Step 1: Complete the FAFSA at www.fafsa.gov for the academic year you are applying for the Graduate PLUS loan. The FAFSA application is required to be completed to be able to process a Graduate PLUS Loan.
Most law students will access one of two types of student loan programs. The Direct Unsubsidized Loan offers eligible graduate students up to $20,500 annually with a 1.066% origination fee which is deducted from the loan at the time of disbursement. Students must submit a FAFSA to determine eligibility. The Direct Graduate PLUS Loan covers expenses not covered by the Direct Unsubsidized Loan up to the full cost of attendance as established by RWU Law. The Graduate PLUS loan has a 4.264% origination fee, which is deducted from the loan at the time of disbursement. A satisfactory credit history is essential in order to participate in the Direct Graduate PLUS Loan program. Students must be registered for a minimum of 6 credits per academic term in order to qualify for Federal Loans.
All students who intend to borrow Federal Direct Loan fund must have a Direct Loan Master Promissory Note and have completed the Direct Loan entrance counseling. A PLUS loan is a federal loan a parent can borrow on behalf of their child. Exit counseling for students who have borrowed federal loans is required upon separation from the College. Students who graduate or are not enrolled at least half-time will be entering repayment on the Federal student loans. Always work with their loan servicer their repayment options.
The Federal Direct Graduate PLUS Loan is an unsubsidized loan for students enrolled in a graduate degree or eligible certificate program. Graduate PLUS Loans help pay for education expenses up to the cost of attendance minus all other financial assistance. The FAFSA application is required to be completed to be able to process a Graduate PLUS Loan.
The Parent PLUS Loan is a loan parents may borrow on behalf of their dependent student. This funding is through the Federal government and the student must have a completed FAFSA on file. In order to for a Parent PLUS loan a parent must have an FSA ID. This loan can be applied for at studentloans.gov. Graduate students seeking additional loan funding may also for a Grad PLUS Loan. While the rate is higher than a graduate student’s Direct Loans, it is typically lower than a private, alternative loan. This loan can also be applied for at studentloans.gov.
Direct PLUS loans have higher rates than Subsidized and Unsubsidized Loans, but are expected to be cheaper than private alternative loans in most cases, and benefit from federal loan repayment options such as Income-Based Repayment and Public Service Loan Forgiveness, while private loans do not. Graduate PLUS loan borrowers must not have an adverse credit history. PLUS lenders will check a borrower’s credit prior to approving a PLUS loan. PLUS loans have a standard ten-year repayment period, and a minimum monthly payment of $50. The application process for the Federal Graduate PLUS Loan is similar to that of Direct Subsidized and Direct Unsubsidized Loans. See the description of the Federal Direct Unsubsidized Loan for details. As with other federal loans, a student must file a FAFSA to establish eligibility, even though the PLUS is not a need-based loan.
Federal Direct Subsidized and Unsubsidized Loans for students: 5.05 percent fixed for the life of the loan. Federal Direct Unsubsidized Loan for graduate students: 6.60 percent fixed for the life of the loan. Unlike the Federal Direct Subsidized Stafford Student Loan, interest accrues ion the Unsubsidized Loan and is added to the principal of the loan. Complete Federal Direct Loan Entrance Counseling First time borrowers must complete Direct Loan Entrance Counseling before funds can be disbursed. The following chart provides maximum annual and aggregate loan limits for subsidized and unsubsidized Federal Direct Loans. NOTE: Dependent students whose parents do not qualify for the PLUS Loan may be eligible for additional Unsubsidized Loan. Independent Student $5,500, no than $3,500 of which may be in subsidized loans. $9,500, no than $3,500 of which may be in subsidized loans. $6,500, no than $4,500 of which may be in subsidized loans. $10,500, no than $4,500 of which may be in subsidized loans. $7,500, no than $5,500 of which may be in subsidized loans. $12,500, no than $5,500 of which may be in subsidized loans. Maximum Total Debt from Direct Stafford Loans When applicant Graduate $31,000, no than $23,000 of which may be in subsidized loans. $57,500, no than $23,000 of which may be in subsidized loans.
Federal Direct Unsubsidized Loans are available regardless of family income. Applicant are responsible for paying all interest on their Unsubsidized Loans. Applicant have the option of paying the interest as applicant help keep their loan debt to a minimum. This credit-based loan program is available to parents of dependent, students enrolled at least half time. Graduate students also may borrow in the PLUS Loan program but may want to for Federal Direct Unsubsidized Loans first. The PLUS borrower must pass a credit check to qualify for the loan. Repayment of the PLUS Loan begins 60 days after the loan is fully disbursed and generally will continue for ten years. If a parent is denied a PLUS due to adverse credit, the dependent student will become eligible to borrow up to the independent student annual loan maximum. These are credit-based loans that have varying interest rates and possible fees. Applicant may need to have a cosigner to be eligible, and some loan programs may require applicant to be enrolled at least half time. Exhaust all Federal Direct Subsidized and Unsubsidized Loans before considering a private loan since private loans tend to be costly than Federal student loans.
Direct Stafford loans are awarded for fall and spring terms upon completion of their FAFSA. If applicant plan to attend summer terms, applicant may need to reduce their fall and spring loans. Students must be enrolled at least half-time to receive a loan. Applicant must accept, reduce or decline their student loans after receiving their award letter. Loan funds come directly to the university and credit their student account. If the loan creates a credit balance, applicant will receive a loan refund by either check or direct deposit A loan is a debt that must be repaid. Loan funds are for educational related expenses only. Direct Stafford Loans for and graduate students. Direct Parent PLUS Loans for parents of students.
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Step 1: Complete the FAFSA at www.fafsa.gov for the academic year you are applying for the Graduate PLUS loan.
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Be enrolled at least half-time in a degree-seeking, a Teacher Certification Program, or enrolled as a Graduate Certification Student, taking classes required for admissions to a graduate program at UNCW. A Free Application for Federal Student Aid is required to receive federal loan offers. Graduate and professional students enrolled in certain health profession programs may receive additional Unsubsidized Loan amounts each academic year.