SU- Grad Loans

GRADUATE LOANS AVAILABLE:

FEDERAL GRADUATE PLUS LOANS

Students must borrow their maximum eligibility in Federal Stafford Loans before they may apply for this loan program.

The Federal Graduate PLUS Loan is a long-term, fixed-rate loan borrowed by Graduate students to bridge the financial gap between their educational cost of attendance and their other financial aid. The loan is funded by participating banks, savings and loan associations, and credit unions.

Loan Limits – there is no maximum loan limit (annually or lifetime). Eligibility is calculated by the Cost of Attendance minus other financial aid.

Credit Eligibility – You will be required to pass a basic credit check. Generally, borrowers without credit blemishes such as the examples listed below are deemed creditworthy.

90 days or more delinquent on repayment of any debt
debt discharged in bankruptcy during the past 5 years
default, foreclosure, tax lien, repossession, wage garnishment, or write-off of debt during the past 5 years

How much to borrow – You are encouraged to budget your costs for the entire year to determine the Graduate PLUS loan needed, and then submit one PLUS application to cover those costs.

To view your educational costs, estimate your loan needs, and determine your potential monthly loan payments, please check your Financial Aid Portfolio on http://myslice.syr.edu.

How to Apply

STEP 1: You complete the application.

New borrowers- use these directions if you have NEVER BORROWED a Federal Graduate PLUS loan at SU before.

Returning Borrowers- Use these directions if you HAVE BORROWED a Federal PLUS loan at SU for before and want to borrow another one.

STEP 2: New York State Higher Education Services Corporation (NYS HESC) transmits your application to SU for certification.

What happens	What to look for
If credit approved, NYS HESC will transmit your completed application to our office.	FA Portfolio – a “PLUS Application Received” task in completed status and a PLUS loan included in award listing Award notification e-mail from our office

STEP 3: SU transmits your certified loan to NYS HESC and your lender for final approval and disbursement.

What happens	What to look for
We will transmit your certified PLUS application back to NYS HESC. (For 2009-10 loans, we will begin this step in August 2009). You must be registered at least half-time (6 credit hours) before we will transmit your loan application. HESC will make note of the certified amount and then send the application on to your lender.	A Loan Disclosure Statement from your lender. This should include the terms of your loan and estimated repayment information.

OTHER LOAN INFORMATION

Return to SU's Office of Financial Aid and Scholarship Programs' Homepage

Opportunity Programs | Publications | Scholarship Programs | Contact Us | Site Map

For comments on this web site, please contact sbluke@syr.edu