Graduate PLUS loans
What are Graduate PLUS loans?
The Graduate PLUS loan is borrowed by graduate students to fund the cost of their education not covered by other forms of financial assistance. The interest rate on this loan is fixed at 8.5 percent. (Please note, however, that most lenders we use on our preferred lender list offer reductions to this interest rate or loan principal reductions which can reduce the overall cost of borrowing) and repayment on this loan can be deferred while the student is enrolled at least half time. The Financial Aid Office will automatically award this loan after all other forms of financial assistance have been awarded.
Who is eligible?
- Either a US citizen, U.S. national or eligible non-resident
- Enrolled or accepted for enrollment at least half time in a PLU graduate program (This does NOT include post graduate certificate programs)
- Not in default on any student loan or owe a refund to any education grant program
- Completed the Free Application for Federal Student Aid (FAFSA) for the applicable aid year and have the results sent to PLU
How do I apply and how much can I borrow?
Upon acceptance into a PLU graduate program and submitting the Free Application for Federal Student Aid (FAFSA), the PLU Financial Aid Office will send you an offer of financial aid. If your other forms of financial assistance do not cover the entire cost of education (based on a standard cost of attendance we use), the Graduate PLUS loan will be automatically awarded to fill that gap. Loans are awarded on an annual basis and you must re-submit the FAFSA each year to continue receiving the loan.
After you have accepted your Grad PLUS Loan on your financial aid award letter, the financial aid office will create a loan application that is electronically transmitted to your lender. You may also choose to complete an electronic loan application at your lender's web site at this time. A link to our primary lenders' web sites can be found on the Lenders page of the PLU financial aid web site. If you choose not to use e-signature and the on-line application process, your lender will mail to you a paper promissory note/application. Once your lender receives your completed promissory note/application, they will send your loan proceeds via EFT to us and we will post the funds to your account. If your loan amount exceeds your university charges and creates a credit balance on your account, you may request the balance to be issued to you in the form of a check by completing a Refund Request Form at the Student Services Center. Refund checks are produced weekly and are available every Friday at the Business Office.
