The Deficit Reduction Act of 2005 allows graduate and professional students to borrow under the Federal PLUS loan program on their own behalf. The PLUS was previously available only to the parents of dependent undergraduate students.

Special notice to grad PLUS borrowers

Students interested in receiving a Federal Graduate PLUS Loan should read this important notice.

Eligibility criteria

1. Enrolled at least half-time
2. Not in default on another student loan
3. U.S. citizen or eligible non-citizen
4. Maintaining Satisfactory Academic Progress
5. Good credit standing
6. Parents cannot borrow on graduate/professional student's behalf

Amounts and selection process

Student may borrow up to the total cost of education minus financial aid with no aggregate maximum.

Terms

For the 2014-15 academic year, the interest rate will be a fixed rate of 7.21 percent. Interest accrues while the student is in school. Students may choose to make quarterly interest and principal payments or have the loan deferred and interest capitalized once at the time of repayment. Standard repayment period is 10 years. A net 4.288 percent processing fee is deducted from the loan proceeds when funds are disbursed. For loans in which the first disbursement is on or after October 1, 2014, the origination fee is 4.292%.

Repayment begins six months after the last date of half-time enrollment.

Application process

1. File the Free Application for Federal Student Aid (FAFSA).
2. Complete and Submit a Grad PLUS Credit Authorization Form to the Office of Student Financial Aid.
3. Federal loan servicing center will proceed with a credit check.
4. Following loan approval, borrower receives a letter to complete entrance counseling and the Grad PLUS electronic Master Promissory Note (eMPN).

Renewal process

Award is renewed only if all necessary forms are filed each year and students continue to meet eligibility requirements. Students will be required to complete entrance counseling and an eMPN if these requirements were not previously completed at Marquette.