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Student Financial Assistance

Graduate Plus Loan Information

 

What is a Grad PLUS loan?

 A Grad Plus loan is a low-interest loan that is available for Graduate students only.  Graduate Students are eligible to borrow up to the cost of education less any other financial aid.  This loan should only be borrowed once the Graduate student has borrowed all their Subsidized/Unsubsidized Stafford loan eligibility.  The gross amount awarded is reduced by an origination fee charged by the Federal Government, resulting in the actual net amount received by the student.

Repayment of a Graduate PLUS loan is deferred while student is enrolled.  However, interest begins accruing once the loan funds are disbursed.

 

If interested a graduate student could then go through a pre-approval process to apply for addtional funds through the Grad Plus.

The following steps must be followed before loan funds can be approved or disbursed:

  • Complete the Pre-Approval process by going to www.studentloans.gov, signing in with your FSA ID, selecting “Request a PLUS Loan”, selecting loan type of “Grad Plus” and proceeding as indicated.
  • Complete the Master Promissory Note (if one is not already on file with Direct Lending) by going to www.studentloans.gov, signing in with the FSA ID, selecting “Complete Master Promissory Note”, selecting loan type of “Grad Plus” and proceeding as indicated.
  • If the loan was approved, the Department of Education will notify WKU and WKU will award the Grad Plus loan on the graduate student's behalf and will proceed with certifying the loan.
  • The student must complete a Grad Plus Master Promissory Note (if one is not already on file with Direct Lending) by going to www.studentloans.gov, signing in with the student FSA ID, clicking on “Sign Master Promissory Note” and proceeding as directed.
  • The student must complete an Entrance Counseling session (if a first-time borrower) by going to www.studentloans.gov, signing in with the student FSA ID, clicking on “Entrance Counseling” and proceeding as directed.

Grad Plus loan funds are disbursed at the beginning of each semester (if guaranteed prior to the start of the semester).  For those guaranteed after the start of the semester, the loan funds are credited in the next applicable refund cycle.

 

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 Last Modified 12/3/15