USF Financial Aid will
begin processing Federal Grad PLUS loans June 1, 2008 for fall 2008, spring
2009 and summer 2009.
Grad PLUS loans help graduate students meet their educational expenses. Graduate students can borrow up to the difference between USF’s estimated cost of attendance, and other aid or resources expected to be received. Grad PLUS loans disbursed on or after July 1, 2008 will have a fixed interest rate of 8.5%.
A student applying for a Grad PLUS loan must be admitted to university as a degree-seeking graduate student. Grad PLUS applicants must also have an acceptable credit history, or be able to apply with an eligible co-signer. Students must:
A credit review is required by lenders as part of the Grad PLUS application process. Do not apply for a Grad PLUS loan more than 90 days prior to the start of the term. The credit review is valid for a period of 90-120 days only, during which a Master Promissory Note (MPN) must be activated (check with your lender for their policy).
USF does not certify loans until a month before the start of the semester. If we certify your loan after the credit review expires, your lender is required to do another. A new MPN may also be required.
Lenders recommended by USF have been successful in using USF’s electronic process, allowing us to process and disburse the loan without problems that cause delays.
You may choose a lender other than those listed on our web site provided they participate in the Grad PLUS loan program and they must process electronic applications.
Allow several weeks for the entire process. Due to the large volume of applications we receive, the University of South Florida (USF) processes all loans, including Grad PLUS loans, electronically. The process is simple, when you follow the steps:
Complete a Free Application for Federal Student Aid (FAFSA), if you have not already done so. Be sure to include USF’s school code, #001537, so we can receive the results electronically. Although these loans are not need-based, a FAFSA is required to have a Grad PLUS loan processed at USF. Please note that a new FAFSA is required each academic year.
Apply online for pre-approval with a lender chosen from our Recommended Grad PLUS Lender List for a fast response on your preliminary eligibility. Your lender will send us a pre-approval decision electronically. Please do not submit paper copies of the pre-approval decision. We process from electronic pre-approvals provided to us by the lenders only.
If approved, complete a Grad PLUS Master Promissory Note (MPN) with your lender. Check to see if your lender has an electronic MPN that makes the process easier. If you don’t complete an electronic MPN, your lender should send you a paper one. If you complete a paper MPN, be sure to return it to your lender, do not return it to USF.
Upon receipt of your pre-approval decision and the processed FAFSA results, we will determine final eligibility.
You will be required to complete a Grad PLUS entrance interview. Check OASIS under your unsatisfied requirements once you have been awarded.
We electronically transmit the loan certification to your lender starting one month before the start of a semester and once you have completed your entrance interview for Grad PLUS loans.
When the loan is scheduled to disburse, your lender will send the funds to USF electronically.
The funds will disburse through your USF student account.
After tuition and other charges on the account are paid, any remaining balance will be issued to the student via eDeposit*, or a check will be mailed to your local mailing address (as listed in OASIS).
At USF, available financial aid is disbursed after the first week of classes each term. To cancel or reduce the loan amount, borrowers must notify the lender prior to disbursement.
*If you have not already done so, login to OASIS and sign up for eDeposit, it speeds up the process for receiving your funds.
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