Federal Direct Graduate PLUS Loan

How to apply

Priority Dates

  • Fall/spring: March 15
  • Spring only: Aug. 15
  • Summer: Feb. 15*

Description

This is a low-interest loanA loan is a type of financial aid that must be repaid, with interest. The Federal Student Loan Program is a good method of financing the costs of your college education. These loans are better than most consumer loans because they have lower interest rates. The Federal Loans and Perkins Loans also provide a variety of deferment options and extended repayment terms. for graduate and professional students.  Graduate PLUS loansParent Loans for Undergraduate Students (PLUS) are federal loans available to parents of dependent undergraduate students to help finance the child's education. Parents may borrow up to the full cost of their children's education less the amount of any other financial aid received. PLUS Loans may be used to pay the EFC. There is a minimal credit check required for the PLUS loan, so a good credit history is required. Students are advised to check with their local bank to see if they participate in the PLUS loan program. If the application for a PLUS loan is turned down, the student may be eligible to borrow additional money under the Unsubsidized Stafford Loan program. help pay for education expenses up to the cost of attendance minus all other financial assistance. Interest is charged during all periods.  The lenderA lender is a financial institution that provides funds to the student or parent for an educational loan. is the U.S. Department of Education.

Amount

The annual limit cannot exceed UNT Cost of Attendance minus the other financial aidMoney provided to the student and the family to help them pay for the student's education. Major forms of financial aid include gift aid (grants and scholarships) and self help aid (loans and work). the student receives.

Eligibility

  • The Free Application for Federal Student Aid (FAFSA)The FAFSA is used to apply for Pell Grants and all other aid. Complete your FAFSA via web at www.fafsa.gov . As the name suggests, no fee is charged to file a FAFSA. Follow the directions carefully to ensure proper and efficient processing. must be completed for Federal Direct PLUS eligibility to be determined.
  • To apply, students must request Student Financial AidMoney provided to the student and the family to help them pay for the student's education. Major forms of financial aid include gift aid (grants and scholarships) and self help aid (loans and work). and Scholarships to review their eligibility for a Graduate Professional Federal Direct PLUS LoanA loan is a type of financial aid that must be repaid, with interest. The Federal Student Loan Program is a good method of financing the costs of your college education. These loans are better than most consumer loans because they have lower interest rates. The Federal Loans and Perkins Loans also provide a variety of deferment options and extended repayment terms..
  • Students must be enrolled half-timeDuring each term, 6-8 credit hours is considered half-time for undergraduate students. For graduate students, 5 hours is considered half-time. and be admitted into a graduate level program.
  • Students must be meeting Satisfactory Academic ProgressA student must maintain Satisfactory Academic Progress to continue to receive financial aid. Students must maintain a certain qualitative standard (i.e. cumulative GPA) in addition to maintaining a quantitative standard (i.e. successfully completing a required number of credit hours). Students must also complete their degree or certificate program within a maximum timeframe, which may vary according to the student’s status and program. If a student does not maintain the required standards, the student may lose their financial aid eligibility. .
  • Students must be a U.S. citizen, national, or eligible non-citizenSomeone who is not a US citizen but is nevertheless eligible for Federal student aid. Eligible non-citizens include US permanent residents who are holders of valid green cards, US nationals, holders of form I-94 who have been granted refugee or asylum status, and certain other non-citizens. Non-citizens who hold a student visa or an exchange visitor visa are not eligible for Federal student aid. to be eligible to apply.
  • IMPORTANT NOTE:  A credit check is conducted by the U.S. Department of Education to establish eligibility and will remain valid for 180 days. You cannot have an adverse credit history.

Payment

LoanA loan is a type of financial aid that must be repaid, with interest. The Federal Student Loan Program is a good method of financing the costs of your college education. These loans are better than most consumer loans because they have lower interest rates. The Federal Loans and Perkins Loans also provide a variety of deferment options and extended repayment terms. funds will not disburse (pay) until all requested documentation has been submitted, and your aid application is considered to be complete. A note will be placed on your myUNT "To Do List" if additional steps are required before disbursementDisbursement is the release of loan funds to the school for delivery to the borrower. The payment will be made co-payable to the student and the school. Loan funds are first credited to the student's account for payment of tuition and fees. Any excess funds are then paid to the student in cash or by check for the purpose of paying for other educational expenses..

Federal Regulations state financial aid must wait until 10 days before the start of the semester (Fall then Spring) to begin disbursing money to pay your account. Taking this into account, if the financial aid file is complete we will disburse as early as 10 days before the start of the semester. Disbursements can also occur throughout an enrollment term upon completion of a file. Student accounting will begin the refund process once funds have been released to your account.

