Federal Graduate PLUS Loans
- 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 4.272%.
- Repayment begins 6 months after you graduate, drop below four (4) credit hours in a given semester, or withdraw.
- You may borrow up to the full cost of your education, less other financial aid received.
|Date of First Disbursement||Interest Rate|
|Before July 1, 2015||7.21%|
|7/1/15 - 6/30/16||6.84%|
Before applying for a Federal PLUS Loan, we recommend you consider these Options for Financing Your Education.
- Complete the FAFSA. The Free Application for Federal Student Aid (FAFSA) has to be done every year.
- Accept Your Loan. If you choose to accept a Graduate PLUS loan, accept the loan in the student portal (view instructions).
Use 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 ID and password.
- 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.
We highly recommend using an electronic endorser as it is the fastest way to complete this request. If you choose to complete your request with a paper endorser, you must notify our office when the endorser is approved, or your loan may be delayed.
Submit an 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.
If you qualify for a Direct PLUS Loan after obtaining an endorser or documenting extenuating circumstances, you will be required to complete loan counseling on studentloans.gov.
Consider a Private Loan
Private loans are offered by private lenders and eligibility depends on a credit score.