Federal Graduate PLUS Loans
The Federal Graduate PLUS Loan is available to graduate students to cover the entire cost of education minus other aid received. Please click on the a Guide to Choosing a Lender below to learn more about how to choose your lender.
Loan Facts
- Fixed at 8.5% (some lenders offer special interest rate reductions)
- 3% Origination Fee
- 1% Federal Default Fee (some lenders may waive this fee)
- Students must be enrolled at least half time in an eligible graduate/professional school (students in a certificate program are not eligible)
- Student must be a U.S. citizen or permanent resident
- Free Application for Federal Student Aid (FAFSA) required
- Credit check
- Similar to Federal PLUS Loan
- No debt-to-income qualifications
- No income verification
- Not as stringent as Private Alternative Loans
- Not based on financial need
Disbursement
Funds are disbursed via Electronic Funds Transfer (EFT) directly to the student’s Bursar account each semester/quarter. If you choose a lender that does not use the Electronic Funds Transfer (EFT) process, the Santa Clara University Financial Aid Office will receive a paper check from the lender. You will be contacted by our office to endorse the check prior to being properly credited to your student account. This manual process could cause significant delays in the loan processing.
Entrance Counseling
Starting the 2008-09 academic year, you must complete the Entrance Counseling tutorial in addition to completing the Master Promissory Note (MPN) before funds can be disbursed to your student account.
Other Benefits
- Repayment begins 60-days after the last disbursement each year
- In-school deferment and forbearance options are available through your lender
- No pre-payment penalties
- Loan consolidation available with other Federal Loans
Repayment Benefits/Incentives
Santa Clara University Financial Aid Office encourages borrowers to do your own research to find the best lender for you. We have provided you with a Guide to Choosing a Lender that may assist in determining the best lender for you.
Loan Period
On your loan application, please provide an accurate Loan Period showing the period of time that you need the loan.
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