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Federal Graduate PLUS Loan Features
- This loan requires a credit check. If it is determined that you have an adverse credit history, next steps are listed below.
- It is possible for a borrower to qualify for a PLUS loan with a bad credit score, so long as they don't have an adverse credit history (i.e., no more than 90 days late on any debt and no defaults, bankruptcies or other adverse action on any Title IV debt).
- This loan is unsubsidized so interest does accrue while you are in school or in deferment.
- There is a loan origination fee of 4.292%.
- Repayment begins 6 months after you graduate, drop below four (4) credit hours in a given semester, or withdraw.
|Date of First Disbursement||Interest Rate|
|Before July 1, 2014||6.41%|
|7/1/14 - 6/30/15||7.21%|
Options Following a Grad PLUS DenialUtilize an Endorser
An endorser, similar to a co-signer, must pass a credit check and agree to take the responsibility of the loan if you are unable to pay it. If you choose to obtain an endorser, they will need to complete the endorser addendum at studentloans.gov, which requires the following information:
- A Federal Student Aid PIN.
- The PLUS Endorser Code (if a Direct PLUS Loan Request was completed) or Loan Identification Number to connect the endorsement to the denied Grad PLUS Loan.
- The PLUS Endorser Code can be found in the confirmation email received in the denial notice or by logging into studentloans.gov and selecting “Direct PLUS Loan Requests”.
- Your Loan Identification Number can be obtained by contacting our office at 303-492-5091.
Seek a Credit Appeal
You can appeal to the Department of Education with proof the credit information used was incorrect or has been corrected or extenuating circumstances relating to the credit history. To appeal log in to studentloans.gov and select Document Extenuating Circumstances from the left-hand navigation.
Consider a Private Loan
Private loans are offered by private lenders and eligibility depends on a credit score. View more information on private loans.