GENERAL INFORMATION FOR FEDERAL DIRECT 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 Federal Direct Graduate PLUS loan.
It is recommended that you borrow the annual Federal Direct Subsidized/Unsubsidized loan limit(s) prior to application for the Federal Direct Graduate PLUS loan. Federal Direct Subsidized/Unsubsidied loans offer more favorable rates and terms.
Federal Direct Graduate PLUS loans require that the applicant cannot have adverse credit history based on a review from a national credit reporting agency.
Federal Direct 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 Federal Direct Graduate PLUS loan you must complete and submit the Federal Direct Graduate PLUS Loan Information Form to the Financial Aid Office. You will also be required to complete a Federal Direct Graduate PLUS Master Promissory Note at www.studentloans.gov. The MPN must be completed before the Financial Aid Office will originate the loan. In addition before the Financial Aid Office can certify your eligibility for the Federal Direct Graduate PLUS loan you must complete entrance loan counseling. If you have already completed entrance counseling for Direct Subsidized/Unsubsidized loans you have met this requirement.
Graduate PLUS loans are based on a fixed interest rate which is currently 7.21%. A fee can include a 4% origination fee.