Graduate and Professional PLUS Loan
NOTE: PLUS Borrowers cannot apply for 2013-2014 PLUS Loans until after May 15, 2013.
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
- A fee of 4% of the loan amount, deducted proportionately each time a loan disbursement is made.
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 Independent 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: Complete the Entrance Counseling requirement:
STEP 5: Apply for the Graduate PLUS and complete the electronic Master Promissory Note (eMPN):
STEP 6: The Department of Education will transmit loan application information to Baldwin Wallace University.
STEP 7: Baldwin Wallace University will then finalize the loan through 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.)