GradPLUS Loan Info
What is the Graduate PLUS Loan?
Graduate students who need funding in addition to the federal Direct Subsidized and Unsubsidized loans may apply for a federal Direct Graduate PLUS (GradPLUS) loan.
The GradPLUS has a fixed 7.9% interest rate and a 4% origination fee at disbursement.
Unlike the Subsidized and Unsubsidized loans, there is no borrowing limit on the GradPLUS, except that the amount borrowed must not exceed the Cost of Attendance (COA) minus other financial aid.
For more information about the Direct Lending program, including program benefits and features, please visit the Direct Lending website.
How do I apply for the GradPLUS loan?
Students must be matriculated into a graduate or professional degree program.
To apply for a GradPLUS Loan, you must complete the FAFSA. You will receive your initial financial aid award containing your eligibility for the Direct Subsidized and/or Unsubsidized loans.
If you require additional funding, you may then submit our GradPLUS request form available on MySJC. This provides us with information on how much you wish to borrow (no more than the cost of attendance minus your other financial aid) and gives us permission to check your credit report for eligibility.
Credit Check
The federal Direct Lending program requires that you meet certain criteria in order to be eligible for the GradPLUS Loan. These requirements are less strict than typically applying for private student loans, and are not based on your credit score.
To be eligible for the GradPLUS Loan, you must NOT*:
- have current delinquencies of 90 days or more
- in the previous 5 years, have any of the following negative items: Bankruptcy, Default, Discharge, Foreclosure, Open Collection, Repossession, Tax Lien, Wage Garnishment, or Write-off of a Title IV Debt
*If you are ineligible due to extenuating circumstances involving a mortgage delinquency of less than 180 days, or due to medical expenses, but otherwise would qualify, you may still be eligible for the GradPLUS Loan.
Your credit check is valid for 6 months. Each time you apply for the GradPLUS Loan, your credit will be checked again, if it has been longer than 6 months since your previous application.
To facilitate your application, review your credit reports in advance and make sure all information is accurate and all outstanding issues have been resolved. If you believe you are ineligible due to your credit history, you may apply with an endorser
Master Promissory Note and Entrance Loan Counseling
If you are approved for a GradPLUS Loan, it will be added to your financial aid package. In order to receive funds, first time borrowers must complete Entrance Loan Counseling, and all borrowers must complete a current Master Promissory Note (MPN). This is separate from your Subsidized/Unsubsidized MPN. You should complete these steps online using your US Department of Education FAFSA PIN at the Direct Lending Student Loan Access Website studentloans.gov.
If you have forgotten your PIN, you may request a duplicate PIN at the above website, or visit www.pin.ed.gov. Remember to keep your PIN for your records, as you will use it to access your federal student loan information in the future.
