The Federal Direct PLUS Loan is offered under the U.S. Department of Education's Federal Direct Loan program. The U.S. Department of Education the lender for this type of loan.
The Graduate PLUS Loan can be used to assist with a student's educational expenses that are not covered by other financial aid. The Graduate PLUS Loan requires a separate application process through www.studentloans.gov. The student applying must not have adverse credit history or defaulted/discharged student loans. If credit is not approved, students may obtain an endorser with good credit or appeal the decision by documenting extenuating circumstances.
Washburn University provides estimated Graduate PLUS Loans as part of graduate and law students' award offers. The amount included in the award offer is not guaranteed but is meant to reflect the maximum amount a student could receive in the Graduate PLUS Loan, if they choose to apply and are approved for this loan. Students are not required to request the full amount reflected on the award offer and can enter a smaller amount in the application process.
All loan funds are disbursed in two equal amounts. Funds are disbursed prior to the beginning of the semester and after the midpoint of the semester if the student is attending for one semester only. Loan funds are first applied to charges on the student's account. If the amount of the PLUS Loan exceeds the student's remaining balance at Washburn University, a refund will be issued.
The estimated Graduate PLUS Loan amount provided in the student's financial aid award offer is determined by subtracting all other financial aid, scholarships and resources offered to the student from their total Cost of Attendance. The Cost of Attendance is not necessarily what a student will pay to go to school, but an estimate of the direct and indirect costs a student may experience for one academic year.
|Cost of Attendance||$24,063|
|Less Federal Unsubsidized Loan||-20,500|
|Estimated Graduate PLUS Loan||$3,563|
Loan repayment for Graduate PLUS Loans begins six-months after the student has graduated or ceases enrollment on a half-time basis (5 or more credit hours).
The six-month grace period can only be used one-time. Thus, if a student enters repayment after the six-month grace period and later returns to school, once the student graduates or drops below half-time enrollment, they will immediately go into repayment. Similarly, if a student withdraws, uses four months of their grace period and later returns to school, once they graduate or drop below half-time enrollment, they will only have two months of a grace period remaining. The summer semester does not count against the grace period, unless the student is enrolled for summer and withdraws or drops below half-time during that semester, or is enrolled half-time for spring, does not attend summer, and does not return to school on a half-time basis for the fall semester.
Click here for information regarding loan repayment plans.
Complete the Free Application for Federal Student Aid (FAFSA)
Accept your award on MyWashburn
Complete the Master Promissory Note (MPN) and Entrance Counseling. Both of these items must be completed by all first-time Washburn University borrowers.
To maintain eligibility for the Federal Graduate PLUS Loans, students must:
Federal Student Aid Website