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Federal Graduate PLUS Loan

Graduated degree students are eligible to borrow under the Federal Graduate PLUS Loan Program up to their cost of attendance minus other estimated financial assistance. The terms and conditions applicable to Federal Parent PLUS Loans also apply to Federal Graduate PLUS Loans. These requirements include a good credit history, repayment beginning on the date of the last disbursement of the loan and a fixed interest rate.

Interest Rates and Fees

Beginning July 1, 2017 the interest rate: 7%

Beginning July 1, 2016 the interest rate: 6.31%

Beginning July 1, 2015 the interest rate: 6.84%

There is an origination fee of 4.276% (Origination for 2017 will not change until October 1, 2017). Applicants for these loans are required to complete the FAFSA. They also must have applied for their annual loan maximum eligibility under the Federal Unsubsidized Loan Program before apply for a Federal Graduate/Professional PLUS Loan.

Graduate PLUS Loan Processing

General Information

In order to receive your first William D. Ford Federal Direct Loan (referred to as Direct Loan) at UW Oshkosh, federal law requires you complete the Graduate PLUS Loan Request form and Master Promissory Note (MPN).

Loans cannot be disbursed unless both steps are completed.

Graduate students are eligible to borrow under the PLUS Loan Program up to their cost of attendance minus other estimated financial assistance. The terms and conditions applicable to Parent PLUS loans also apply to Graduate PLUS loans. These requirements include a good credit history, repayment beginning 60 days after the last disbursement and a fixed interest rate.

To qualify for a Federal Direct Graduate PLUS loan (also referred to as a Grad PLUS loan), students must file the Free Application for Federal Student Aid (FAFSA) and be offered a Fed Direct Grad PLUS loan on the financial aid award. Financial aid awards are available to the student online through TitanWeb. The Grad PLUS loan amount offered on the financial aid award is the maximum amount that can be borrowed for the academic year.

Applicants for these loans are required to complete the FAFSA. They also must have applied for their annual loan maximum eligibility under the Federal Direct Subsidized and Unsubsidized Stafford Loan Program before applying for a Graduate/Professional PLUS loan.

 

Eligiblity

To qualify for a Federal Direct Grad PLUS Loan, you must:

  • Be a U.S. citizen or eligible non-citizen.
  • Submit the 2016-2017 for summer 2016, fall 2016 and spring 2017 or the 2017-2018 for summer 2017, fall 2017 and spring 2018
  • Not be in default on any type of federal loan.
  • Pass a credit check conducted by the loan servicing agency.
    • An applicant who is determined to have an adverse credit history may receive the loan if he/she obtains an endorser (co-signer) for the loan who passes the credit check.

Step 1: Application Process

UW Oshkosh Financial Aid Office
Dempsey 104
800 Algoma Blvd.
Oshkosh, WI 54901
(or)
Fax: (920) 424-0284

  • The loan request form will be processed by the UW Oshkosh Financial Aid Office and information will be transmitted to the Department of Education for a credit check
  • The Department of Education will send a notification to the UW Oshkosh Financial Aid Office and the student regarding loan approval/denial
  • If the student is denied, he/she may pursue a co-signer. Please contact the Department of Education for details at (800) 433-3243

 

Step 2: Entrance Loan Counseling

Entrance Loan Counseling is designed to help you understand your rights and responsibilities as a new borrower in the Direct Loan Program.

Carefully read these instructions prior to clicking on the counseling link.

  1. Click here to start entrance loan counseling (new browser window will open).
  2. Click on “Sign In” in Manage My Direct Loan section.
  3. Sign in by entering your personal information including your Department of Education FSA ID (this is the same FSA ID you used to sign the FAFSA). — FSA ID replaced PIN on May 10, 2015
  4. Verify your personal information and enter your E-mail if you would like to receive correspondence electronically.  Click “Update”
  5. Click on “Complete Counseling”
  6. Select the appropriate Counseling Type (Entrance).
  7. Select Wisconsin for School State and select the University of Wisconsin Oshkosh from the drop-down and click on “Notify This School”
  8. Select appropriate Student Type (graduate). Click “Continue”
  9. Complete entrance loan counseling and submit the information.
  10. Close the window to return to this page or complete the Master Promissory Note (if required).
Step 3: Master Promissory Note (MPN)

The eMPN must be completed in a single session. If you exit the eMPN before submitting, you will have to start from the beginning when you return to the site.

  1. Click here to start eMPN (new browser window will open).
  2. Click on “Sign In” in the  Manage My Direct Loan section.
  3. Sign in by entering your personal information including your FSA ID — replaced the PIN on May 10, 2015
  4. Click on Complete Master Promissory Note
  5. Select Graduate PLUS as the MPN Type Selection.
  6. Your progress is recorded at the top of the page as you complete each step.
  7. Enter and verify your personal information.
  8. Select Wisconsin for School State and select the University of Wisconsin Oshkosh from the drop-down and click on “Continue”
  9. List two references and click on “Continue”
  10. Review Section D: Borrower Request, Certifications, Authorizations and Understandings
  11. Review Section E: Promise to Pay
  12. Review Section F: MPN Terms and Conditions
  13. Review Section G: Important Notices
  14. Place checkmark at bottom of page after reviewing all sections and click “Continue”
  15. Review Personal and School Information and Personal references.
  16. Type your name and click ‘Sign’.
  17. Review your MPN before submitting by clicking on HTML Version and click “Continue”
Important Notes
  • If the student applies for future Direct Grad PLUS loans, he/she will not have to complete a new MPN.  Additional Direct Grad PLUS loans can be borrowed on a single MPN for up to 10 years.
  • Loan funds are electronically disbursed to the student’s account to pay for education related expenses (tuition, fees, room, meal plan, etc).
  • The Department of Education will send notification to UW Oshkosh Financial Aid once the MPN is completed and accepted.
  • The student will receive a disclosure statement that gives specific information about any loan UW Oshkosh plans to disburse under the MPN, including the loan amount, loan fees and expected loan disbursement dates.