In terms of financing graduate school, cost is often a barrier. Grad PLUS is a student loan that offers a variety of financial aid. Grad PLUS loans are federal loans that help graduate and profession students pay for their education. This guide will help you understand the steps involved in applying for a GradPlus loan.
Step 1: Fill out the Free
FAFSA (Federal Student Aid) is required before you can apply for a Grad Plus loan. The FAFSA, which is an important application, determines your federal student assistance eligibility, including work-study and loan programs. Gather all of the information you need, including your Social Security number and tax documents.
Step 2: Exhaust all other financial aid options
You should consider all financial aid opportunities before you apply for a GradPlus loan. This includes scholarships, assistantships, grants and other forms of assistance. These types are free and reduce your borrowing needs. You can also contact the financial aid office at your school and look for external funding sources.
Step 3: Verify your eligibility for Graduate PLUS Loans
Grad PLUS Loans are available only to those who are enrolled full-time or at least 50% in a graduate, professional or other program. Grad PLUS is different from other federal loans in that it requires a score, but not a specific one. You may still need an endorser if your credit rating is bad.
Step 4: Complete your Grad PLUS loan application
For a Grad Plus loan, you will need to submit the Grad PLUS Application. This application is not part of the FAFSA. You can find it on the Federal Student Aid web site or through your school's financial assistance office. You must provide accurate information on yourself including personal details, information about your school, the amount and duration of any loan you request, as well as information regarding your loan.
Step 5: Complete your Master Promissory Note
You will be required to fill out the Master Promissory Note once your Grad PLUS application has been approved. The MPN, which is a legally-binding document, outlines all the conditions and terms of your loan. You must read the MPN carefully before signing. The MPN is usually completed electronically through the Federal Student Aid Website.
Step 6: Complete loan entrance counseling
This counseling is mandatory for Grad PLUS first-time applicants. This session will provide you with important information regarding your rights and responsibilities, repayment options and loan management. The Federal Student Aid web site allows you to complete the online counseling session.
Step 7: Review your loan offer and accept it
You will receive a formal loan offer after completing the required steps. This offer will provide details on the loan amount and disbursement schedule, as well as any fees. Before accepting the loan, review the offer and take into consideration your budget and needs. It is possible to accept a lesser amount of loan than what was approved.
Step 8: Funds Disbursement
After you accept the loan, funds will be sent to your school according to the schedule agreed upon. The funds will be used to pay for your tuition and fees as well as other educational expenses. If you have any funds left over, they will be returned. It is crucial that you use these funds responsibly to support your education.