• Graduate PLUS Loans

    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.

    Application Process for a Federal Graduate PLUS Loan

    • Subtract your total financial aid, including your New School package and all external financial aid, from your estimated cost of attendance. The remainder is the maximum amount you can borrow under the PLUS Loan program. (Note: You must file FAFSA to receive a New School financial aid offer.)
    • You submit the PLUS loan promissory note (MPN; online at studentloans.gov) indicating the amount you propose to borrow. Our federal school code for loans is 020662. By submitting the application, you consent to a credit check and permit the U.S. Department of Education to inform The New School of the results.
    • Once the Department of Education notifies The New School that the MPN is on file and your credit has been approved, Student Financial Services will add your Graduate PLUS loan to your aid package and send you a revised award letter.
    • Funds are disbursed directly to The New School by the Department of Education. You will be notified again when the funds have been applied to your account. See Disbursement Policy below.
    • Please monitor the status of your PLUS loan online at my.newschool.edu to ensure that your financial aid package is complete.

    Fees, Interest, and Repayment Policies

    There is an origination fee of 4.276 percent for loans first disbursed after October 1, 2016, and before October 1, 2017. The origination fee is 4.264 percent for loans first disbursed after October 1, 2017, and before October 1, 2018. The fees are proportionally deducted from the total loan prior to disbursement.

    Interest is currently fixed at 7 percent for loans disbursed between July 1, 2017, and June 30, 2018. Interest 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 ten years, with repayment set to begin 60 days after the final disbursement of each loan.

    Disbursement Policy

    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.