Federal Graduate PLUS Loan Illinois

The Federal Graduate PLUS Loan was designed to help graduate students pay for the cost of their educational expenses.

Local Companies

Lewis & Clark Community College
(618) 468-2222
5800 Godfrey Rd
Godfrey, IL
Rock Valley College
(815) 921-4150
Rockford, IL
Boyton-Gillespie Memorial Fund
(618) 443-4430
165 W Broadway St
Sparta, IL
Kennedy -King College
(773) 602-5133
6800 S Wentworth Ave
Chicago, IL
University of St Francis
(815) 740-3403
Joliet, IL
Lewis & Clark Community College
(618) 468-2270
5800 Godfrey Rd
Godfrey, IL
Northeastern Illinois University
(773) 442-5000
5500 N Saint Louis Ave
Chicago, IL
Visitation Scholarship Program
(773) 538-1524
900 W Garfield Blvd
Chicago, IL
Daley College
(773) 838-7579
7500 S Pulaski Rd Bldg 100
Chicago, IL
Central Illinois Scholarship Consulting
(309) 454-8597
801 S University St
Normal, IL


Federal Graduate PLUS Loan

Federal Graduate PLUS Loans Explained

The Federal PLUS Loan program was expanded in July of 2006 to include graduate and professional student borrowers. The Graduate PLUS Loan is guaranteed by the federal government and can also be used to pay for the full cost of the student's education.

The Federal Graduate PLUS Loan Program

Similar to the Parent PLUS Loan, eligibility for the Graduate PLUS Loan is not based on financial need. Instead, eligibility is based on passing a credit check.

Graduate PLUS Loan Details

Schools generally participate in either the William D. Ford Federal Direct Loan or the Federal Family Education Loan (FFEL) programs. To receive a Graduate PLUS Loan, you must be enrolled at least half time in an eligible graduate or professional program. Your credit report is reviewed for negative credit history within the past five years, such as late payments over 90 days, bankruptcy, or foreclosure. If your credit history doesn't meet eligibility requirements you may still be able to take out a Graduate PLUS Loan if someone with satisfactory credit co-signs on the loan. The Graduate PLUS Loan does not require collateral like a home equity loan.

The Direct Graduate PLUS Loan interest rate is currently fixed at 7.9% and the FFEL Graduate PLUS Loan interest rate is currently fixed at 8.5%. Unlike other student loans such as the Perkins Loan, the PLUS Loan has no grace period. You are required to begin repaying the loan immediately, with a first payment due 60 days after funds have been dispersed. You can elect to defer repayment while you are attending school at least half time, but interest continues to accrue and is added to your loan principal.

How Much You Can Borrow

The Graduate PLUS Loan program does not have a maximum borrowing limit--you can borrow up to the full amount of the cost of your education minus any other financial aid you receive. Fees for the loan can be up to 4% of the loan, deducted proportionately from each installment. This fee helps fund the loan program.

Receiving Your Graduate PLUS Loan

Applying for a Graduate PLUS Loan requires completing a Free Application for Federal Student Aid (FAFSA), as well as a PLUS Loan application, which you can obtain at your financial aid office. You will also need to sign a promissory note--a binding legal document that describes the terms and conditions of the loan and your agreement to repay. Your loan, once approved, is sent directly to your school. The school may require you to endorse the disbursement check so the loan funds can be applied to your account to pay tuition and any other fees or charges. If there is money left over the school usually disperses it to you via check or cash. You can, however, elect to have the school retain the funds for future charges.

Canceling the Graduate PLUS Loan

One question many students ask about the Graduate PLUS Loan is whether it can be cancelled once the student has been approved. If, for whatever reason, you decide you want to cancel the loan, you can do so a couple of ways. If the check is sent to you for endorsement you can refuse to do so, return the check to the school, and the check will be returned to the lender. You can also reply within 14 days of the notice date that you wish to cancel the loan. You also have until the first day of the payment period to notify the school you wish to cancel.

