Graduate Federal PLUS Loan Program
As a graduate student you are eligible to apply for a low-cost Graduate Federal PLUS Loan under the Federal Family Education Loan Program. This is an annual process. You must complete the Free Application for Federal Student Aid (FAFSA) and apply for the allowable Federal Stafford Loan eligibility first ($20,500). Please allow 2-3 weeks processing time.
Who is Eligible?
Student borrowers must be U.S. citizens or eligible residents and enrolled at least half-time (6 credits) in a matriculated degree program. Loan approval is subject to credit criteria established by the Department of Education and your lender or guaranty agency. A credit report will be obtained from a national credit bureau and approval is not based upon your income or debt.
Graduate PLUS Loan Features and Benefits
• Fixed interest rate of 8.50%. • A 3.00% federal origination fee and a 1% default fee will be deducted from your loan proceeds prior to disbursement. • Graduate PLUS Loan funds are released directly to the school in two or more disbursements via Electronic Funds Transfer (EFT). Funds are deposited into your student account. • Repayment begins on the date of final disbursement of funds and interest accrues while you are in school. Graduate PLUS Loans do not have a grace period. • Students are eligible to defer payments while in school at least half-time. Contact your lender for details. • You may borrow up to the full cost of attendance minus other financial aid. • Graduate PLUS Loans can be repaid early, in full or in part, at any time without penalty. • In the event that you die or suffer permanent and total disability, the loan is forgiven.
How Do I Borrow a Graduate PLUS Loan?
This annual process will allow you to apply for a Graduate PLUS Loan for the first time or to authorize a new loan amount on a previously signed electronic Master Promissory Note (e-MPN). Allow 2-3 weeks processing time. STEP 1: Accept the Graduate PLUS Loan offer on Fish-R-Net at http://fishrnet.sjfc.edu. STEP 2: Complete loan entrance counseling (federal requirement) at www.mappingyourfuture.org/sge STEP 3: After April 1, 2008, review our preferred lender comparison chart at www.sjfc.edu/financialaid. Choose a lender. STEP 4: Log onto www.hesc.com, click on Students, Families & Counselors. STEP 5: Click on Complete the e-MPN. STEP 6: Scroll down and follow the instructions to complete the Graduate/Professional PLUS Loan e-MPN. Please Note: You will need a HESC PIN to electronically sign your e-MPN. If you do not have a HESC PIN yet, begin the process anyway. When you reach the Borrower Authorization section, there will be a prompt to allow you to set one up. Call HESC at 1-888-697-4372 if you have any questions during the e-sign process.
3690 East Avenue • Rochester, NY 14618 • 585-385-8042 • Fax 585-385-8044 • finaid@sjfc.edu