Graduate Financial Aid

This is the time of year when grad students are figuring out how to pay their tuition for the upcoming school year. Here is a list of common FAQ’s I get regarding the Graduate Plus loan…

1. Can I use this loan for living expenses, such as rent, groceries, transportation?
A. YES, you can, however just like the Stafford loan, this loan must be certified by your school officials. So if you are needing these funds for things other than tuition, you must clear that with your financial office, or chances are, they may not certify the loan

2. Does this loan get sent to the school or to me?
A. This loan is sent to your school. If there is money left over after tuition is paid, then you will get a check from the school directly.

3. What is the interest rate on this loan?
A. The interest rate for the 0809 school year is 8.5% fixed. This rate will never change for this particular loan/school year

4. What is the credit criteria in order to get approved for this loan
A. The grad plus loan is easier to get approved for than a private graduate loan. Basically as long as you do not have any openly delinquent accounts showing up on your credit report, then you will most likely be approved for it.

5. Can I apply with a cosigner?
A. You must apply on your own first, and if you are denied, you can then add a cosigner to the application.

6. Do I have to have a FAFSA filed in order to get this loan?
A. YES, you must file a FAFSA. You also must take out the alotted amount in the Stafford loan before you can recieve this loan.

7. When are my payments due?
A. Not until you are finished school, will your payments be due on this loan. You can however make interest payments, if you choose.