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GradPLUS
Loans
Planters Bank & Trust Co. and ESF now offer 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 are participating in the FFELP GradPLUS Loan Program.
The ESF Advantage: To ensure students get the most money possible from their loan, ESF is paying the federal 1% Default Fee on the students' behalf. When it comes time to repay the loan, ESF will cut the interest rate by 2% just for having payments automatically deducted from a bank account.*
Important Facts about the GradPLUS Loan
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 The loan is not based on financial need.
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A credit check is required to ensure the applicant does not have adverse credit history.
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The eligible loan amount cannot exceed the student’s cost of attendance less other financial aid.
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Applicants must file the FAFSA annually after January 1 of each year.
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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.
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Repayment begins within 60 days after final disbursement of the loan; however, the loan may be deferred while the student is enrolled at least half-time.
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The borrower is responsible for interest which accrues on the loan from the date of the first disbursement; however, interest can be deferred.
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Upfront fees of 4% of the loan amount are deducted from the loan proceeds; however, ESF borrowers pay only 3% of these fees because ESF pays the 1% Default Fee on the borrower's behalf.
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The interest rate is fixed at 8.5%; however, ESF borrowers pay only 6.5% for using auto debit.
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The borrower may take up to 10 years to repay.
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Ready to apply?
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Have you completed and submitted the FAFSA? If not, you may go to www.fafsa.ed.gov.
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Some colleges and universities require GradPLUS Loan Pre-approval which involves a credit check. To complete this process, click here to apply online or you may click here to access a document which you may print out, complete, and submit by mail.
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If your school directs you to your lender to complete a Master Promissory Note (MPN), you may click here to apply online and esign if you wish, or you may click here to access a document which you may print out, complete, and submit by mail.
*Repayment benefit applies to Mississippi residents and to non-Mississippi residents who are attending a college or university in Mississippi. If you do not meet either of these criteria, you may still receive generous repayment benefits:
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you will receive an immediate 0.25% interest rate reduction for having your monthly payment automatically deducted from a bank account; AND
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make your payments on time for 48 consecutive months and receive a 2% interest rate reduction.
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Need assistance? Call us toll free at 800-986-4322 or send an email.
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