Sources:
GradPLUSLoans.com
StudentAid.Ed.Gov

Featured National Company

One To One Interactive

617-425-7300
529 Main St.
Charlestown, MA
www.onetooneinteractive.com

Regional Articles
- Federal Graduate PLUS Loan Addison IL
- Federal Graduate PLUS Loan Algonquin IL
- Federal Graduate PLUS Loan Alsip IL
- Federal Graduate PLUS Loan Alton IL
- Federal Graduate PLUS Loan Arlington Heights IL
- Federal Graduate PLUS Loan Aurora IL
- Federal Graduate PLUS Loan Barrington IL
- Federal Graduate PLUS Loan Bartlett IL
- Federal Graduate PLUS Loan Batavia IL
- Federal Graduate PLUS Loan Belleville IL
- Federal Graduate PLUS Loan Bellwood IL
- Federal Graduate PLUS Loan Belvidere IL
- Federal Graduate PLUS Loan Bensenville IL
- Federal Graduate PLUS Loan Berwyn IL
- Federal Graduate PLUS Loan Bloomingdale IL
- Federal Graduate PLUS Loan Bloomington IL
- Federal Graduate PLUS Loan Blue Island IL
- Federal Graduate PLUS Loan Bolingbrook IL
- Federal Graduate PLUS Loan Bourbonnais IL
- Federal Graduate PLUS Loan Bridgeview IL
- Federal Graduate PLUS Loan Buffalo Grove IL
- Federal Graduate PLUS Loan Calumet City IL
- Federal Graduate PLUS Loan Carbondale IL
- Federal Graduate PLUS Loan Carol Stream IL
- Federal Graduate PLUS Loan Carpentersville IL
- Federal Graduate PLUS Loan Champaign IL
- Federal Graduate PLUS Loan Chicago Heights IL
- Federal Graduate PLUS Loan Chicago IL
- Federal Graduate PLUS Loan Cicero IL
- Federal Graduate PLUS Loan Clarendon Hills IL
- Federal Graduate PLUS Loan Collinsville IL
- Federal Graduate PLUS Loan Country Club Hills IL
- Federal Graduate PLUS Loan Crete IL
- Federal Graduate PLUS Loan Crystal Lake IL
- Federal Graduate PLUS Loan Danville IL
- Federal Graduate PLUS Loan Decatur IL
- Federal Graduate PLUS Loan Deerfield IL
- Federal Graduate PLUS Loan Dekalb IL
- Federal Graduate PLUS Loan Des Plaines IL
- Federal Graduate PLUS Loan Dolton IL
- Federal Graduate PLUS Loan Downers Grove IL
- Federal Graduate PLUS Loan East Moline IL
- Federal Graduate PLUS Loan East Peoria IL
- Federal Graduate PLUS Loan East Saint Louis IL
- Federal Graduate PLUS Loan Edwardsville IL
- Federal Graduate PLUS Loan Effingham IL
- Federal Graduate PLUS Loan Elgin IL
- Federal Graduate PLUS Loan Elk Grove Village IL
- Federal Graduate PLUS Loan Elmhurst IL
- Federal Graduate PLUS Loan Elmwood Park IL
- Federal Graduate PLUS Loan Evanston IL
- Federal Graduate PLUS Loan Evergreen Park IL
- Federal Graduate PLUS Loan Fairview Heights IL
- Federal Graduate PLUS Loan Franklin Park IL
- Federal Graduate PLUS Loan Freeport IL
- Federal Graduate PLUS Loan Galesburg IL
- Federal Graduate PLUS Loan Glen Ellyn IL
- Federal Graduate PLUS Loan Glendale Heights IL
- Federal Graduate PLUS Loan Glenview IL
- Federal Graduate PLUS Loan Godfrey IL
- Federal Graduate PLUS Loan Granite City IL
- Federal Graduate PLUS Loan Grayslake IL
- Federal Graduate PLUS Loan Gurnee IL
- Federal Graduate PLUS Loan Harvey IL
- Federal Graduate PLUS Loan Harwood Heights IL
- Federal Graduate PLUS Loan Hazel Crest IL
- Federal Graduate PLUS Loan Highland Park IL
- Federal Graduate PLUS Loan Hinsdale IL
- Federal Graduate PLUS Loan Homewood IL
- Federal Graduate PLUS Loan Jacksonville IL
- Federal Graduate PLUS Loan Joliet IL
- Federal Graduate PLUS Loan Kankakee IL
- Federal Graduate PLUS Loan Kewanee IL
- Federal Graduate PLUS Loan La Grange IL
- Federal Graduate PLUS Loan Lake Bluff IL
- Federal Graduate PLUS Loan Lake Villa IL
- Federal Graduate PLUS Loan Lake Zurich IL
- Federal Graduate PLUS Loan Lansing IL
- Federal Graduate PLUS Loan Lemont IL
- Federal Graduate PLUS Loan Libertyville IL
- Federal Graduate PLUS Loan Lisle IL
- Federal Graduate PLUS Loan Lockport IL
- Federal Graduate PLUS Loan Lombard IL
- Federal Graduate PLUS Loan Loves Park IL
- Federal Graduate PLUS Loan Machesney Park IL
- Federal Graduate PLUS Loan Matteson IL
- Federal Graduate PLUS Loan Mattoon IL
- Federal Graduate PLUS Loan Maywood IL
- Federal Graduate PLUS Loan Mchenry IL
