How to Apply
- At StudentLoans.gov, you will need to "Sign In" using your federal PIN. (same PIN that was used to sign the FAFSA.)
- Once signed in, you will want to "Request a PLUS Loan". The loan type will be "Graduate PLUS".
- To complete the application, you will need to provide:
- Personal Information
- Employer Information (if employed)
- Academic year (i.e. 2014-2015)
- School Information
- Loan Information (amount requesting and semesters)
- You will then need to review the application information and submit it for a credit check.
- If the loan is approved, you will then be directed to complete Entrance Counseling and the Master Promissory Note (for first time borrowers.) The loan funds will be credited directly to your account. If you choose to borrow through the Direct PLUS loan program in future years, you will need to complete a new application each year, but you will not have to sign another master promissory note. The promissory note is good for up to 10 years.
- If the loan is denied, you will be given the option to appeal the credit decision, obtain an endorser for the loan, or allow an increase in the student's unsubsidized student loan. (If you obtain an endorser for the loan, a new promissory note will need to be signed each year.)
About the Grad PLUS Loan
A non-need-based federal loan program administered by Valparaiso University
- Graduate Student
- Law Student
- US Citizens or eligible non-citizens.
- Not in default on prior educational loans.
- Meets federally defined credit worthiness standards.
- Enrolled at least half-time in a degree program.
- Making satisfactory academic progress.
Credit Worthiness Standards
To meet the credit worthiness requirements, an applicant cannot be:
- 90 days or more delinquent on the repayment of any debt
- the subject of a default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment or write-off of a Title IV debt during the last five years.
Annual Loan Limits
Cost of attendance less other aid
A 4.292 percent Loan Fee is deducted from the Federal PLUS loan before it is credited toward your charges.
- Loans processed after July 1, 2006 are at a fixed interest rate at 7.9%
- Loans processed between July 1, 2013 - June 30, 2014: 6.41%
- Loans processed between July 1, 2014 - June 30, 2015: 7.21%
- No federal interest subsidy
- Repayment begins within 60 days of disbursement
- Can apply for an in-school deferment (repayment would begin 45 days after you are no longer enrolled at least ½ time.)
- 30 year maximum repayment period