ESF GradPLUS LOANS

ESF offers the GradPLUS Loan for graduate and professional students who need money for college expenses in addition to other financial aid.

Not all schools participate in this loan program - please check with your school to see if they participate in the FFELP GradPLUS Loan Program.

Important Facts about the GradPLUS Loan

• The loan is not based on financial need.
• A credit check is required to ensure the applicant does not have adverse credit history.
• The eligible loan amount cannot exceed the student’s cost of attendance less other financial aid.
• Applicants must file the FAFSA annually after January 1 of each year. 
• Applicants must apply for and the school must determine the student’s eligibility for the maximum annual subsidized and/or unsubsidized Stafford Loan amount; however, the student is not required to receive a Stafford Loan as a condition of receiving a GradPLUS loan.
• Repayment begins within 60 days after final disbursement of the loan; however, ESF defers GradPLUS Loans while the student is enrolled at least half-time.
• The borrower is responsible for interest which accrues on the loan from the date of the first disbursement; however, interest can be deferred.
• The borrower may take up to 10 years to repay.

PLUS Loan Fees and Interest Rate
There are federal fees associated with a GradPLUS Loan which will be deducted from the amount you borrow.  For loans disbursed on or after July 1, 2008:

• 3% origination fee
• 0% - 1% default fee, based on guarantor of the loan

PLUS Loans have a fixed interest rate of 8.5% set by the federal government.

Parent PLUS Loan Pre-approval
Some colleges and universities require Pre-approval before certifying your loan.

You should not apply more than 90 days prior to the beginning of the loan period to avoid an additional credit check pulled on your record.  If you do not know the specific loan period start date, please refer to the suggested time-frame for requesting a pre-approval.

• Fall semester enrollment: Apply no earlier than June 20
• Spring semester enrollment: Apply no earlier than October 15
• Summer semester enrollment: Apply no earlier than March 15

If Pre-approval is required, you may click on the icon to be taken to a secure site to apply on-line for convenient pre-approval with instant notification. 

Federal PLUS Loan Master Promissory Note
If your college directs you to your lender to submit a PLUS Loan Master Promissory Note, you may access our Federal PLUS Loan Master Promissory Note in either of two ways:

• click here to complete the MPN online - you may then either sign and submit it electronically or print it out, sign and mail.

• OR click here for a blank form and then simply print it out, complete it, sign and send to us at:

Education Services Foundation
Student Loan Division
P. O. Drawer 55909
Jackson MS 39296-5909