What is a Graduate PLUS Loan?

A Graduate PLUS Loan is a federal loan that graduate students may borrow for educational expenses. The Graduate PLUS loan is non-need based loan. The interest rate on a Graduate PLUS Loan has a fixed interest rate of 8.5%

Graduate PLUS Loan eligibility is not initially listed on a student’s Award Letter. If you are interested in applying for a Graduate PLUS Loan, you must complete and submit a PLUS Loan Request Form.This form is available for download on this website (see Apply For a Loan Tab).

Once Walsh University receives and processes your request, a notice will be mailed instructing you to complete an electronic Master Promissory Note on-line. This Promissory Note must be completed to finalize the loan process.

How much should you borrow?

How much a student may borrow depends on what the student’s expenses are and the amount of other financial aid they are receiving. If you are unsure of how much Graduate PLUS loan to borrow, you may contact the Student Service Center.

Eligibility Requirements

The borrow must be a US Citizen or eligible non-citizen, and must not be in default on a prior PLUS Loan. Unlike the Stafford Loan, the borrower must undergo a credit check to qualify for a Graduate PLUS Loan.

The Disbursement Process

Most PLUS Loan funds are delivered through Electronic Funds Transfer (EFT) at the beginning of each term. The funds are first applied to any outstanding charges on the student’s account. If this produces a credit balance, then a refund check is mailed to the student.

An overview of the PLUS application process:

• Student completes a PLUS Loan Request Form from this website and submits it to Walsh University’ Student Service Center.

OR

Student completes a PLUS application on-line directly from a bank’s website

• Once application is certified by the school, borrower is notified to complete an electronic promissory note on-line (this promissory note is valid for up to 10 years).

• Loan Processor sends loan proceeds to Walsh. Walsh applies funds tostudent’s account. If there is a credit produced as a result, a refund check will be issued for that amount.