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Contact Information
| Contact Information for Financial Aid | |
|---|---|
| Phone | (775) 784-4666 |
| Phone | (877) 666-0014 (Toll Free) |
| Fax | (775) 784-1025 and (775) 327-5019 |
| Location |
Fitzgerald Student Services Building
319 |
| Address | 1664 N. Virginia Street Reno, NV 89557-0076 |
| Contact | Contact Us |
Federal Direct Graduate PLUS Loan
Click Here To Download The Graduate Plus Loan Activation Form
To borrow the Graduate PLUS Loan, please read all the information below and complete and submit the Graduate PLUS Loan Activation Form. You may submit the Graduate PLUS Loan Activation Form in person to Student Financial Aid and Scholarships, 3rd floor, Fitzgerald Student Services Bldg., via U.S. Mail to Mailstop 0076, Reno, NV 89557 or via fax (775) 784-1025. Processing instructions are listed on the back page.
WHAT ARE THE BORROWING REQUIREMENTS?
This is a loan program for graduate students. The borrower is required to file a Free Application for Federal Student Aid (FAFSA) and have considered your Stafford loan eligibility for the academic year. The borrower is required to pass a credit check and also meet the general eligibility requirements for federal financial aid. For example, you must meet citizenship requirements and may not be in default or owe a refund to any financial aid program. You must also be enrolled at least half-time, and eligible for aid including Satisfactory Academic Progress requirements.
HOW MUCH CAN I BORROW?
The yearly maximum on a Graduate PLUS Loan is equal to the student budget minus other financial aid/scholarships. For example, if your student budget is $19,600 and you were offered $18,500 in other financial aid/scholarships, you could borrow up to - but no more than - $1,100 in Graduate PLUS. The Offer Letter identifies the student budget and all available financial aid/scholarships. You can view the most recent Offer Letter via MyNEVADA at www.unr.edu, under "Fin. Aid Offer".
WHAT'S THE INTEREST RATE ON GRADUATE PLUS LOANS?
The interest rate on the Direct Graduate PLUS Loan is fixed at 7.9%. Interest is charged from the date the first disbursement is made until the loan is fully repaid.
ARE THERE LOAN FEES?
Yes, you may pay a fee of up to 4% of the loan amount. This fee is deducted proportionately each time a loan disbursement is made. A portion of this fee goes to the federal government to help reduce the cost of the loans.
HOW ARE LOAN FUNDS DISBURSED?
If approved, the lender electronically disburses funds to the University. One-half of the total loan, minus fees, is disbursed each semester. The funds are used to pay all outstanding obligations to the University. Funds remaining after all University charges are paid are made payable to the student through direct deposit to a checking account or by check mailed from the Cashier's Office. You may change your mailing address via MyNEVADA.
CAN I CANCEL MY GRADUATE PLUS LOAN AFTER I APPLY?
Yes, our office notifies you in writing whenever funds credit the student's account. You may cancel all or a portion of the loan in writing within 14 days after the date of the notice. If you cancel the loan, tuition, fees, and other charges must be paid by the semester fee payment deadline or arrangements made with the Cashier's Office for a deferred payment plan. If you receive Graduate PLUS Loan funds directly from the lender by check, you may refuse the funds by not endorsing the check and returning it directly to the lender.
WHEN DOES REPAYMENT BEGIN?
Repayment begins within 60 days after the 2nd disbursement for the academic year. There is no grace period, so interest begins to accumulate at the time the first disbursement is made. The graduate student borrower must begin repaying both principal and interest while the student is in school. Borrowers have the option to contact their lender to inquire about a forbearance while in school.
NEW BORROWERS AT THIS UNIVERSITY
- Effective July 1, 2010, the William D Ford Federal Direct Loan program will be the sole provider of federal Stafford, Plus, and Graduate Plus loans.
- Go to the Direct Loan website at https://studentloans.gov for more information including completing the Master Promissory Note (MPN) and signing using your FAFSA PIN. New borrowers must sign the Master Promissory Note before we will certify your loan with the lender. If you don't complete the online MPN, the lender will automatically mail you a pre-printed paper MPN, but this process is slower and may delay your funds.
WILLIAM D FORD DIRECT LOAN PROGRAM
Direct Loans are low-interest loans for students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education (hereinafter will be called "the Lender") rather than a bank or other financial institution.
With Direct Loans, you
- Borrow directly from the federal government and have a single contact-the Direct Loan Servicing Center-for everything related to the repayment of your loans, even if you receive Direct Loans at different schools.
- Have online access to your Direct Loan account information 24 hours a day, 7 days a week at Direct Loans on the web at www.dl.ed.gov
- Can choose from several repayment plans that are designed to meet the needs of almost any borrower, and you can switch repayment plans if your needs change.
PROCESSING INSTRUCTIONS
- Decide how much you wish to borrow. Refer back to the above section on "How Much Can I Borrow?" If you want to borrow a lesser amount than the maximum, write in the amount on the Graduate PLUS Loan Activation Form.
- Complete and submit the Graduate PLUS Loan Activation Form to our office.
- Our office certifies the loan and electronically transmits the data to the lender.
- If you did not complete the MPN on the Internet, you will receive a pre-printed Graduate PLUS MPN from your lender. Complete the reference section and any other requested information and return it promptly.
- If you are a first-time borrower of a Graduate Plus loan you must complete and successfully pass Entrance Counseling online. Go to https://studentloans.gov and follow the directions for the Graduate Plus.
- Your lender conducts a credit check with a national credit bureau before approving the loan. If the loan is approved, you receive a "Notice of Guarantee" (NOG) from the lender which identifies approximate dates for the electronic disbursement of funds from the lender to the University. Typically, funds are credited to the University's bank account within three working days after the NOG date however, per federal regulations, funds cannot be disbursed to the University any earlier than 10 days prior the start of classes each semester. If the lender denies the loan, the student may contact our office for other borrowing options.
- When the University receives funds, our office confirms your eligibility for aid, including Satisfactory Academic Progress. Our office also checks enrollment status (full time=9 or more graduate credits; 3/4 time=7-8 graduate credits; or 1/2 time= 5-6 graduate credits). If you are still eligible, the funds are credited to your student account and all outstanding financial obligations to the University are paid (fees, tuition, housing, etc).
- Our office notifies you in writing after each loan disbursement. The notification details the fund program(s) and amount(s) disbursed into your student account.
- It is your responsibility to read "The Guide: You've Got Questions; We've Got Answers" and maintain Satisfactory Academic Progress standards. The Guide is available on our website in the "Financial Aid Library" section.
