GENERAL INFORMATION FOR GRADUATE PLUS LOAN BORROWERS
You must complete the Free Application for Federal Student Aid (FAFSA), meet all federal eligibility requirements and receive an award letter from Walsh College prior to completing the Graduate PLUS loan.
You must borrow the annual Federal Stafford loan limit prior to application for the Graduate PLUS loan. Federal Stafford loans generally offer more favorable rates and terms.
Graduate PLUS loans require that the applicant cannot have adverse credit history based on a review from a national credit reporting agency. You must contact the lender of your choice for details on their individual requirements.
You may borrow a Graduate PLUS loan from any lender. Here is a list of lenders who made Graduate PLUS loans available to Walsh College students:
Graduate PLUS loans are limited to the cost of education less any other aid. The school is required to certify that the student is eligible for the requested amount. The school must also be able to certify that the student is making satisfactory academic progress in their degree program. (See the Walsh financial aid website for the complete definition of satisfactory academic progress for financial aid purposes).
If you wish to apply for a Graduate PLUS loan you must complete and submit the Graduate PLUS Loan Information Form to the Financial Aid Office. You will also be required to complete a Graduate PLUS Master Promissory Note with the lender of your choice.
In addition before the Financial Aid Office can certify your eligibility for the Graduate PLUS loan you must complete entrance loan counseling specifically for graduate plus borrowers at http://mappingyourfuture.org and select Walsh College to receive notice of completion.
Graduate PLUS loans are based on a fixed interest rate which is currently 8.5%. Fees can include a 3% origination fee and a 1% guarantee fee. Terms and conditions will vary by lender. Contact the lender of your choice for specific rates and terms as well as information concerning deferment and forbearance options.
We recommend that the borrower utilize the lenders pre-approval process prior to completing the actual loan application to be sure that you meet the lender’s credit criteria.
If the loan is approved and disbursed to the school, you may be required to endorse a check if your lender does not disburse by Electronic Funds Transfer.