This loan has a fixed interest rate of 7.6%* and a 4.264%* origination fee. Fees are deducted from the loan when disbursed to the school. In most cases, repayment of the loan begins immediately after the loan has disbursed; however, it may be possible to postpone payment.
Dependent students whose parents are denied a Direct Parent PLUS loan are eligible for an additional Direct Unsubsidized loan of $4,000 per academic year (first- and second-year students) or $5,000 per academic year (third- and fourth-year students).
Graduate/Pharmacy students who need financing in addition to the Federal Direct Unsubsidized loan may apply for a Federal Direct Graduate PLUS (Grad PLUS) loan.
The Grad PLUS loan has a fixed 7.6%* interest rate and, a 4.264%* origination fee taken at the time of disbursement.
Unlike the Unsubsidized loans, there is no annual borrowing limit on the Grad PLUS loan, except the amount borrowed must not exceed the student's cost of attendance (COA) minus other financial aid.
For more information about the Direct Lending program, including program benefits and features, please visit the Federal Student Aid website.
To be eligible for a Grad PLUS Loan:
To complete an online Parent PLUS or Graduate PLUS Loan Application, please visit www.StudentLoans.gov and click the blue "Log In" button. Parents must log in using their FSA ID, not the student's. After signing in, choose "Apply for a Direct PLUS Loan" from the left hand menu. Next, click the blue "Start" button next to the type of PLUS loan for which you are applying. Follow the steps to complete the application and credit check. In the “School Name” section, be sure to select the University of Saint Joseph.
The federal Direct Lending program requires that you meet certain criteria in order to be eligible for the Parent PLUS or Grad PLUS loan. These requirements are less strict than typically applying for private student loans, and are not based on your credit score.
To be eligible for a PLUS loan, you must NOT*:
*If you are ineligible due to extenuating circumstances involving a mortgage delinquency of less than 180 days, or due to medical expenses, but otherwise would qualify, you may still be eligible for a PLUS Loan.
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