Federal Graduate PLUS loans are available for graduate or professional students to help pay for their educational expenses, as long as the student is an eligible, independent, graduate student enrolled at least half time (four graduate hours).
The Federal Graduate PLUS Loan can be used to borrow funds up to your Cost of Attendance, minus Federal Stafford Loans or other assistance you have received.
Graduate PLUS loans typically have better terms and more flexible eligibility criteria than private alternative loans. Maximum loan fees and repayment interest rates are set by federal regulations. Graduate PLUS loans are subject to a maximum 4% origination fee. These fees are deducted from your loan proceeds at the time of disbursement. Also, the maximum repayment interest rate is set at a 7.9% fixed rate.
The repayment period for a Federal PLUS Loan made to a graduate or professional student begins on the date of the final disbursement of the loan, and the first payment is due within 60 days after the date the loan is fully disbursed. A graduate or professional Federal PLUS Loan borrower may receive a deferment while he or she is enrolled in at least a half-time basis at an eligible school. You will need to contact your loan servicer to see if the deferment applies. Deferments are not automatic and will require that you submit the proper request.
Before a Graduate PLUS Loan can be processed you must complete the Free Application for Federal Student Aid (FAFSA). A FAFSA may be completed online.
For the 2012-2013 academic year, fill out this form to apply for a Direct Loan Graduate PLUS Loan. If you prefer, you may pick up the Authorization Form at the Office of Financial Aid or contact our office at 402.554.2327 to request one be mailed to you.
For the 2013-2014 academic year, a new process is required for processing Graduate PLUS Loans.
Determine How Much You Need to Borrow
Determine how much you need to borrow then contact the UNO Office of Financial Aid at firstname.lastname@example.org and request that we award you the Graduate PLUS Loan. Keep in mind that you will be responsible for repayment of this loan..
Complete the Graduate PLUS Request Process
After you have been awarded and have accepted your Graduate PLUS Loan, you will need to complete the Graduate PLUS request process at StudentLoans.gov.
A Graduate PLUS borrower must not have an adverse credit history so your information will be submitted to the Direct Loan Origination Center for a credit decision. A Graduate PLUS applicant who is determined to have an adverse credit history may still receive a Graduate PLUS Loan if he or she obtains an endorser who does not have an adverse credit history.
Complete Your Loan Documents
If you have previously signed a Master Promissory Note (MPN) for a Federal Direct Graduate PLUS Loan, a new promissory note for the upcoming academic year is not required; the MPN you signed previously is still valid and in effect.
If you are a first-time Federal Direct Grad PLUS borrower, you will need to complete an MPN. The MPN is a promissory note that can be used to make one or more loans for one or more academic years (up to 10 years). The electronic version of the MPN allows you to complete, sign and obtain a copy of your MPN over the web using your U.S. Department of Education issued PIN. Please access the Department of Education's Student Loans website and complete a Master Promissory Note for Graduate PLUS Loans.
UNO's Office of Financial Aid will be notified once you have completed this process. This notification must be received before we can disburse your Federal Direct Graduate PLUS Loan to your consolidated billing account.
If you are a first-time Federal Direct Graduate PLUS Loan borrower at UNO you must complete Entrance Counseling. Please visit the Department of Education's Student Loans website and complete Grad Entrance Counseling.
Please Note: If your enrollment during fall semester drops below half-time status (four credit hours for graduate students) it will cause the spring disbursement of your academic year Graduate Federal Direct Stafford Loan to be canceled.