Federal Direct Graduate PLUS Loan
To borrow the Graduate PLUS Loan, please read all the information below and complete and submit the Graduate PLUS Loan Activation Form.
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 under "Communication Center".
WHAT'S THE INTEREST RATE ON GRADUATE PLUS LOANS?
The interest rate on the Direct Graduate PLUS Loan is fixed. Interest is charged from the date the first disbursement is made until the loan is fully repaid.
ARE THERE LOAN FEES?
Yes, you will pay a fee as a percentage 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 Direct Loan Servicing Center 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.
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 servicer 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 www.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.
- You must also complete Entrance Counseling. This helps you understand your rights and responsibilities while borrowing from the Direct Loan program. You may complete Entrance Counseling at www.studentloans.gov.
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.
- 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.
- Decide how much you wish to borrow. Refer back to the first page section on "How Much Can I Borrow?"
- Request a Graduate Plus loan at www.studentloans.gov.
- Complete the PLUS Master Promissory Note (MPN) and Entrance Counseling online at www.studentloans.gov. We will not disburse a loan until the MPN has been signed.
- The Direct Loan Servicing Center conducts a credit check with a national credit bureau before approving the loan. If the loan is approved, the borrower receives a "Disclosure Notice" from the Direct Loan Servicing Center which identifies approximate dates for the electronic disbursement of funds. If the lender denies the loan, the student should contact our office for other borrowing options.
- When the University receives funds, our office confirms the student's eligibility for aid, including Satisfactory Academic Progress. Our office also checks enrollment status. If the student is still eligible, the funds are credited to the student's account and all outstanding financial obligations to the University are paid (fees, tuition, housing, etc).
- Our office notifies the student in writing each time a loan disbursement is made. The notification details the fund program(s) and amount(s) disbursed into the student's account.
- Loan funds will be made payable to the University to pay mandatory charges. Then if any funds remain after all University charges are paid-in-full, the residual funds are made payable to the student. Students may request the funds to be direct deposited to a checking account. Information about setting up a direct deposit is available from the Cashier's Office. If direct deposit is not arranged, the funds will be mailed to the address listed on MyNEVADA. Students can change their mailing address via MyNEVADA
- It is the student's responsibility to read "The Guide" and maintain Satisfactory Academic Progress standards.