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Federal Direct Graduate PLUS Loan


Graduate students are eligible to borrow under the PLUS Loan Program up to their cost of attendance minus other estimated financial assistance in the Direct Loan Program.


Eligibility

The student:

  1. Must be fully admitted as a degree-seeking student at ISU.
     
  2. Must be enrolled at least half-time when the loan is expected to be disbursed.
     
  3. Must maintain Satisfactory Academic Progress standards.
     
  4. Must be a U.S. Citizen or eligible non-citizen (as defined by federal financial aid regulations).
     
  5. Must not be in default on an educational loan or owe an overpayment on a federal education grant, or other federal debt, or has made satisfactory arrangements to repay that debt.
     
  6. Must be a creditworthy graduate student.
     
  7. Must apply for annual loan maximum eligibility under the Federal Unsubsidized Stafford Loan Program before applying for a Federal Direct Graduate PLUS loan.

How To Apply

  1. File the Free Application for Federal Student Aid (FAFSA).
     
  2. Complete the Graduate Loan Request Form. This form must be completed and signed. Please mail or fax this form back to the Office of Student Financial Aid.
     
  3. The loan will be submitted to the National Student Loan Data System (NSLDS), and will be accessible by guaranty agencies, lenders, and schools determined to be authorized users of the data system.
     
  4. First-time borrowers must complete the Master Promissory Note and Entrance Counseling for Graduate PLUS Loans.
     
  5. The student will receive notification directly from the U.S Department of Education on approval/denial.

Amounts

A student may borrow the cost of attendance minus any financial aid offered for the school year.


Interest Rates and Fees

The interest rate is fixed at 7.21%. The loan fee is 4.288% for loans originated between December 1, 2013 and September 30, 2014. For loans in which the first disbursement is on or after October 1, 2014, the origination fee is 4.292%.


Disbursement of Funds

Loan funds are sent directly to Indiana State University from the U.S. Department of Education and credited directly to the student's account. If the student applies for a full academic year loan, half of the amount the student applies for is disbursed at the start of the fall semester and the other half at the start of the spring semester. Funds will first cover any charges on the student's account. Any excess funds are released to the student via direct deposit or sent to student's permanent address.


Repayment

To find out more about repayment options before receiving a Direct Loan, borrowers may contact the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243).

In addition, visit repayment.

Contact

Student Financial Aid
220 North 7th Street
150 Tirey Hall
Indiana State University
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