Federal Legislation Update: As a result of the Health Care and Education Reconciliation Act, beginning July 1, 2010, all federal student loans will be processed by the U.S. Department of Education through the Direct Loan Program.
Graduate/Professional PLUS loans are available to help graduate students finance any remaining educational costs not covered by other forms of student financial aid. The Graduate/Professional Student PLUS is similar to the Parent PLUS program, since the terms and conditions include:
- A determination that the applicant does not have an adverse credit history
- Repayment beginning on the date of the last disbursement of the loan
- A fixed interest rate of 7.9 percent
In addition...
Applicants for these loans are required to complete the Free Application for Federal Student Aid (FAFSA) to determine the maximum loan eligibility through the Federal Subsidized and Unsubsidized Stafford Loan Program before applying for a Graduate/Professional PLUS loan.
How To Apply:
STEP 1: File the Free Application for Federal Student Aid (FAFSA), which is available online at www.fafsa.gov
STEP 2: Complete the Enrollment Worksheet for Graduate/Special Students, which can be downloaded from the Forms page.
STEP 3: Determine how much Graduate/Professional PLUS Loan is needed to cover the cost of education.( Before applying for a Graduate/Professional PLUS loan, borrowers must apply for their maximum eligibility in Federal Subsidized and Unsubsidized Stafford Loans.)
STEP 4: Go to studentloans.gov
Click on the green sign in button and then click on Start to begin the Federal Graduate/Professional PLUS Application Process. (Note: If you are using a browser other than Internet Explorer or Firefox, the green "Sign In" button may not appear. The U.S. Department of Education is aware of this issue and they are working on making their web site compatible with all web browsers.)
STEP 5: The Department of Education will transmit loan application information to Baldwin-Wallace College.
STEP 6: Baldwin-Wallace College will then finalize the loan through the Department of Education.
Links:
Information on Federal Direct Graduate/Professional PLUS Loans (from the Department of Education)
Federal Loan Consolidation - For Graduate/Professional PLUS borrowers who have PLUS loans with different lenders/servicers and wish to combine their PLUS Loans into one new Consolidation Loan.(Graduate/Professional PLUS loans can be consolidated with other federal education loans, such as the Stafford and Perkins loans.)
275 Eastland Rd.