To apply for a Graduate PLUS loan for FALL/SPRING 2011-2012, the borrower must select 2011-2012 from the drop-down box on the online application.
Once our office has received your application, you will see it marked as "R" for received on the Hokie SPA. Once we process the loan, it will change from "offered" to "accepted" on the Hokie SPA.
If you had a denied Graduate PLUS loan and have since obtained an endorser or an approved loan, please email finaid@vt.edu to let us know, include your student ID number.
Graduate students are offered Federal Direct Graduate PLUS loans as part of their financial aid package. Once awarded, the student can view the amount offered at the Hokie SPA under financial aid information. https://banweb.banner.vt.edu/ssb/prod/twbkwbis.P_WWWLogin.
The student must apply for the amount offered or less (depending on what the student chooses to borrow) using the online application process outlined below. