Download Report

Direct Graduate PLUS Loan Application Procedures
The Office of Financial Aid certifies Graduate PLUS through the Federal Direct Loan Program. Federal funds are
borrowed directly from the Department of Education. The Graduate PLUS Loan is available to a graduate student who is
matriculated in a degree program and enrolled in at least six (6) credits and does not have adverse credit history. A Coterminal student is not eligible to participate in this program because he/she is not considered a graduate student for
financial aid purposes. The student must complete a Free Application for Federal Student Aid (FAFSA) to
participate in this program. Please visit www.fafsa.gov to complete the 2015-2016 FAFSA.
Pre-approval Application Procedures
A graduate student may initiate credit online by visiting www.studentloans.gov. However, credit approval will be limited
to 180 days. Completion of credit check does not preclude the requirement to submit a Graduate PLUS Loan Request
Form (GLRF) to the Rensselaer Office of Financial Aid.
Graduate PLUS Loan Request Form (GLRF)
A Graduate student interested in borrowing through the Direct PLUS Loan program must complete and submit the
Graduate PLUS Loan Request Form (GLRF) to the Office of Financial Aid. The GLRF is included with these instructions.
Incomplete forms will delay certification of the loan. Do not leave required data fields blank.
A credit check will be done by the U.S. Department of Education upon receipt of a Graduate PLUS Loan certification from
Rensselaer Polytechnic Institute unless a credit check was previously done within the 180 day timeframe in the preapproval process.
Sign your Master Promissory Note (MPN)
If approved for a Graduate PLUS you must complete a Graduate PLUS Master Promissory Note (MPN). You may
complete your MPN by visiting www.studentloans.gov. You will need your federally assigned PIN to complete the MPN
online. The Master Promissory Note is a legal document in which you promise to repay your loan(s) and any accrued
interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s). The MPN
is valid for up to 10 years. It must be completed in order for your Direct Loan funds to be disbursed to your student
account. Rensselaer will be informed electronically when you have successfully completed this requirement
a.
b.
c.
d.
Go to www.studentloans.gov
Sign in “Manage my Direct Loan”
Click “Complete Master Promissory Note”
Follow the instructions, but be aware that if you exit the Direct Loan website before submitting your signed
MPN, you will have to start the process over.
Complete Entrance Counseling
All first time borrowers in the Direct Loan program must complete an Entrance Counseling session. This can be done via
the Internet and takes about 20 minutes. There is a quiz at the end of each section so that you may demonstrate that you
understand the information being provided. You can print a copy of the verification page for your records as proof that
you completed the session. Rensselaer will be informed electronically when you have successfully completed this
requirement.
a. Go to www.studentloans.gov
b. Sign in “Manage My Direct Loan”
c. Click on “Complete Entrance Counseling”
If the Graduate PLUS application is denied, the borrower has three options:
1. Request a review of the credit check due to inaccurate information on your credit report. Contact Direct Loan
Applicant Services at 1-800-557-7394.
2. Provide an endorser. The endorser must pass a credit check and sign a promissory note. Contact Direct Loan
Applicant Services at 1-800-557-7394.
3. Not pursue the Graduate PLUS loan. No further action.
The current fixed interest rate in the Graduate PLUS program is 7.21%. Repayment begins 60 days after the funds are disbursed unless the borrower
requests a deferment which allows no payments to be made while the student is enrolled, but interest on the loan is capitalized if not paid by the
borrower during the deferment. Federal regulation requires that a 4.292% origination fee is deducted from the gross amount borrowed if disbursed prior
to 10/1/2015; the rate thereafter is 4.272%. Submission of the Graduate PLUS Loan Request Form (GLRF) does not guarantee approval for the amount
you request. Eligibility is subject to change based upon completion of required documents, our review of the student’s other financial aid, and approval
from the U.S. Department of Education. Requested PLUS loan amounts will be considered for billing purposes until we receive approval/denial
notification from the U.S. Department of Education or approximately two weeks after the semester for which the funds are intended, whichever comes
first.
Office of Financial Aid 2015-2016 Direct Graduate PLUS Loan Request Form (GLRF)
Instructions
Please use this document to advise us of your desire to participate in the 2015-2016 Federal Direct Graduate PLUS Loan program.
Complete all information and return your GLRF to us immediately to ensure accurate processing. Once we have this form on
file, we will provide you with a “memo” for billing purposes. The “memo” will allow you to deduct your PLUS loan from the balance owed
to Rensselaer. The FAFSA is required for all recipients of a Federal Direct PLUS Loan. If you have not already done so, please
visit www.fafsa.gov to complete the 2015-2016 FAFSA.
Student Information
Name: ___________________________________ SSN: _________________________ RIN:______________________
(Last)
(First)
Permanent Address: _________________________________________________________________________________________
(Street)
(City)
(State)
(Zip Code)
Phone Number: ___________________________ Date of Birth (MM/DD/YYYY): __________________________
Driver’s License No. _______________________ State ________ E-mail: ____________________________________
Citizenship Status (check below):
______ I am a U.S. Citizen
______ I am an eligible non-citizen (Permanent Resident).
Alien Registration Number: A __________________________
TELL US THE AMOUNT YOU WISH TO BORROW AND THE LOAN PERIOD (REQUIRED! DO NOT LEAVE BLANK!):
The maximum amount in Graduate PLUS Loan you may request is cost of attendance minus all other financial aid. To determine your
Graduate PLUS eligibility please review your financial aid information at http://sis.rpi.edu.
To allow for the maximum eligibility consider borrowing for the full academic year rather than by term. If no loan period is designated, we will
assume a fall/spring attendance pattern. The loan amount you are eligible to receive will be equally disbursed over the period you have
selected below. For example, a $10,000 amount requested for the period fall/spring would result in two disbursements of $4,785 – one for
each term ($5,000 per term minus 4.292% origination fee required in the Graduate PLUS loan program). Per federal law, a loan where the first
disbursement is made on or after 10/1/14 but prior to 10/12015 is subject to a 4.292% origination fee, thereafter the fee is 4.272%.
Amount Requested:
$___________________
Loan Period (Select one only): _____Fall 2015/Spring 2016
____Summer 2015/Fall 2015/Spring 2016
_____Summer 2015/Fall 2015 _____Summer 2015 Only
_____Fall 2015 Only
_____Spring 2016 Only
Borrower Consent & Signature
All of the information on this form is true and complete to the best of my knowledge. By signing this document, I consent to the U.S.
Department of Education and its agents to perform a credit check and use the information to determine whether I am eligible for the
Federal Direct Graduate PLUS Loan.
Student Signature:________________________________________Date:_______________________________
1516 GLRF
Rensselaer Polytechnic Institute 110 8th Street | Troy, NY 12180‐3590 | Academy Hall Phone: (518) 276‐6813 | Fax: (518) 276‐4797 | Email: [email protected]