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A graduate student may borrow a Federal Direct Graduate PLUS Loan to finance all or any portion of the cost of attendance after all other financial aid has been deducted.? In order to qualify for a Graduate PLUS Loan, a FAFSA must be submitted. A credit check is required for the Graduate PLUS Loan.
The Federal Direct Graduate PLUS Loan has an up-front fee of 2.5% (4% minus a 1.5% interest rebate that remains in effect as long as the first 12 payments are made on time). The interest rate for this loan is fixed at 7.9%.
Graduate students may borrow up to the cost of attendance (tuition, fees, room, board, books, travel expenses, and miscellaneous expenses) minus all financial aid that they are receiving.? Standard repayment is 10 years and begins 60 days after the loan is fully disbursed. Repayment may be deferred (with interest accruing) until after the student graduates or ceases to be enrolled at least half-time.? Interest only payments are available during this period of deferment.
How to apply
Graduate students can apply and complete the credit check at www.studentloans.gov. Log in under "Manage My Direct Loan". You will need to know your FAFSA PIN number. Once signed in, you must link to both "Start PLUS Application Process" and "Complete Master Promissory Note". Moravian will not originate the loan until both tasks have been completed.