GradPLUS Loans

The Federal GradPLUS Loan is a credit-based loan that graduate students may borrow to fund their education. Students must be enrolled at least half-time in a degree program. It is strongly recommended the students take full advantage of their Federal Stafford Loan eligibility before applying for a Grad PLUS Loan.

Interest Rate and Fees

The federally set interest rate for the GradPLUS Loan is fixed at 8.5%, although many lenders offer benefits resulting in lower rates. Federal GradPLUS Loans are subject to 3% loan origination fees and a 1% federal default fee. All lenders on our Preferred GradPLUS Lender List are paying the default fee on the borrower’s behalf, resulting in only 3% total fees.

Repayment

Repayment on the GradPLUS Loan begins within 60 days of the final disbursement, however currently enrolled students can qualify for an in-school deferment. Review your lender’s information to determine what steps you must take (if any) to receive the in-school deferment

Maximum Loan Amount

The maximum amount a student can borrow in a GradPLUS Loan is the total cost of attendance (comprised of tuition and fees, room and board or living costs, books and personal expense allowance) minus all other financial aid.

Endorser

Students who are denied a GradPLUS Loan may wish to contact the lender and add an endorser (co-signer) to the loan.

Application Tips

File your Free Application for Federal Student Aid (FAFSA) and borrow the maximum in Federal Stafford Loans before applying for a Grad PLUS.

Apply for the total amount needed for the entire academic year

Loan will be disbursed ½ in August and ½ in January
Repayment would begin after January disbursement

Remember to account for the 3% loan fees in determining your loan amount

Preferred Lenders

Saint Xavier’s Preferred GradPLUS Lenders were chosen based on their ability to provide reliable electronic processing and disbursement, good customer service and competitive borrower benefits. Review our list of Preferred Lenders and apply for a GradPLUS Loan now.

You are free to borrow from any lender of your choosing. Contact the lender directly to begin the application process

Email: financial_aid@sxu.edu
Phone Number: (773) 298-3070
FAX Number: (773) 298-3084