The Graduate Plus (GradPlus) Loan is a new federal loan program (effective fall semester 2006), for degree-seeking graduate and law students. Graduate and Law school students can use a loan to bridge the gap between the financial aid they receive, including Stafford loans, and their cost of attendance. The interest rate is fixed at 8.5%. A credit check is required to take out a GradPlus loan. GradPlus loan repayment begins within 60 days after the funds are fully disbursed - or if an in-school deferment is obtained, within 60 days after the deferment ends.

To determine the amount of eligibility you have for a GradPLUS loan any given semester, please contact or visit a specialist in Campus411.

Applying for a GradPlus Loan (New Borrower)

To apply for a GradPlus Loan, students must complete a pre-approval application, a Master Promissory Note (MPN), and a GradPlus Loan Entrance Counseling Exam online by accessing both the MPN & Loan Entrance Counseling links on the financial aid homepage to Cleveland State University. Please click here to be directed to our site.

If you are pre-approved for a GradPlus Loan, then contact Campus411 at 216-687-5411 and request for an electronic case referral to be sent to the Financial Aid Office. In your phone call, please specify the amount for which you were approved, your lender of choice, and the semester(s) for which you would like to receive the loan.  GradPlus Loan requests are processed within 7-10 business days.

Applying for a GradPlus Loan (Continuing Borrower)

Students who are continuing borrowers are required to go through the pre-approval application again if they are applying for a new loan for a subsequent semester.  Click on the MPN link on the Financial Aid homepage to Cleveland State University to complete another pre-approval application. Students do not have to complete the Loan Entrance Counseling again if they have already fulfilled this requirement.  Students who are using the same lender also do not have to complete the MPN again if they have already fulfilled this requirement.  If a student decides to go with a different GradPLUS lender, then a new MPN must be completed.

If you are pre-approved for a GradPlus Loan, then contact Campus411 at 216-687-5411 and request for an electronic case referral to be sent to the Financial Aid Office. In your phone call, please specify the amount for which you were approved, your lender of choice, and the semester(s) for which you would like to receive the loan.  GradPlus Loan requests are processed within 7-10 business days.

Frequently Asked Questions for the GradPlus Loan

Can a GradPlus be consolidated with other federal student loans?
Yes, you need to contact your loan service provider upon graduation. For loan information, contact Great Lakes Higher Education at 800.377.9095 or the Access Group at 800.282.1550.

How do I apply for the GradPlus Loan ?
After you have accepted your subsidized and unsubsidized Stafford loans, submit the GradPlus application to the Financial Aid Office. Download the GradPlus Loan Request Form.

Do my parents have to complete the GradPlus application?
No, as a graduate student, you are considered to be independent of your parents by federal definition. As this is a new program, special applications have not been developed. Therefore, you will need to complete both the student and parent sections using your information.

What is the GradPlus Loan limit?
The maximum limit each academic year is your cost of attendance less other financial aid. There is no aggregate or lifetime maximum.

Do I have to complete the FAFSA?
Yes, you must file a FAFSA each year you wish to borrow.

Do I have to borrow the maximum for subsidized and unsubsidized loans before applying for the GradPlus?
Yes, the student must apply for the yearly maximum of subsidized and unsubsidized loans before applying for the GradPlus.

Do I automatically qualify for the GradPlus?
No, you must be creditworthy.

What types of issues can cause my GradPlus application to be denied?
Generally, an applicant is considered to have adverse credit if any of the following are noted in their credit report:

• 90 day delinquencies
• Bankruptcy
• Active Collections
• A Tax lien
• Default on prior student loan

What if my application is not approved?
The University will not certify the GradPlus Loan. You may still apply for an alternative loan. Alternative loan eligibility will be determined by the lender.

How do I sign the GradPlus promissory note?
You may sign the promissory note online or you may wait for the paper promissory note to be mailed to your home address by the guarantor. You will need to sign and return the promissory note to the guarantor. The borrower must complete both the student and parent sections of the promissory note.

If I already applied for an alternative loan and want to change to a GradPlus, what can I do?
You may request, in writing, that we cancel your alternative loan. This request must be received before your alternative loan is disbursed.

How do I decide for which loan to apply?
The GradPlus is a federal loan program and the federal rules apply. Alternative loans are consumer based and each lender's product will require your due diligence. As when making any decision to borrow, please research and borrow responsibly.

Is there a grace period?
No, interest and repayment begins 60 days after the final disbursement. Students may apply for forbearance during the in-school period but interest will accumulate. Please check with your loan provider on repayment options.

When is interest capitalized?
Interest is capitalized when repayment begins.

What are repayment terms?
There is a 10-year repayment plan in place.

Is deferment and forbearance available?
Yes, our preferred graduate and law lenders are deferring repayment while you are enrolled at least half-time. As a federal program the same deferment and forbearance options are available.

Can a GradPlus be consolidated with other federal student loans?
Yes, you need to contact your loan service provider upon graduation.