The Graduate/ Count on HESC for Graduate PLUS:
Professional the guidance and A flexible loan
PLUSloan and HESC support you need you can afford
For more information HESC is New York’s student financial aid agency. For Graduate PLUS loans, you may borrow
Helping you achieve your We have the programs, information, and any amount up to the total cost of education
Visit our Web site at www.hesc.org career goals. resources to help you afford a college education. (as defined by the school), minus other financial
aid you’ve been awarded.
We administer the state‘s Tuition Assistance
Communications Center Program (TAP) and more than a dozen other Whether you need extra cash for college fees,
1-888-NYSHESC grants and special awards. We also guarantee room and board, or books for your graduate-
1-888-697- 4372 student loans as part of the Federal Family level classes, a Graduate PLUS loan can cost
Education Loan Program (FFELP). PLUS loans, less than a more expensive private loan or
Federal Student Aid Information along with Stafford and consolidation loans, are maxing out your credit cards.
or part of FFELP.
You must first apply to borrow the maximum
FAFSA Application Status
There are many student financial aid programs in Stafford loans (based on eligibility and
1-800-433-3243 available for graduate study in New York State. determination of need) before applying for
Get all the information you need on our a Graduate PLUS loan.
easy-to-navigate Web site, www.hesc.org, and
make planning and paying for college faster
and easier than ever.
Your Student Aid Agency
New York State Higher Education Services Corporation
99 Washington Avenue, Albany, NY 12255
s Convenient online pre-approval and
application process; How to apply How to improve
your fiscal fitness
s Lower origination fees — 3 percent Applying for a Graduate PLUS loan is simple on
compared to alternative loan fees which www.hesc.org. You can electronically submit Do you have questions about your student
can be as high as 9-11 percent; your FAFSA and complete the PLUS e-MPN. loans? A HESC representative will work with
s No prepayment penalties — ever; Or get the forms from your school’s financial you, your lender or school to find answers.
s Eligible for consolidation. aid office or your lender. Call us at 888-215-0196 for help staying on
track with your loans.
Eligibility Repayment If you need help with debt management,
requirements Upon graduating or leaving school, you will you may want to consult with a professional,
have up to 10 years to repay your Graduate not-for-profit budget planner or consumer
To be eligible for a Graduate PLUS loan, PLUS loan. Repayment begins within 60 days credit counselor. To locate a counselor,
you must: after the final disbursement. While in school contact the National Foundation for
Advantages of s Be a graduate or professional student at least half time, you can have your payments Credit Counseling at www.nfcc.org or
the Graduate PLUS: enrolled at least half time; deferred. call 800-388-2227.
A flexible Loan s Be a U.S. citizen or eligible non-citizen; Monthly payments are based on the amount
you can afford s Complete the Free Application for Federal you borrowed and the payment plan selected.
Student Aid (FAFSA) and an electronic FFEL The minimum monthly payment on principal
The Graduate PLUS loan can cost less than an
PLUS Master Promissory Note (e-MPN); and interest with standard repayment is $50.
s Have first applied for the maximum amount There is no penalty for early repayment.
Unlike some private loans that come with in Stafford loans;
variable interest rates that can climb several s Be creditworthy.
times a year, the Graduate PLUS loan has a
fixed interest rate of 8.5 percent, valid for the Graduate PLUS loans carry an 8.5 percent fixed
life of the loan.
How much can interest rate. See the chart below to estimate
And many lenders offer discounts, rebates, fee
you borrow your total payments with varying loan amounts.
reductions and other borrower incentives. You may borrow up to your entire “cost of Sample Loan Repayment
attendance,” which includes tuition, room and
HESC waives the one percent federal board, books, transportation, and additional Amount Borrowed Total Payments
At 8.5% With Standard
default fee for Graduate PLUS loans. expenses, minus any other aid you are receiving. For 10 Years Repayment
For example, if college costs are $30,000 and $5,000 $7,439
Other features of Graduate PLUS loans include:
you are eligible for $18,500 in financial aid, you $15,000 $22,317
s No annual or aggregate loan limits; may borrow up to $11,500. $25,000 $37,196
s Payments deferred while you are in school Once approved, your lender disburses the loan
(must maintain at least half-time enrollment); funds, less a 3 percent origination fee, directly to
s No co-signer required; your school on dates determined by the school.
s Billing combined with your Stafford loans; Remember, with HESC, the federal one percent
default fee is waived.