Graduate PLUS Loan
What is it?
The PLUS Loan for Graduate and Professional Degree Students is a loan graduate students may obtain after having applied for their annual loan maximum eligibility under the Federal Subsidized and Unsubsidized Stafford Loan Program. PLUS Loans have a fixed 7.9 percent annual percentage rate (APR). Interest begins to accrue upon disbursement of the funds and repayment begins on the date of the last disbursement of the loan. For example, a fall/winter loan will have a fall disbursement and a winter disbursement. You will begin repayment on the date of the winter disbursement.
PLUS Loans are subject to credit approval.
There are fees associated with the receipt of federal loans. You will pay a fee of up to 4 percent of the loan amount. This amount will be deducted from the semester/term loan amount before each disbursement is made. These fees go to the federal government and the guaranty agency.
Who is eligible?
To establish and maintain eligibility, a student must meet the following criteria:
- Student must be a U.S. citizen, permanent resident, or other eligible noncitizen.
- Meet all Satisfactory Academic Progress requirements.
- Be admitted to BYU as a regular student in a degree-seeking graduate program.
- Be enrolled at least half time (at least 4.5 credit hours per semester, or 4.5 hours per term) during the entire loan period. (The credits must meet eligibility requirements.)
- Be awarded by your last day of eligible enrollment.
- Do not exceed federal loan limits.
- Gain credit approval from the lender.
Please see the new Repeat Policy to find out if you're still eligible for federal financial aid.
The PLUS Loan does not require that you demonstrate financial need. Therefore, students with high income may qualify as readily as students with lower income.
Your eligibility for federal financial aid is subject to specific terms and conditions. We are required to follow federal regulations even if funding has already been awarded and/or disbursed when new information regarding your eligibility becomes available. If you are awarded financial aid and subsequently fail to maintain eligibility, or we become aware of additional information which affects our initial determination of your award eligibility, adjustments to your award may be required. If adjustments are necessary, you may be required to repay some or all of your funding. For more details, click here.
How do I apply?
To apply for a Graduate PLUS loan, you must complete a Free Application for Federal Student Aid (FAFSA) and complete your To-Do List items as they are posted to My Financial Center
Graduate and Marriott School of Managment students can request to be awarded a Graduate PLUS loan after accepting all federal loan eligibility through the Stafford Loan program.
As for Law students, a Graduate PLUS loan will be included in your initial financial aid awards.
When are the deadlines, and when will I know if I am a recipient?
| 2012-2013 Deadlines | ||
|---|---|---|
| Regarding | Deadline | Description |
| Priority Processing | May 1, 2012 | Recommended submission date for 2012–2013 FAFSA |
| FAFSA | June 30, 2013 OR your last date of 2012–2013 attendance, whichever comes first | Complete and correct FAFSA must be submitted for the 2012–2013 academic year |
| Verification | September 20, 2013 OR 120 days beyond the last day of your 2012–2013 attendance, whichever comes first | If selected, you must complete verification before you are awarded federal financial aid. Please check your To-Do List in My Financial Center and submit appropriate documents if requested. |
| Add/Drop Deadline | Fall 2012-September 10 Winter 2013-January 18 Spring 2013-May 7 Summer 2013-July 1 |
|
| Loan Process | Last day of class for semester/term. |
|
Please also see Dates and Deadlines for other significant dates and information.
You will know if you are eligible for a PLUS Loan when you receive notification of an approval or denial from the lender. The timing of this notification is ultimately up to the lender.
How much money can I get?
If all eligibility requirements are met, you can borrow up to the Cost of Attendance for the enrollment period minus any other financial aid you receive. For example, if the Cost of Attendance is $25,100 and you receive scholarships totaling $2,000 and Stafford Loans totaling $20,500, you can borrow up to $2,600 in Graduate PLUS Loan.
How and when will I get the money?
Your federal financial aid will be posted to your Student Account. It will credit toward your tuition and other charges. If money from your federal financial aid and other aid exceeds charges owed, Student Financial Services will refund any excess monies. The refund process begins approximately three days after the first day of classes, and continues until after the add/drop deadline.
If registered part-time, excess funds will remain in the Student Account until after the add/drop deadline, or until you verify with Student Services (801-422-4104) that no further registration changes will be made.
Excess funds will be sent to your bank account if you authorize direct deposit. If you do not authorize direct deposit, any excess funds will be mailed to the mailing address you have listed on myBYU. This may delay your receipt of funds.
Other Important Graduate Plus Loan Topics
- Loan Repayment
- Deferment and Forbearance
- Avoid Delinquency and Default
- Avoiding Overawards
- Entrance/Exit Counseling
- Loan Consolidation
- Repeat Policy
- Dates and Deadlines
