Federal Graduate PLUS Loan Program

• Overview
• Eligibility
• Process
• Disbursement
• Lenders

Overview

The Grad PLUS Loan is a no-need, credit based loan similar to a private student loan, but with a fixed interest rate and federal guarantee.  Grad PLUS Loans are designed for graduate students who have exhausted their Federal Stafford Loan options but still need additional loan assistance.

Eligibility

Students must be U.S. citizens or permanent residents, complete a FAFSA, pass a credit check, and be enrolled at least half-time. Students must also accept all Federal Stafford Loans for which they are eligible before they are able to borrow a Grad PLUS Loan.  Grad PLUS loans are available without regard to financial need. Emerson participates in the Federal Family Education Loan Program (FFELP) PLUS Loans.

Grad PLUS is guaranteed by the federal government and can be used to borrow the cost of attendance less other financial aid received. As with any type of loan, we suggest only borrowing what you need.

Fees

Borrowers will pay a fee of up to 4% of the loan, deducted proportionately each time a loan disbursement is made. A portion of this fee goes to the federal government, and a portion goes to the guaranty agency. You can contact your own lender for fee information.

Interest Rate

The Grad PLUS loan has a fixed interest rate of 8.5% for all loans first disbursed on or after July 1st, 2006.  Many lenders give interest rate reductions based on timely payments or utilization of ACH payments. You can contact your own lender for interest rate information.

Process

Once you're approved for your Grad PLUS Loan and submit your completed promissory note the lender sends a certification request to Emerson College.  The College certifies your dates of enrollment, anticipated graduation date, enrollment status, and loan amount eligibility.  Once certified, the net loan proceeds are sent to Emerson College and applied directly to your student account.

Disbursement

Loans certified for the full academic year are disbursed in 2 equal parts, half for Fall and half for Spring.  Loan certified for summer enrollment in addition to the full academic year are disbursed in 3 equal parts, 1/3 for Summer, 1/3 for Fall and 1/3 for Spring.

Lenders

Emerson does not recommend Graduate Plus lenders to students. While we understand that you may have questions, we believe you have the right and ability to seek the education loan provider of your choice. If you would like a starting reference of where to research lenders that are participating in the educational lending market, we suggest: