Direct Plus Loan Application for Graduate/Professional Students Credit Decision Requirements and Process

To apply for a Direct PLUS Loan, graduate and professional students must complete the FAFSA and obtain a Federal Student Aid ID.

The Direct PLUS Loan credit decision process is based on your credit history, which is checked through the National Student Loan Data System (NSLDS).

You'll need to have a creditworthy endorser, such as a creditworthy co-signer, to qualify for a Direct PLUS Loan if you have adverse credit.

The credit decision process typically takes 3-5 business days after your application is submitted.

To be eligible for a Direct PLUS Loan, you must be a citizen or permanent resident of the United States and enrolled in an eligible program of study at your university.

You must be enrolled at least half-time to qualify for a PLUS loan, which means 4.5 hours during fall and spring, and 3 hours during summer.

The Direct Unsubsidized Loan has a lower interest rate and better repayment terms, so consider borrowing the maximum amount awarded to you before accepting any of the Grad PLUS Loan funds.

To apply for a Direct PLUS Loan, you must complete the Free Application for Federal Student Aid (FAFSA) and receive a determination of Federal Direct Loan eligibility by the Office of Financial Aid.

You can then log in using your FSA ID and complete the Master Promissory Note (MPN), a legal document that promises to repay your loan and any accrued interest and fees.

The MPN takes up to 30 minutes to complete, and you can expect the loan application to be sent to your school within a few business days.

Here's a summary of the steps to apply for a Direct PLUS Loan:

It's essential to note that you should allow at least three weeks for award processing from the time the Federal Direct Grad PLUS loan application, Direct Grad PLUS Loan MPN, and Entrance Counseling are completed.

By following these steps and meeting the eligibility requirements, you can successfully apply for a Direct PLUS Loan and take advantage of the financial aid available to you.

If your credit has been denied for the Grad PLUS Loan, you have options to consider.

You can choose not to pursue the PLUS loan, but if you're relying on it to fund your education, this might not be the most practical solution.

Alternatively, you can obtain an endorser, who agrees to repay the Direct PLUS Loan if you become delinquent in making payments or default on the loan.

There's also the option to document extenuating circumstances related to the adverse credit history and complete PLUS Credit Counseling.

Here are your options in a nutshell:

To apply for a Federal Graduate Loan, you'll need to complete the following steps.

First, file the Free Application for Federal Student Aid (FAFSA) for the current academic year. This is a requirement for all federal student aid, including the Federal Direct Graduate PLUS Loan.

You must also be a U.S. citizen or eligible non-citizen, have a high school diploma or equivalent, and be fully admitted and meet the UNF admission requirements.

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Once you've filed the FAFSA, the Student Financial Aid Office will automatically consider you for a Direct Graduate Professional PLUS Loan award and send you an award notification.

To accept the loan offer, log in to ULink and accept, reduce, or decline the loan offer. If you accept, the U.S. Department of Education will check your credit history, and if your credit is approved, the Office of Financial Aid will be notified of the approval.

You can also apply for the loan on StudentAid.gov, where you'll need to complete a credit check and sign a Master Promissory Note (MPN). The MPN is a legal document in which you promise to repay your loan and any accrued interest and fees to the U.S. Department of Education.

To complete the MPN, you'll need to log in to StudentAid.gov and follow the prompts. This process typically takes up to 30 minutes.

Here's a summary of the steps to apply for a Federal Graduate Loan:

By following these steps, you'll be on your way to applying for a Federal Graduate Loan.

To apply for a Federal Direct Graduate PLUS Loan, you'll need to complete the loan application through the Department of Education.

The application will automatically be sent to your school within a few business days.

You'll then need to sign a Master Promissory Note (MPN), a legal document that outlines the terms and conditions of the loan and your promise to repay it.

The MPN takes up to 30 minutes to complete and requires some basic information.

The U.S. Department of Education will notify your school after you've completed entrance counseling and signed your MPN.

You'll receive a disclosure statement with specific information about your loan, including the loan amount, fees, and expected disbursement dates.

To ensure your loan disbursement is credited to your University account for the start of the fall term, complete the loan application and MPN as soon as possible.

Loans are processed starting in June, so don't delay.

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The Office of Financial Aid will notify you via email when your loan funds have been disbursed to your University account.

It's essential to complete the two steps above as soon as you're able to ensure timely disbursement.

Loan applications cannot be processed after the academic year ends or if you cease to be enrolled at least half-time.

Federal regulations require that all students who have borrowed from the federal loan programs receive exit loan counseling.

This provides details regarding your rights and responsibilities for student loan repayment, deferment options, and loan consolidation benefits.