This program allows graduate students who do not have an adverse credit history to borrow up to the full cost of attendance, less other financial aid received, including the unsubsidized Federal Stafford Loans.
The interest is fixed at 6.31 percent for loans disbursed between July 1, 2016 to July 1, 2017. Interest rates will be established each year for Grad PLUS Loans. The interest rate established for each loan is fixed and will apply for the life of the loan. Interest accrual begins on the date of the first disbursement; the first payment is due within 60 days after the final disbursement or students may defer payment while they are enrolled as at least half-time. Direct PLUS Loans, where the first disbursement is on or after October 1, 2016, carry a 4.276 percent federal origination fee. Net proceeds will equal approximately 95.724% of the loan amount.
Colleges determine eligibility for the Federal Stafford Loan before determining any remaining eligibility for a Federal Graduate PLUS Loan. Therefore, students should wait until their Federal Direct Stafford Loan eligibility has been determined before applying for the Federal Direct Grad PLUS Loan.
Upon receipt of the email confirming that a Federal Direct Stafford Loan has been processed, students who are interested in borrowing additional funds through the Grad PLUS Program should contact the Office of Financial Aid via email (firstname.lastname@example.org) to request their Grad PLUS Loan eligibility. Students will receive an email response indicating their maximum eligibility and the Grad PLUS Loan application procedures.
Student Loan Processing Deadline
The proceeds of student loans (federal and private) must be disbursed to Loyola University Maryland and credited to a student's account no later than May 1. Therefore, all loan application procedures, including completion of the loan promissory note and final approval, should be completed at least two weeks prior to the May 1 processing deadline.