The Graduate Plus (GradPlus) Loan is a new federal loan program (effective fall semester 2006), for degree-seeking graduate and law students. Graduate and Law school students can use a loan to bridge the gap between the financial aid they receive, including Stafford loans, and their cost of attendance. The interest rate is fixed at 8.5%. A credit check is required to take out a GradPlus loan. GradPlus loan repayment begins within 60 days after the funds are fully disbursed - or if an in-school deferment is obtained, within 60 days after the deferment ends.

Download the GradPlus Loan Request Form (Adobe Acrobat Reader required).

Frequently Asked Questions for the GradPlus Loan

Can a GradPlus be consolidated with other federal student loans?
Yes, you need to contact your loan service provider upon graduation. For loan information, contact Great Lakes Higher Education at 800.377.9095 or the Access Group at 800.282.1550.

How do I apply for the GradPlus Loan ?
After you have accepted your subsidized and unsubsidized Stafford loans, submit the GradPlus application to the Financial Aid Office. Download the GradPlus Loan Request Form.

Do my parents have to complete the GradPlus application?
No, as a graduate student, you are considered to be independent of your parents by federal definition. As this is a new program, special applications have not been developed. Therefore, you will need to complete both the student and parent sections using your information.

What is the GradPlus Loan limit?
The maximum limit each academic year is your cost of attendance less other financial aid. There is no aggregate or lifetime maximum.

Do I have to complete the FAFSA?
Yes, you must file a FAFSA each year you wish to borrow.

Do I have to borrow the maximum for subsidized and unsubsidized loans before applying for the GradPlus?
Yes, the student must apply for the yearly maximum of subsidized and unsubsidized loans before applying for the GradPlus.

Do I automatically qualify for the GradPlus?
No, you must be creditworthy.

What types of issues can cause my GradPlus application to be denied?
Generally, an applicant is considered to have adverse credit if any of the following are noted in their credit report:
90 day delinquencies
Bankruptcy
Active Collections
A Tax lien
Default on prior student loan

What if my application is not approved?
The University will not certify the GradPlus Loan. You may still apply for an alternative loan. Alternative loan eligibility will be determined by the lender.

How do I sign the GradPlus promissory note?
You may sign the promissory note online or you may wait for the paper promissory note to be mailed to your home address by the guarantor. You will need to sign and return the promissory note to the guarantor. The borrower must complete both the student and parent sections of the promissory note.

If I already applied for an alternative loan and want to change to a GradPlus, what can I do?
You may request, in writing, that we cancel your alternative loan. This request must be received before your alternative loan is disbursed.

How do I decide for which loan to apply?
The GradPlus is a federal loan program and the federal rules apply. Alternative loans are consumer based and each lender's product will require your due diligence. As when making any decision to borrow, please research and borrow responsibly.

Is there a grace period?
No, interest and repayment begins 60 days after the final disbursement. For example: a fall/spring 2006/2007 GradPlus Loan. The fall loan disburses on 08/18/06; spring loan disburses on 01/03/07, Repayment scheduled to begin on 3/4/07. Students may apply for forbearance during the in-school period but interest will accumulate. Please check with your loan provider on repayment options.

When is interest capitalized?
Interest is capitalized when repayment begins.

What are repayment terms?
There is a 10-year repayment plan in place.

Is deferment and forbearance available?
Yes, our preferred graduate and law lenders are deferring repayment while you are enrolled at least half-time. As a federal program the same deferment and forbearance options are available.

Can a GradPlus be consolidated with other federal student loans?
Yes, you need to contact your loan service provider upon graduation.