What You Should Know

Graduate & Professional School Students receiving disbursements on or after July 1, 2006:

Eligibility and Requirements

• Must be a U.S. citizen or eligible non-citizen and provide a valid Social Security number
• Must be enrolled in school at least half-time
• Must be creditworthy, eligibility is NOT based on financial need or income, but you cannot have adverse credit history. 
• Must fill out a FAFSA
• Must apply for annual loan maximum for subsidized/unsubsidized Stafford loans
• Must fill out and sign current Grad PLUS Master Promissory Note form
  • Student fills out his/her information in both the Parent and Student sections

  
  Features
  

  • Can be used to supplement federal Stafford Loan funding or cover the full cost of tuition and fees (less other financial aid)
  • Not dependent upon income or assets; credit checks are required
  • No prepayment penalty
  • No annual or aggregate loan limits. Students can borrow the cost of attendance less any financial aid received as certified by the school
  • Excellent alternative to private loans

  Terms

  • No grace period
  • Payment begins 60 days after loan is fully disbursed
    • In-school deferment for attending at least half-time
    • Mandatory forbearance during internship and residency
  • Loan Fees
    • Origination: typically 3%
    • Guarantee: typically 0-1%, depending on guarantor
  • Cosigner not required
    • Can apply with endorser if student fails credit check

  Grad PLUS vs. Alternative  Loan

  • Interest Rate
    • Grad PLUS: Fixed interest rate of 8.50%
    • Alternative Loans: Variable (reset quarterly), no cap
    • Grad PLUS: Minimum federal requirements
    • Alternative Loans: Generally stricter credit standards than Grad PLUS
  • Maximum Cumulative Education Debt
    • Grad PLUS: None
    • Alternative Loans: Up to $300,000, dependent upon discipline

    How Much Can I Borrow?
     

    The maximum amount would be the difference between your budget, also known as the cost of attendance minus any other financial aid that you may have been awarded. Please refer to your PGI Financial Aid Award offer letter and used the amount shown under "Budget" and subtract the amount shown under "Awarded Funds" this will give you the maximum amount you can borrow in Grad-Plus for the current academic year.  If you are unsure of your amount or have any other questions please contact the Office of Financial Aid.  Please be advised that this may delay your disbursement of funds.

     

    If you are interested in finding out more about the Grad PLUS loan option, please contact the Financial Aid Office at (818) 386-5635 or at financialaid@pgi.edu.