William D. Ford Federal Grad Plus loan application is a loan process that conducts a credit check on all Direct Loan Plus applicants. The loan is meant for students in graduation and other professional courses. Your information will be sent to the schools where you apply.
With an application, you can not only request a loan from them but you can also ask for a change in the previously requested amount. You can simultaneously authorize your school to use your Direct funds in whichever way deems fit to them during the application.
To be able to complete the Direct Plus loan application, you must complete their Loan Master Promissory before you can receive Direct Loan funds from them.
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Steps for Grad Plus loan application
The last date for applications for the Grad Plus loan is the second week of July for fall semesters and the second week of November for spring semesters. Those who opt for summer semesters usually must submit their applications by June first week.
If you want to apply for the Grad plus Loan, you must ensure you have already filled in your FAFSA before you come to complete these steps.
- Create an account or sign in to your account with your FSA ID and password.
- After signing in, head straight to the application form from the several options presents on the website. To apply for the Plus loan, choose the third option from the page’s center.
- Add the amount of loan you need and select Brandeis for loan and not Brandeis GSAS.
- Your application will undergo a credit check once you have filled it.
- After completing the application with all other details, you will need to submit it.
- In the next segment go back to the welcome screen and choose entrance or complete counseling.
- The terms and conditions of the loan will be made clear when you go for entrance counseling.
- Next, complete your Master Promissory Note from the left-hand section. Confirm your name, and address, add two references and electronically sign the application form.
Also read: SSS online Loan Application Form (Check Status & Other Details)
What are the application requirements?
Three main application requirements include the following;
- You must not have a non-eligible credit history in the past.
- Only students enrolled in graduate programs and professional student courses can apply.
- The prescribed general eligibility criteria must be met by the student.
Who is eligible?
You are eligible if you fulfill the following requirements.
- As a student, you must have a financial need
- Your parents or even you should be a US citizen or a non-citizen with a valid green card.
- You are enrolled in a degree or certificate program in any of their graduate colleges or career schools.
Customer Service Number
You can call 800-557-7394 if you have issues with your application form.
Also read: SSS online Loan Application – Know Requirements & Eligibility
FAQs (Frequently Asked Questions)
When to apply for Grad plus loan 2022-23?
You can apply for the Grad plus loan 2022-2023 just 30-45 days before the beginning of the academic term.
Can you get a Grad plus loan with bad credit?
Your credit scores won’t matter as long as you don’t have an adverse credit history. Bad credit history will include points mentioned here or similar to this one.
- You did not pus any of your debt payments beyond the 90-days.
- There were no defaults from your end
- No charges of bankruptcies filed by you
- No other adverse actions were faced by you enlisted under the Title IV debt.
How much Grad plus loan can you get?
Under the Grad Plus loan, you can get enough to cover your tuition costs. Grad Plus loans come with an interest rate of 5.30% and an origination fee. You get coverage on the following;
- Tuition fees
- Room and boarding charges
- Books, supplies, technologies, and equipment
- Transportation charges and other miscellaneous personal expenses.
How long does it take to get Grad plus loan?
It takes several weeks before your loan is approved or rejected.
Conclusion
Here is a way of dealing with your daily and other expenses that come up when graduating. If you want to go for it consider the direct unsubsidized loan limit of $20500 before that. If you are still short then you can surely consider this option. Surely, don’t forget about the scholarships and apply for each of them to ensure you are less on loans soon after college.
