Federal Direct GradPLUS Loans
Marist College participates in the William D. Ford Direct Lending Program. The lender is the U.S. Department of Education (the Department) rather than a bank or other financial institution. Marist College policy states that the FAFSA must be completed before a Direct GradPLUS Loan can be awarded. This change will require all new borrowers to complete Master Promissory Notes with the Department of Education.
Graduate and professional students who qualify for federal financial aid and are credit worthy borrowers will be eligible to borrow through the Federal Direct GradPLUS loan program. This loan has a fixed interest rate of 7.21%. All Direct Loans are subject to fees. Loans first disbursed on or after Dec. 1, 2013 and before Oct. 1, 2014 are subject to a 4.288% loan fee. Loans first disbursed on or after Oct. 1, 2014 and before Oct. 1, 2015 are subject to a 4.292% loan fee. The fees will be deducted from the loan proceeds prior to disbursement. Disbursements are sent directly to Marist College, two per loan period. The maximum amount you may borrow on a Direct GradPLUS loan each academic year per student is the cost of attendance minus other financial aid received. In addition, students must have exhausted their annual Stafford Loan eligibility.
The U.S. Department of Education's National Student Loan Data System (NSLDS) provides information on your federal loans including loan types, disbursed amounts, outstanding principal and interest, and the total amount of all your loans. To access NSLDS, go to www.nslds.ed.gov. All Title Iv loans are reported to the National Student Loan Data System (NSLDS) and will be accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system.