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. Students will be required to complete their Application & Master Promissory Note with the Department of Education.
Please Note: There are 2 parts to the PLUS Loan Process.
Complete the PLUS Loan Application: Runs the students credit and gives the school information they need to create your Direct PLUS Loan. Students do need to be credit approved to take this loan.
Complete the Master Promissory Note: On the www.studentloans.gov website, click "Complete MPN (Master Promissory Note)" then choose the option for "Graduate PLUS". This MPN is your legal loan agreement, which explains the terms and conditions of your loan.
PLUS Counseling is required if the U.S. Department of Education has informed you that you have an adverse credit history and you have obtained an endorser or documented to the satisfaction of the U.S. Department of Education that there are extenuating circumstances related to your adverse credit history.
PLUS Counseling can be completed voluntarily at any time. If PLUS Counseling is completed voluntarily and you are determined to have an adverse credit history by the U.S. Department of Education within 30 days of PLUS Counseling completion, your PLUS Counseling requirement will be considered to be fulfilled.
- Marist College policy states that the FAFSA (Free Application for Federal Student Aid) must be filed for that school year.
- Borrowing limit is the Cost of Attendance minus any other aid. The student is required to take the Unsubsidized Loan before the GradPLUS Loan will be certified.
- The Interest rate for the Graduate PLUS Loan is always fixed for the life of that loan. However, interest rates will be determined each June for new loans being made for the upcoming award year, which runs from July 1 to the following June 30. Please visit www.studentloans.gov for the most current interest rates. You can opt to have all payments deferred until after graduation.
- All Direct Loans are subject to fees. Loans first disbursed on or after Oct. 1, 2016 and before Oct. 1, 2017 are subject to a 4.276% loan fee. Loans first disbursed on or after Oct. 1, 2017 and before Oct. 1, 2018 are subject to a 4.264% loan fee. Loan fees will be determined every October.The fees will be deducted from the loan proceeds prior to disbursement. Disbursements are sent directly to Marist College, two per loan period.
- PLUS Loan Increase Policy: If the credit check has not expired on an existing loan application, the student can request an increase of their loan via email to firstname.lastname@example.org. The email must come from the student's Marist Foxmail account. If the credit has expired (over 90 days), the student should initiate a new application for the increased loan funds at www.studentloans.gov.
- Repayment begins 60 days after the 2nd disbursement with up to 10 years to repay depending on amount borrowed. Parents who are interested in deferment for payments should contact their lender directly.
- Loan Forgiveness for the death or permanent disability of the student. (This is not available with Private Loan Financing)
- 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.
Applying for a PLUS Loan and the Master Promissory Note (MPN)
To take out a Direct Loan for the first time, you must complete the FAFSA, a PLUS Application, and master promissory note (MPN). The MPN is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the Department. It also explains the terms and conditions of your loan(s).