GRAD PLUS APPLICATION INSTRUCTIONS

How to Apply for a Federal Direct Graduate PLUS Loan

To apply for a Federal Direct Graduate PLUS Loan (GRAD PLUS), you, the graduate student, must first have a FAFSA on file. You must also be enrolled at least half-time (3 credit hours for graduate students) and meet all other general federal student aid eligibility requirements.
To request a GRAD PLUS Loan, complete the following steps:

Log on to the U.S. Department of Education’s Direct Loan websitehttp://www.studentloans.gov to complete the Direct GRAD PLUS Loan Request (including credit check.)
The Direct GRAD PLUS Loan Request record will automatically be sent to Mercyhurst College.
You (the student borrower) will receive the results of the credit check immediately. Depending on the results of the credit check, you will be provided information about the next steps you need to take.

If credit is approved, you will be asked to complete a Direct GRAD PLUS Loan MPN (unless one is already on file).

If credit is not approved, you will be given options on how to proceed, such as not pursuing a Direct GRAD PLUS Loan, obtaining an endorser to complete the online Endorser Addendum, or appealing the credit decision. (Regardless of your choice, a paper Endorser package will always be sent to the borrower.)
Complete Entrance Counseling" on the same website if you haven't already done it previously.

The Direct PLUS Loan cannot be awarded until all the steps have been completed.

When Mercyhurst College is notified that your GRAD PLUS application is complete, including GRAD PLUS MPN, and Entrance Counseling, Mercyhurst College will post the amount to your student account as a pending credit. When the disbursement date arrives, it will automatically be credited to your student account as long as you have met all other elgiibility requirements.

GRAD PLUS Loan Refunds

If the GRAD PLUS disbursement generates a credit balance on your student account after college charges are paid, a refund will be generated for you.

Request Reduction or Cancellation of GRAD PLUS Loans

The student borrower has the right to reduce or cancel the GRAD PLUS Loan offer. This may be done by completing a Loan Change Request Form and submitting it to the Office of Student Financial Services within 30 days of the disbursement.

Exit Counseling for Graduate PLUS Borrowers

The federal government REQUIRES that GRAD PLUS borrowers participate in Exit Counseling prior to leaving or graduating from college. You will need your U.S. Department of Education PIN.

You will learn about additional deferment and forbearance and how to get the necessary forms. Even though you have a six month grace period, the Exit Counseling process will help you set up a repayment plan, advise on autiomatic payment deduction, and choosing a payment date.

GRAD PLUS Loan Repayment

You can defer repayment of your GRAD PLUS loan until 6 months after you graduate or after you are no longer enrolled at least half time. Please keep in mind that interest is accruing on the loan during all periods of deferment, so you may save intereest charges the sooner payments begin.

Additional GRAD PLUS Loan Information

Please contact Federal Direct Loans www.studentoans.gov. or Mercyhurst's Office of Student Financial Services at 814-824-2288.