Graduate PLUS Loans
Beginning for the 2010–2011 academic year, Grad PLUS Loans are available at Emerson College through the Federal Direct Loan Program (DL). 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. Learn more:
To be eligible, students must:
- be U.S. citizens or U.S. permanent residents
- complete the FAFSA application
- pass a credit check
- be enrolled at least half-time
Students must also accept all Federal Stafford Loans before they are able to borrow a Grad PLUS Loan.
Grad PLUS Loans are available without regard to financial need. Grad PLUS is guaranteed by the federal government and can be used to borrow the cost of attendance minus other financial aid received. As with any type of loan, we suggest only borrowing what you need.
|Federal Direct Graduate PLUS Loans|
|4.0% of the loan minus rebate*||7.9% fixed|
PLUS loan fees are now 4.204%. Due sequestration PLUS loan fees have increased from 4% to 4.204% effective 3/1/13. The Department of Education has advised schools that we should continue to process PLUS loans with 4% in fees deducted from the loan proceeds at disbursement. At this time the Department of Education has not indicated to schools how they are going to process the increase in fees.
You must apply through the Department of Education. Emerson participates in the Federal Direct PLUS Loan program; PLUS Loan applications from private lenders cannot be accepted.
- Log onto www.studentloans.gov with your Federal Student Aid PIN.
- Click on one of the following links: Start PLUS Application Process or Request PLUS Loan.
- Complete application and click Submit. You must complete this step in full.
- You will receive an instant credit decision once you submit.
If Credit Check Is Approved
In order to borrow a PLUS Loan, the applicant has to pass a credit check. Once approved, the applicant must complete the following steps:
- If you are approved, you will be directed to complete the Master Promissory Note (MPN) online (if you do not already have one on file). Once you complete the MPN, Emerson will receive approved loan information and requested loan amount within two business days.
- You will need to complete the Counseling: Complete Entrance Counseling link on the www.studentloans.gov website.
- You will receive a Financial Assistance Statement from Emerson College indicating the loan amount processed by Emerson.
- You will receive disclosure statements and repayment information from Direct Loan Applicant Services.
If Credit Check Is Denied
If you do not pass the credit check, there are three options available to you:
- You can work with Applicant Services at 1-800-557-7394 if you believe there was an error made on your credit check.
- You can obtain a creditworthy endorser (co-borrower). The endorser would need to pass the credit check, agree to endorse the promissory note, and agree to repay the loan if you would fail to do so. More information on this option will be provided to you by Direct Loan Applicant Services.
- You can stop processing the PLUS Loan. No further action will be taken.
Loans will be certified for the full academic year and are disbursed in two equal parts: half for fall and half for spring. Loans certified for summer enrollment in addition to the full academic year are disbursed in three equal parts: 1/3 for summer, 1/3 for fall, and 1/3 for spring. All funds are disbursed directly to your student account.
Since loan periods are not captured on the Direct Loan PLUS application, Emerson will assume that PLUS borrowers want to borrow their loan for the full academic year (both fall and spring terms). If you do not wish to borrow your PLUS loan for the full academic year, please contact our office by sending an email to Studentloans@emerson.edu. In the email, please include:
- the borrower's name
- student's name
- student's ID number
- and the term(s) that you would like your loan to be disbursed.
The first payment on a Direct PLUS Loan is due within 60 days after the loan is fully disbursed. There is no grace period for Direct PLUS Loans.
Graduate students can postpone payments on Direct PLUS Loans while enrolled in school. If you are enrolled on at least a half-time basis, you are eligible for an in-school deferment, allowing you to postpone payments on your Direct PLUS Loan until you graduate or drop below half-time status.
In most cases, the Direct Loan Servicing Center will automatically grant an in-school deferment on your Direct PLUS Loan based on information reported by Emerson showing that you are enrolled at least half-time. The Direct Loan Servicing Center will notify you of the deferment and of your option to cancel the deferment and begin making payments on your loan.
Generally, you'll have from 10 to 25 years to repay your loan, depending on the repayment plan that you choose. Read more about these repayment plans at the Federal Student Aid website. This website also has repayment calculators you can use in making your decision to pay interest while in school or allow it to accrue.
Information on financing programs is subject to change without notice. Emerson College is not responsible for any changes.
Federal Direct Lending Program
To assist students and their family in obtaining federal loans, Emerson College is switching to the Federal Direct Loan Program beginning in the 2010–2011 academic year.
2013–2014 Financial Aid deadlines
General Deadline April 16
Summer Assistance Feb 19