- Federal Graduate PLUS Loan Melrose Park IL
- Federal Graduate PLUS Loan Midlothian IL
- Federal Graduate PLUS Loan Mokena IL
- Federal Graduate PLUS Loan Moline IL
- Federal Graduate PLUS Loan Morris IL
- Federal Graduate PLUS Loan Morton Grove IL
- Federal Graduate PLUS Loan Morton IL
- Federal Graduate PLUS Loan Mount Prospect IL
- Federal Graduate PLUS Loan Mundelein IL
- Federal Graduate PLUS Loan Murphysboro IL
- Federal Graduate PLUS Loan Naperville IL
- Federal Graduate PLUS Loan New Lenox IL
- Federal Graduate PLUS Loan Niles IL
- Federal Graduate PLUS Loan Normal IL
- Federal Graduate PLUS Loan North Chicago IL
- Federal Graduate PLUS Loan Northbrook IL
- Federal Graduate PLUS Loan O Fallon IL
- Federal Graduate PLUS Loan Oak Forest IL
- Federal Graduate PLUS Loan Oak Lawn IL
- Federal Graduate PLUS Loan Oak Park IL
- Federal Graduate PLUS Loan Orland Park IL
- Federal Graduate PLUS Loan Palatine IL
- Federal Graduate PLUS Loan Palos Hills IL
- Federal Graduate PLUS Loan Park Forest IL
- Federal Graduate PLUS Loan Park Ridge IL
- Federal Graduate PLUS Loan Pekin IL
- Federal Graduate PLUS Loan Peoria IL
- Federal Graduate PLUS Loan Plainfield IL
- Federal Graduate PLUS Loan Prospect Heights IL
- Federal Graduate PLUS Loan Quincy IL
- Federal Graduate PLUS Loan Riverdale IL
- Federal Graduate PLUS Loan Rochelle IL
- Federal Graduate PLUS Loan Rock Falls IL
- Federal Graduate PLUS Loan Rock Island IL
- Federal Graduate PLUS Loan Rockford IL
- Federal Graduate PLUS Loan Rolling Meadows IL
- Federal Graduate PLUS Loan Romeoville IL
- Federal Graduate PLUS Loan Roscoe IL
- Federal Graduate PLUS Loan Roselle IL
- Federal Graduate PLUS Loan Round Lake IL
- Federal Graduate PLUS Loan Saint Charles IL
- Federal Graduate PLUS Loan Schaumburg IL
- Federal Graduate PLUS Loan Skokie IL
- Federal Graduate PLUS Loan South Elgin IL
- Federal Graduate PLUS Loan South Holland IL
- Federal Graduate PLUS Loan Springfield IL
- Federal Graduate PLUS Loan Streamwood IL
- Federal Graduate PLUS Loan Streator IL
- Federal Graduate PLUS Loan Sycamore IL
- Federal Graduate PLUS Loan Taylorville IL
- Federal Graduate PLUS Loan Tinley Park IL
- Federal Graduate PLUS Loan Urbana IL
- Federal Graduate PLUS Loan Vernon Hills IL
- Federal Graduate PLUS Loan Villa Park IL
- Federal Graduate PLUS Loan Waukegan IL
- Federal Graduate PLUS Loan West Chicago IL
- Federal Graduate PLUS Loan Westchester IL
- Federal Graduate PLUS Loan Westmont IL
- Federal Graduate PLUS Loan Wheaton IL
- Federal Graduate PLUS Loan Wheeling IL
- Federal Graduate PLUS Loan Wilmette IL
- Federal Graduate PLUS Loan Wood Dale IL
- Federal Graduate PLUS Loan Woodridge IL
- Federal Graduate PLUS Loan Woodstock IL
- Federal Graduate PLUS Loan Zion IL
Related Local Events
National Association of Independent Schools - NAIS 2009 Annual Conference
Dates: 2/25/2009 - 2/28/2009
Location: McCormick Place Complex
Chicago IL
View Details

ACEI's 2009 Annual International Conference & Exhibition
Dates: 3/18/2009 - 3/21/2009
Location: Westin Michigan Avenue Chicago
Chicago IL
View Details

Association for Education in Journalism and Mass Communication - AEJMC 2008 Annual Convention
Dates: 8/6/2008 - 8/9/2008
Location: Chicago Marriott Downtown
Chicago IL
View Details

NACUBO 2008 Annual Meeting
Dates: 7/12/2008 - 7/15/2008
Location: Location To Be Determined
Chicago IL
View Details

American Federation of Teachers Biennial Convention & Exhibition
Dates: 7/10/2008 - 7/14/2008
Location: Navy Pier
Chicago IL
View Details
Rate Article
     
Articles Insider

Rss   Delicious   Digg   Add To My Yahoo   Add To My Google   Bookmark   Search Plugin

Topics:
Advertising Family Home Services Software
Business Services Fashion Internet Technology
Career Financial Services Legal Telecommunications
Cars Franchise Miscellaneous Trade Shows
Computer Hardware Health Nightlife Travel
Construction Holidays Online Database Weddings
Education Home Appliances Real Estate Resources World History
Entertainment Home Electronics