For Summer, loan funds will be released in one disbursement on the 1st class day of the session in which you establish half-time attendance.

Interest Rate

Interest rates for the the Federal Direct Student Loans are determined each spring before the upcoming award yearThe academic year is defined as a set number of semesters as determined by the institution. (defined as July 11 through June 30). Each loan will have a fixed interestIn a fixed interest loan, the interest rate stays the same for the life of the loan. rate for the life of the loan. You can find additional information regarding Federal Student loan interest rates at Federal Student Aid.

Repayment

Repayment begins 60 days after the final disbursementDisbursement is the release of loan funds to the school for delivery to the borrower. The payment will be made co-payable to the student and the school. Loan funds are first credited to the student's account for payment of tuition and fees. Any excess funds are then paid to the student in cash or by check for the purpose of paying for other educational expenses. for the loanA loan is a type of financial aid that must be repaid, with interest. The Federal Student Loan Program is a good method of financing the costs of your college education. These loans are better than most consumer loans because they have lower interest rates. The Federal Loans and Perkins Loans also provide a variety of deferment options and extended repayment terms. period. Graduate students may defer payments while in school.  Deferments can be requested by contacting the U.S. Department of Education.

The Project on Student Debt works to increase public understanding of rising student debt. This initiative has compiled the top 10 tips for keeping your student loans under control. The tips can be reviewed here.

PayBackSmarter is a free tool to assist you in understanding your student loan repayment options. Their repayment calculator gives you a simple, visual way to review each different plan. Additional information is available here.

For more information regarding repayment, please visit Direct Loan Repayment Plans. For information regarding deferment or forbearanceDuring a forbearance the lender allows the borrower to temporarily postpone repaying the principal, but the interest charges continue to accrue, even on subsidized loans. The borrower must continue paying the interest charges during the forbearance period. Forbearances are granted at the lender's discretion, usually in cases of extreme financial hardship or other unusual circumstances when the borrower does not qualify for a deferment. Students cannot receive a forbearance if your loan is in default., please visit Direct Loan Deferment and Forbearance.

Repayment Length

Between 10 and 25 years to repay, depending on the amount owed and repayment plan selected.

Additional Information

  • If the loanA loan is a type of financial aid that must be repaid, with interest. The Federal Student Loan Program is a good method of financing the costs of your college education. These loans are better than most consumer loans because they have lower interest rates. The Federal Loans and Perkins Loans also provide a variety of deferment options and extended repayment terms. is credit approved, borrowers must electronically sign a Federal Direct Loan Graduate PLUS Master Promissory Note.
  • Effective Summer 2014, Graduate PLUS borrowers at UNT are required to complete Loan Entrance Counseling annually. Per federal regulations, Graduate PLUS borrowers must complete this Counseling even if they have completed it in the past. This requirement is also a step in UNT's DefaultA loan is in default when the borrower fails to pay several regular installments on time (i.e., payments overdue by 180 days) or otherwise fails to meet the terms and conditions of the loan. If the student defaults on a loan, then the university, the holder of the loan, the state, and the federal government can take legal action to recover the money. This may include garnishing your wages and withholding income tax refunds. Defaulting on a government loan will make the student ineligible for future federal financial aid, unless a satisfactory repayment schedule is arranged, and can affect their credit rating. Aversion Plan; our goal is to ensure that each borrower understands how to manage their student loan and the commitment that comes with the acceptance of a student loan. Above all, borrowers must realize that student loans are not grants or scholarships; they require repayment. You may complete your Loan Entrance Counseling at StudentLoans.gov. You must complete the counseling before UNT can make any payment of your loan.
  • Effective March 29, 2015, PLUS Counseling must be completed by Direct PLUS Loan applicants (by graduate/professional students) who are determined to have an adverse credit history, but qualify for a Direct PLUS Loan by obtaining an endorser or by documenting extenuating circumstances.
  • The U.S. Department of Education charges an origination fee of the total amount borrowed per loan.  This fee is deducted from the loan by the Department of Education before the proceeds are credited to a student's account. You can find additional information regarding the Federal Student Loan fees at the Federal Student Aid website.
  • Visit the Federal Student Aid site for more information.
  • Each Federal Direct Loan borrower at the University of North Texas is required to complete Student Exit Counseling shortly before completing a degree, leaving UNT (i.e., withdrawing, graduation) or ceasing half-timeDuring each term, 6-8 credit hours is considered half-time for undergraduate students. For graduate students, 5 hours is considered half-time. enrollment.  To complete this requirement, go to StudentLoans.gov, select Complete Counseling then Exit Counseling.