Students must complete
and submit a separate PLUS Master Promissory Note (MPN) to initiate the
loan process. These loans are administered by banks and other
major lending institutions and are dependent on credit worthiness.
Contact the lender of your choice for an application and pre-approval.
A processing fee will be deducted from the loan proceeds. Federal
Grad PLUS loans are made in two equal disbursements with the second
being made after one half of the loan period has elapsed. If the
funding arrives by check, the student must endorse it at the business
office in order to have the proceeds credited to the account. If
the loan creates a credit balance on the account the excess fund will be
refunded to the student by the cashier's office. If the loan
proceeds are received by Electronic Funds Transfer (EFT), the money will
be directly applied to the account and any excess will be refunded to
the student by the cashier's office. Repayment on this loan will
begin immediately following the second disbursement.
Please check with your
lender as they may be able to offer you forbearance while you are
enrolled in school. This loan has a fixed rate of 8.5% as of July
2006.
Click here to view our
"Lender Information" page.
