What is a Graduate PLUS Loan?
Federal Graduate PLUS Loans are available to graduate students with a good credit history to help pay for educational expenses. (You must be enrolled at least half-time to receive this loan.) The interest rate for the Federal Direct PLUS loan is fixed at 7.9%. Loan fees up to 4% may be deducted from your loans by the lender and/or guarantor at disbursement. All loan funds are disbursed in two equal amounts. Funds are disbursed prior to the beginning of each semester and applied to charges on the student's account. Graduate students may borrow up to the total cost of attendance less any student aid received.
PLUS Master Promissory Note
The PLUS Master Promissory Note (MPN) provides an easy application process. You may borrow under one MPN for up to 10 years. However, your lender will conduct a credit check each year that you accept a Graduate PLUS loan. Simply apply and e-sign your MPN online at www.washburn.edu/financial-aid. Select “How to Apply” and then “Graduate/Law Loans”.
PLUS Master Promissory Note
A graduate or professional PLUS borrower must not have an adverse credit history as that term is defined in the FFEL program regulations at 34 CFR 682.201(b)(2)(ii). To determine whether a borrower has an adverse credit history, a lender must obtain a credit report from at least one national credit bureau that ensures a current and accurate representation of the borrower's credit history as it relates to the first day of the period of enrollment for which the loan is sought. All other requirements concerning determinations of adverse credit also apply. As is the case with parent PLUS applicants, a graduate or professional student PLUS applicant who is determined to have an adverse credit history may receive a Federal PLUS Loan if he or she obtains an endorser who does not have an adverse credit history. The repayment period for a Federal PLUS Loan made to a graduate or professional student begins on the date of the final disbursement of the loan, and the first payment is due within 60 days after the date the loan is fully disbursed. Of course, a graduate or professional Federal PLUS Loan borrower may receive a deferment while he or she is enrolled on at least a half-time basis at an eligible school. Upon dropping to less than half-time enrollment status, the borrower is not entitled to a grace period and there is no authority for lenders to align payments of principal on a student PLUS borrower's Stafford and PLUS loans.
Features and Benefits
- PLUS funds may cover the full cost of education—including tuition & fees, room & board, books & supplies, transportation costs, and living allowance
- Available to graduate students regardless of income or assets
- Requires no collateral.
- Fixed interest rate at 7.9%.
- Repayment begins 60 days from the date of the second disbursement.
- For many students, interest is tax deductible. Check with your tax advisor for details.
Washburn University PLUS Estimated Eligibility*
| Total College Cost |
$31,690
|
| Less Estimated Student Financial Aid* |
- 20,500
|
| Equals PLUS Graduate Loan Eligibility |
$ 11,190
|
*Estimated Student Financial Aid assumes maximum Stafford Loan eligibility of $20,500.
Flexible Repayment Options
- Standard Principal and Interest Plan
- Payment Plan based on Income
- Payment Plan with payments that may be as low as interest-only while the student is in college
- Payment plan with payments deferred until the student graduates or drops below half-time attendance.
- Interest rate reductions in repayment for signing up for automatic monthly payments from a checking or savings account.
Washburn University
1700 SW College
Topeka, KS 66621
Phone: (785) 670-1151
Toll-Free: 800-524-8447
financialaid@washburn.edu
