The Federal Graduate PLUS Loan is a low interest loan available to assist graduate students admitted and enrolled in either a Masters or Doctoral program who have exhausted their Federal Stafford Loan eligibility. To be eligible for the Graduate PLUS Loan, the borrower should have no adverse credit history.
The Graduate PLUS Loan is an unsubsidized loan, meaning interest begins to accumulate on the loan from the time it is disbursed. The first payment is due within 60 days after the loan is fully disbursed (however, many lenders offer reduced or deferred payment options). For more information please refer to the Guide to Federal Student Aid.
Graduate PLUS Loan Processing Requirements
1.
The borrower is admitted to FAU as a graduate degree seeking
student.
2.
The borrower is enrolled half time and meeting all general aid
eligibility criteria (including the Satisfactory Academic Progress Policy) for the period of enrollment for which the Graduate PLUS loan is intended.
3.
The Florida Atlantic University Office of Student Financial Aid
haselectronically received a transmission of the borrower’s Student Aid Report from the U.S. Department of Education for the loan period desired. This report is generated after the borrower has filed a Free Application for Federal Student Aid (FAFSA). If the not already filed, the borrower may file this application online at http://www.fafsa.ed.gov. FAU requires a valid FAFSA be filed for all Graduate PLUS Loan borrowers.
4.
The Florida Atlantic University Office of Student Financial Aid
has received all required documentation needed to process the student’s file. Instructions on how to review the status of all required documents can be obtained from the Student Requirements link on the Office of Student Financial Aid home page.
5.
The borrower has established/utilized their maximum annual
Federal Stafford (subsidized and unsubsidized) Loan eligibility for the loan period desired.
6.
The borrower has obtained an approved PLUS pre-screen
decision from their selected lender (see below) prior to the last two weeks of the semester for which the Graduate PLUS Loan is intended.
Graduate PLUS Loan Entrance/Exit Counseling Requirements
Entrance Counseling: First time Graduate PLUS loan borrowers must complete Graduate PLUS Loan Entrance Counseling before their loan can be disbursed. Clicking the icon to the right will take you through this process.
Exit Counseling: Students who have received funds from the Graduate PLUS loan program must complete Graduate PLUS Loan Exit Counseling prior to leaving the University. Clicking the icon to the right will take you through this process.
Graduate PLUS Loan Pre-Screen Requirements
Prior to certifying a Graduate PLUS Loan, FAU requires the borrower obtain pre-approval for the Graduate PLUS Loan via a PLUS pre-screen. PLUS pre-screens can be performed either by telephone or over the internet at one of the websites below. For each Graduate PLUS Loan requested by the borrower, the borrower must first have the loan request pre-approved by the lender. If the borrower is approved, FAU will process a Graduate PLUS Loan in the amount requested by the borrower or the maximum the student is eligible to receive (calculated as the student's Cost of Attendance Estimate less any other aid awarded), whichever is lower.
GRADUATE PLUS LOAN LENDER LIST
The FAU Office of Student Financial Aid can process a Federal Graduate PLUS Loan with any lender which participates in the Federal Family Education Loan Program. When selecting a lender, FAU advises borrowers to compare lenders based on the total cost of the loan, incentives for on-time repayment, and efficiency/quality of service. The lenders listed below have an established track record of efficient loan processing and timely delivery of funds as well as competitive incentives for on-time repayment.
Graduate PLUS Loan borrowers may research (and apply for) Graduate PLUS Loans through FAU’s established lenders on-line by double clicking on the lender’s corresponding link below.
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