled at least half-time.