The graduate/professional student is both the borrower and the student and must be credit worthy as determined by the lender. A graduate/professional student can borrow up to the cost of attendance less any other financial aid received.
The Direct Graduate/Professional loan interest rate is fixed at 7.9%. Interest begins to accrue at the time of each loan disbursement.
There is a 4% origination fee charged by the U.S. Department of Education for processing the Direct Graduate/Professional loan. The loan fee is deducted proportionately from each disbursement of the Direct Graduate/Professional loan.
Borrowers of the Direct Graduate/Professional loan must pass a basic credit check and not have an adverse credit history. Adverse credit history is defined as:
Denied Credit Checks
If you do not pass the credit check, there are two options available to you.
A positive credit check and completed PLUS Master Promissory Note must be received before any funds can be disbursed to your account. Estimated loan amounts will appear on your account if we have received notification of a positive credit check.
Repayment on a Direct Graduate/Professional loan begins 60 days after the final disbursement of the loan and will continue while you are enrolled in school. However, you may request a deferment while enrolled on at least a half-time basis (minimum of 6 credit hours). If you would like to request a deferment, you should contact your Direct Loan Servicer.
Before any Direct Graduate/Professional loan proceeds can be disbursed, you must be: