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 Federal Stafford Loans (unsubsidized).
The interest is fixed at 7.9%. 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 carry a 4.204% federal origination fee. Net proceeds will equal approximately 95.796% of the loan amount.
Colleges determine eligibility for the Federal Stafford Loan before determining any remaining eligibility for a Federal Graduate PLUS Loan.
PLUS Loans at Loyola University are processed and serviced through the Federal Direct Graduate PLUS Loan Program. The financial aid office will calculate the maximum a student may borrow through the Graduate PLUS Loan program after completion of the Federal Stafford Loan application process.
Students should wait until after their Federal Direct Stafford Loan eligibility has been determined before applying for the Federal Direct Grad PLUS Loan. Once a student receives the confirmation email that their Federal Direct Stafford Loan has been processed, they should contact the office of financial aid at firstname.lastname@example.org to inquire about their Grad PLUS loan eligibility. The student will receive an email response with their maximum eligibility and directions on where to apply.