{"page_header":"GradPLUS Loan","top_image":"{staticroot}files\/pages\/img_2700-2.jpg","page_intro":"<h1>Students may complete a request for a direct GradPLUS Loan or direct GradPLUS Master Promissory Note (MPN) as soon as May 1, 2015. &nbsp;A completed request includes credit check authorization. Note: The credit check may expire and funds may not be disbursed if the request form is completed prior to May 1.<\/h1>\r\n<p>The GradPLUS loan and MPN request forms can be found at&nbsp;<a href=\"https:\/\/studentloans.gov\/\" target=\"_blank\" rel=\"noopener\">studentloans.gov<\/a>. You will need your four digit PIN to e-sign the note.<\/p>","page_content":"<h5><strong>Interest Rate and Fees<\/strong><\/h5>\r\n<p>The interest rate assigned at the disbursement of funds is set by the Federal Direct Loan Program on an annual basis and is fixed for the life of the loan.<\/p>\r\n<p>Interest rates are set in June for loans disbursed on or after July 1. The rates are fixed by the Department of Education based on a rate formula that uses the high yield of the 10-year US Treasury bill rate sold at the &ldquo;prior to June 1 plus factor (add-ins) points.&rdquo; Regardless of the formula results, interest rates are capped and cannot exceed the cap. The chart below shows the rate formulas and caps.<\/p>\r\n<table style=\"width: 90%;\">\r\n<thead>\r\n<tr>\r\n<td>Loan Type<\/td>\r\n<td>Rate Formula<\/td>\r\n<td>Cap<\/td>\r\n<\/tr>\r\n<\/thead>\r\n<tbody>\r\n<tr>\r\n<td>Undergraduate Subsidized\/Unsubsidized Loans<\/td>\r\n<td>T-bill + 2.05%<\/td>\r\n<td>8.25%<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Graduate Unsubsidized Loans<\/td>\r\n<td>T-bill +3.60%<\/td>\r\n<td>9.50%<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>PLUS Loans (Graduate and Parent)<\/td>\r\n<td>T-bill + 4.60%<\/td>\r\n<td>10.50%<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<p>Parent PLUS and GradPLUS loans have a fixed interest rate of 7.21% for loans disbursed between July 1, 2014 and June 30, 2015. An origination fee of 4.292% will be charged by the Department of Education at disbursement. Origination fees and interest rates may change due to congressional action.<\/p>\r\n<h5>Application Process<\/h5>\r\n<p>Find the request form for a Federal Direct GradPLUS Loan and GradPLUS MPN:<a href=\"https:\/\/studentloans.gov\/\" target=\"_blank\" rel=\"noopener\"> https:\/\/studentloans.gov<\/a>. You will need your four digit PIN to e-sign the note.<\/p>\r\n<p>For each academic year, a request form must be completed for a Federal Direct GradPLUS loan. New Students and those who have not previously borrowed must complete an MPN for the GradPLUS loan. Students who have previously borrowed on their own credit in the graduate program at Delaware Law should not need to complete another MPN.<\/p>\r\n<p>Tuition is based on a per credit rate: requesting the maximum loan allowed by Delaware Law&rsquo;s cost of attendance schedule may result in a loan too large for your needs. Please refer to the<a href=\"ipl:\/\/239\/\/W10=\"> Guide to Fees and Payment<\/a> to determine your program&rsquo;s tuition charge.<\/p>\r\n<p>The more you borrow now, the higher your loan repayment upon graduation.<\/p>\r\n<h5>Requested Loan Amount<\/h5>\r\n<p>Please be aware that the application provides only the following three options when requesting a loan:<\/p>\r\n<ul>\r\n<li>Maximum amount allowed by Delaware Law and your personal cost of attendance<\/li>\r\n<li>Student requested amount<\/li>\r\n<li>Unknown amount &nbsp;(Students indicating this status are contacted by the Office of Financial Aid Office prior to certifying a loan amount.)<\/li>\r\n<\/ul>\r\n<p>If you request a loan and intend it to be a one-semester-only loan, you should indicate one-term loan period on your application. If you need to adjust your loan period or loan amount, you may complete the GradPLUS special processing form.<\/p>","callouts":[],"callouts_visual":[],"page_fact_display":""}