Graduate PLUS Loan
The recently passed Deficit Reduction Act of 2005 will allow Graduate and Professional students to borrow under the Federal PLUS loan program beginning with the 2006-07 aid year. This loan should be considered as an alternative loan option after Stafford loan eligibility is used.
What is the Federal PLUS?
The PLUS (Parent Loan for Undergraduate Students) was previously available only to the parents of dependent undergraduate students. Beginning July 1, 2006, that availability has expanded to Graduate/Professional students.
Am I Eligible?
- You must be a Graduate/Professional student enrolled at least half-time in a matriculated program.
- You must complete a 2006-07 FAFSA.
- You must first apply for your maximum loan eligibility in Subsidized and Unsubsidized Stafford loan before the PLUS can be awarded.
- Parents of Graduate students will not be eligible to borrow the loan.
Does Applying Require a Credit Check?
PLUS Loan borrowers are required to pass a basic credit check. Generally, borrowers without credit blemishes such as the examples listed below are deemed creditworthy.
- 90 days or more delinquent on repayment of any debt
- debt discharged in bankruptcy during the past 5 years
- default, foreclosure, tax lien, repossession, wage garnishment, or write-off of debt during the past 5 years
How much can I Borrow?
Borrower may borrow the difference between the total cost of the student's education (including books, fees, and personal expenses) minus any financial aid the student will receive.
What are the Repayment Terms?
Repayment begins within 60 days after the final disbursement of each loan for the loan period for which you borrowed. The maximum repayment period is 10 years, and the minimum monthly payment is $50.00. You may be eligible to defer payments as long as you are enrolled at least half-time (3 credits for graduate students)
What Fees will I Pay?
You will be charged a loan fee of 3%, which is deducted proportionately from each loan disbursement.
What is the Interest Rate?
The interest rate will be fixed at 8.5%.
How do I Apply?
To apply for the Grad PLUS Loan, the student borrower can go online to Sallie Mae's Web site. The online process allows students to have their credit checked and approved within 5 minutes! If approved, the student can continue the process by completing an application online, even sign the completed application online via electronic signature, and submit the application directly for processing. Sallie Mae will electronically forward the loan application information to La Salle University Office of Student Financial Services.
Once La Salle University has certified the loan request and the application has been returned to Sallie Mae, the loan proceeds will be forwarded to La Salle where they will be applied to the student's account. The student may also print the completed application locally and mail it directly to Sallie Mae.
If you have any questions, please call Sallie Mae at 1800-695-3317 between the hours of 8:00 am and 8:00 pm EST, Monday through Friday.
Information Needed to Apply
- Name
- Social Security Number
- Address
- Phone Number
- Citizenship-Are you a US citizen, Permanent Non-resident or Foreign Student
- Date of Birth
- Drivers License #
- State of Issuance for Drivers License
- Are you in default on any previous loans?
- Requested Full Year * loan amount
- School Code- LaSalle University's school code is 003287-00
- Grade level
- Loan Period-(example: 8/28/06-5/5/07)
* Please estimate the loan amount you will need to cover the balance for the full academic year. LaSalle will not process single term loans.
What if I am denied?
If you are denied for the PLUS Loan, a Sallie Mae representative can discuss other available options and can give you a phone number for a credit bureau, should you desire a copy of our credit report.
