10.24.07 | Graduate Plus loan & Schools Abroad
The Graduate Plus loan is a great loan to utilize if you are going to be a foreign enrolled student…(this means that you are attending a school abroad, that is not in anyway affiliated with University in the U.S.). However, there is a slight pitfall that many potential grad students should be aware of. Not every school abroad, is able to accept a Graduate Plus loan to help pay for tuition or living expenses….What does this mean? Most students say…”it’s a loan for me…why does the school have to approve it”? Keep in mind folks that the Grad plus loan is still a United States Federal Loan….even if you are not studying here….so here is some advice:
1. Before you decide what school you are attending overseas…check with each of your options and see if the financial aid office at that school is equipped to “certify” this type of loan. The Graduate Plus loan will be sent to your school, not to you…so this is very important…especially if you are counting on this loan to help you pay your tuition
2. Once you decide on a school, and you are certain you can take this type of loan out…you now need to make sure your FAFSA form is updated…and renewed. You will need to send a copy of your Student Aid report to your school abroad.
3. Now It is time to apply! You can fill out the application on Gradloans.com…and you will get pre-approved right away…if you get denied (since this is based on your credit history)….you can always add an endorser to the loan, in order to get it approved.
4. Keep a copy of ALL documents…especially the MPN…some schools require copies of this.
5. Make a checklist of all documents the school requires regarding this loan…it is up to you to provide the school with all these forms in order to get this loan certified.
Communication is often difficult between lenders, and schools abroad, so I recommend that you be the middle woman….keep track of who has what, and who needs to send which forms. Any questions? Leave a comment or email our help box: Here!
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