Federal Direct PLUS Loan for Graduate Students

Introduction

Columbia College has been approved by the Secretary of Education to participate in the Federal Direct Student Loan Programs (FDSLP) and Federal Direct Parental Loan Program (FDPLP). Columbia does not participate in the Federal Family Educational Loan Program (FFELP).
The FDSLP and FDPLP programs allow students and parents to borrow directly from the Treasury of the United States, rather than from a lender such as a bank or credit union. Additionally, FDSLP and FDPLP loans will not need to be "guaranteed" by an outside guarantee agency, as they are federally guaranteed.

*Eligibility

The student borrower must meet the following criteria:

Be a U.S. citizen or eligible non-citizen
Not owe a defaulted student loan or federal grant repayment
Be in compliance with the Columbia College Chicago Satisfactory Academic Progress Policy
Be enrolled at least half-time (6 credit hours) or approved Thesis credit.
Meet other eligibility requirements as applicable

Application must be received by deadline:
Please note that loans cannot be originated after the term of enrollment ends.

Loan Period	Received By
Summer 2007	June 23, 2007
Fall 2007	Nov. 9, 2007
Fall 07 & Spring 08	*Nov. 9, 2007
Spring 2008	March 1, 2008
Summer 2008	June 6, 2008

*If application received after Fall 2007 term ends, student must be
registered for a minimum of 6 credit hours or an approved Thesis credit for the Spring 2008 term before the application can be processed.

Loan Amounts
Student borrowers may borrow a PLUS loan for an amount up to the student's cost of attendance minus other financial aid received. The maximum amount is listed on your 07-08 award letter. We recommend that you borrow the minimum amount needed to cover your educational costs. Complete the 'Estimate Your Costs Worksheet' to help determine your loan amount.
Loan Fees and Repayment
An origination fee of 4% of the total loan amount is deducted from the borrowed amount by the lender. Student borrowers are notified of this at the time of loan approval. The loan disbursement amount(s) reflect the deduction of this loan fee. The interest rate will be 7.9% effective July 1, 2007. Interest is charged from the date of the first disbursement until the loan is paid in full. The loan is deferred while the student is enrolled for at least 6 credit hours. Federal Direct Graduate PLUS Loan information is also available at http://studentaid.ed.gov.
Graduate PLUS Loan Procedures
A processed FAFSA application, for the award year in which the student is enrolled, must be on file with Student Financial Services prior to submitting a Grad PLUS Loan application. To complete a FAFSA application log onto www.fafsa.ed.gov. The Grad PLUS Loan application must be completed by the student and submitted to Student Financial Services.
The student borrower should complete the Electronic PLUS Loan Master Promissory Note online after receiving notification from Student Financial Services to do so. This process does require that the student borrower have a federal PIN number. To apply for a federal PIN number log onto www.pin.ed.gov. Student Financial Services will continue to send notification to the student borrower's email address until confirmation has been received from the lender that this form has been completed and processed.
Student Financial Services determines eligibility and forwards student borrower information to Federal Direct Lending for credit check. Notification of credit decision will be mailed to the student borrower by the lender.
Student Financial Services will disburse funds to student's account as long as student meets *eligibility requirements. If the disbursed amount exceeds charges on the student's account, a refund check is issued to the student.

Adverse Credit History
If your Grad PLUS Loan is denied by the U.S. Department of Education's Direct Loan Servicing Center due to adverse credit history, you may apply with a co-signer. Students may contact Applicant Services for more information at 1-800-557-7394 regarding credit appeal overrides and co-signer application questions.

Click here for Federal Direct PLUS Loan Application for Graduate Students (PDF)