GRADUATE PLUS LOAN

Graduate PLUS loans are low interest federal loans that are available to graduate and professional students to assist with the cost of education.  The interest rate for the Grad PLUS is fixed at 8.50% for loans first disbursed on or after July 1, 2006.  Eligible credit-worthy students can borrow up to the cost of education minus other financial aid received.  If a student is denied for the Grad PLUS based on adverse credit, a student may still be eligible for the loan with a credit-worthy endorser.  Students must complete the Free Application for Federal Student Aid (FAFSA) and have their eligibility determined for the federal Stafford loan before they can be considered for the Graduate PLUS loan.  Students must also meet the UMW Office of Financial Aid Satisfactory Academic Progress requirements and be enrolled at last half-time to receive the federal Graduate PLUS loan. Half-time enrollment is normally 6 credit hours per semester. However students enrolled in 8-week courses offered by programs like the MBA, MIS, BPS and others, must be enrolled in both 8-week sessions during the semester, for a total minimum of 6 credit hours across the entire 16 weeks of the semester.

NEW BORROWER STEPS TO PROCESSING A GRADUATE PLUS LOAN:

STEP 1:  New Grad PLUS loan borrowers at UMW must complete, sign and return the Loan Information Sheet to the UMW Office of Financial Aid.  The “Student Information” section and the “PLUS” section of that form must be completed.  Click here to access the Loan Information Sheet

STEP 2:  New Grad PLUS loan borrowers at UMW can complete a pre-screening (or credit check) to determine their eligibility for the Grad PLUS loan and must complete a Master Promissory Note (MPN).  Graduate students can do this by either selecting a lender from the electronic lender list (see link below) or by contacting another lender of their choice to determine the lender’s process.  If selecting a lender not on the electronic lender list, be sure to provide a copy of the credit approval or MPN from your lender to the Office of Financial Aid.  Click here to access the electronic lender list

Federal regulations require that Graduate PLUS loan borrowers complete Loan Entrance Counseling. Borrowers selecting a lender from the electronic lender list will be prompted to complete Loan Entrance Counseling once the borrower selects the lender name on the list.

Borrowers selecting a lender other than one that is on the electronic lender list should Click here for Loan Entrance Counseling. A promissory note will also need to be completed with your selected lender. Be sure to provide a copy of the credit approval or promissory note from your lender to the Office of Financial Aid.