Plus Loan Eligibility
You must be enrolled at least half-time in a graduate or professional program at a school that participates in the William D. Ford Federal Direct Loan Program, and must meet all of the other general eligibility requirements for the Federal Student Aid programs. In addition, you must not have an adverse credit history.
You are considered to have an adverse credit history if you are 90 or more days delinquent on any debt or if you have been the subject of a default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment, or write-off of a federal student aid debt within 5 years of the date of the credit report.
Borrowers must submit a current FAFSA (Free Application For Federal Student Aid) before the deadline in order to qualify for a plus loan for the upcoming school year
Borrowers must also submit a Direct Plus Loan application if they want to be eligible to receive a Direct Plus Loan. This is the only direct loan that requires a supplemental loan application. The Stafford Loan only requires you to submit the FAFA application.
Borrowers must meet the below requirements as well to be considered for a Plus Loan:
- US Citizen
- Not in default on prior educational loans
- Enrolled at least half-time in a qualified degree program
- Meets Satisfactory Academic Progress
Once you’re approved for a Plus loan based on the FAFSA, Supplemental Plus loan application, and the remaining requirements above then you must complete and sign the MPN (Master Promissory Note). This additional contract is a confirmation that you are fully aware that you must repay back the Plus loan once you or your child is has graduated or are no longer attending school at least half-time.
When your financial aid office has received your Master Promissory Note then they will disburse any funds remaining after the Cost of Attendance, which includes tuition and other school related fees, have been paid.
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