Federal Graduate PLUS Loan
|Who Is the Borrower?||Eligible graduate, post-graduate or professional program students. The student borrower must be a U.S. citizens or permanent residents.|
|Interest Rate||The interest rate for loans disbursed after June 30, 2014 and prior to July 1, 2015 is 7.21%, fixed for the life of the loan.|
|Credit Criteria||Must pass PLUS Loan credit check and must not have adverse credit history. Students unable to meet the PLUS Loan credit criteria may be able to borrow with a creditworthy “endorser”. The endorser cannot be released from the repayment obligation before the loan is repaid in full.|
|Fees||The net loan amount disbursed is less than the amount borrowed, because of an origination fee (see your disclosure statement for the specific amount) charged by the government.|
|Minimum and Maximum Allowed||Loans are approved from $100 up to the total annual cost of education minus any financial aid, including any Federal Stafford Student Loan.|
|Repayment Terms and Grace Period||A 10-year standard monthly repayment of approximately $12.24 per $1,000 borrowed, with a $50 monthly minimum payment. Extended and graduated repayment plans are available. Principal and interest payments begin 60 days after the loan has been fully disbursed. No prepayment penalty.|
|Enrollment Status||Students must be enrolled in a graduate degree program for at least 6 credits each semester. Credit must be accepted towards the degree.|
|Deferment Options||Can defer payments while student is enrolled at least half time. During deferment period interest can be paid monthly, quarterly or capitalized quarterly.|
|Can Loan Be Sold?||The loan will be held by the U.S. Department of Education for the life of the loan.|
|Other Borrower Benefits||Eligible for loan consolidation under Federal Direct Consolidation Loan Program.|
|How to Apply||
Get more information: http://studentaid.ed.gov.
To apply, complete the Graduate PLUS Loan Request Form. Submit the completed form as instructed.
Contact BU Financial Assistance: firstname.lastname@example.org or 617-353-2965.