The federal PLUS loan program expanded lending to graduate level students as of July 1, 2006. Students may borrow from this federal loan program rather than borrowing from alternative or private loan programs. GradPLUS loans are available to students who are or will be enrolled at least half-time at an accredited school.
Students must apply for these loans by submitting the Free Application for Federal Student Aid (FAFSA) each year. Saint Louis University’s federal school code is 002506. Students must reapply for the GradPLUS loan each time additional funds are desired. Students must exhaust loans offered through the federal Stafford loan program before applying for a GradPLUS loan.
The GradPLUS loan can be used to help bridge the gap between existing financial aid and the remaining cost of attendance. A student enrolled at least half-time may borrow up to the cost of attendance minus other aid. The lender will perform a credit check when students apply for the GradPLUS loan.
Repayment begins within 60 days of final disbursement of the Graduate PLUS loan. However, the student may receive deferment while they are enrolled at least half-time at an eligible school.
Federal Graduate PLUS Loan
Eligibility: U.S. Citizen, eligible non-citizen. Students with an F1 or F2 student visa or a J1 or J2 exchange visitor visa or a G series visa are NOT eligible for federal aid.
Amounts: Up to the cost of attendance
Interest Rate: 7.9% fixed – interest accrues upon disbursement
Repayment: Up to 25 years, depending on the total amount borrowed