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Grad PLUS Loans

Grad PLUS Loans

Federal Direct PLUS Loan for Graduate Students

The Federal Direct PLUS Loan is a federal loan program. You can borrow up to the school-determined cost of attendance minus other financial aid each year through the PLUS Loan program.

Payments on the principal of the PLUS Loan can be deferred while you are enrolled at least half time. Unlike the Stafford Loan, the PLUS Loan does not have a grace period after you stop attending school. It is likely, however, that you will qualify for a deferment or forbearance to temporarily relieve you of your payment responsibility at that time.

The federal government requires that in order to qualify for a federal student loan, you must:

  • be a U.S. citizen or Permanent Resident.
  • be pursuing a degree in an accredited program in an eligible institution.
  • be enrolled in that program half-time or more.
  • not be in default on a prior federal loan.
  • have no recent federal drug convictions.
  • if male and born after 1959, have registered for the draft.

The PLUS Loan has a fixed interest rate of 7.9 percent.

The PLUS Loan requires a credit check. If you have an adverse credit, you will not be able to receive a PLUS Loan without a credit-worthy endorser.

Adverse credit is defined as having one or more of the following:

  • Currently 90 days or more delinquent on repayment of any debt
  • Have had debt discharged in bankruptcy during the past 5 years
  • Evidence of a default, foreclosure, tax lien, repossession, wage garnishment, or write-off of a Title IV (federal student aid) debt during the past 5 years

A 4 percent fee will be deducted from the gross amount of the loan borrowed (with a 1.5 percent rebate if first 12 monthly payments are made on time). Because of this fee, the actual PLUS Loan amount applied to your University account will be lower than that listed on your award notice.

How to apply for a Federal Direct Grad PLUS Loan

Complete the Federal Direct Grad PLUS Loan Master Promissory Note

  • Visit https://studentloans.gov
  • Sign in
  • Select “Complete Master Promissory Note”
  • Select “Graduate PLUS” and press “continue”
  • Enter all requested information
  • Select “Hofstra University” (there is not a separate option for the Law School) as your school and press “continue”
  • Follow the on-screen instructions the rest of the way through the e-sign/MPN process

Both the MPN and the Loan Request Form must be completed in order for your Grad PLUS Loan to be processed.