Mechanics Bank and ESF 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.
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 should request the maximum Stafford Loan amount before applying for 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.
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The interest rate is fixed at 8.5%.
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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.
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.
Need assistance? Call us toll free at 800.986.4322 or send an email. |
