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GRADUATE DIRECT PLUS LOAN
A Graduate Direct Plus Loan allows graduate/professional students to borrow up to their cost of attendance minus any other financial aid they receive. To qualify for this loan, a student must not have adverse credit. Adverse credit is defined as a borrower not having been delinquent on any two debts longer than 90 days. It is highly recommended that the student borrow the Federal Stafford Loan first, before the student borrows the Graduate Direct Plus Loan.
To apply for a Grad Plus Direct Loan for Fall/ Spring 2011-12:
if you are a first time borrower at OLLU. It is not necessary to complete couseling again if you are a continuing borrower at OLLU.
2. Complete a
master promissory note
. You will need your Department of Education PIN (the same PIN used for the FAFSA) to E-sign your electronic MPN. You will also need your social security number, date of birth, driver's license number, and two personal references
(full name , address, and telephone numbers) to complete you MPN.
Once the above steps are completed, the Department of Education will send your loan funds to school on class begins.
To apply for a Grad Plus Direct Loan for Summer 2012:
Choose a lender below to fund your loan. Follow the steps setup on the lenders web site to perform your credit check and sign your Master Promissory Note.
The Financial Aid Office will be informed of the lenders credit decision electronically. If the loan is approved, the Financial Aid Office will award the Grad Plus loan to you. If the loan is denied, you have the option of applying for a private student loan or by finding a Grad Plus loan endorser (co-borrower).
The following established lenders have been placed on our lender list because they provide exemplary service and financing options that provide a wide range of benefits to their borrowers. Our Lady of the Lake University encourages all students to investigate a lender before making a choice to borrow from them. A student is never required to use only the lenders on our lender list. OLLU will certify a loan with any lender of your choice. OLLU does not receive any benefits from partnering with these lenders.
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