Federal Graduate PLUS Loan

This is a federally funded, non need-based loan for graduate students only. An additional application is required. Read on for details.

Contact information

• WMU Financial Aid Office
  Phone: 269 387-6000
  email: finaid-info@wmich.edu
• Applicant Services Department
  (credit checks, appeal information, endorser questions)
  (800) 557-7394
• Federal Direct Loan Servicing Center
  (repayment information)
  (800) 848-0979
  https://studentloans.gov
• Federal Direct Loan Consolidation Center
  (consolidation)
  (800) 557-7392.

Description

• Federally funded
• Non need-based
• Graduate student is the borrower
• The fixed interest rate for loans in the deferment or six-month grace period is 7.9 percent for loans first disbursed July 1, 2006, and after
• 4 percent loan origination fee; no interest rate rebate
• Awarded by WMU as Federal Graduate PLUS on award notice
• Awarded up to cost of attendance minus other financial aid received
• This is a loan you are responsible to repay to the U.S. Department of Education
• Complete the student financial aid adjustment form if you wish to cancel or reduce a loan that has not been disbursed to your WMU account. If the loan has already disbursed, you must complete the student financial aid adjustment form within 30 days of the date of disbursement. Please note: canceling or reducing a disbursed loan may result in a balance due on your WMU account.
• After you have accepted your federal graduate PLUS, you will receive a "Federal Loan Disclosure Statement" from the Direct Loan Servicing Center.
• The Disclosure Statement identifies anticipated disbursement dates, gross and net disbursement amounts, and loan fee amounts for all your Graduate PLUS Loans for the academic year.

Eligibility

• Graduate students only
• Independent student
• Must be enrolled at least half-time
• Completed federal graduate PLUS loan application required
• Completed federal graduate PLUS master promissory note (MPN) required for first-time borrowers
• First-time borrowers must complete online loan entrance counseling .
• Graduate student borrower must meet credit worthiness standards (if denied credit, will be notified by Direct Loan Servicing Center.)
• Borrower may appeal extenuating circumstances, or obtain an endorser. See federal graduate PLUS loan information sheet on the federal graduate PLUS application for details.
• Award eligibility based upon EFC, cost of attendance, enrollment and other resources
• Award will be canceled if enrolled less than half-time
• Award may be adjusted or canceled if there is a change to EFC, cost of attendance, enrollment or additional resources

Repayment

• Interest begins accruing upon disbursement
• Repayment of principal and interest begins 60 days after loan is fully disbursed.
• For sample repayment amounts, see federal loan repayment fact sheet
• Payments will be made to the U.S. Department of Education (holder of the loan)
• Payments will automatically be deferred if you are enrolled at least half-time. 
• For detailed information about repayment and loan consolidation, go to https://studentloans.gov
• The interest rate for a consolidation loan is the weighted average of the interest rates on the loans being consolidated and is fixed for the life of the loan.
• It is important that you maintain a "very important papers file" and keep copies of your award notices, MPN, Borrower's Rights and Responsibilities and the Loan Disclosure Statement in one place as they provide the details of your loans, and your rights and responsibilities as a student loan borrower.

Updated: 11/17/2010 9:46 AM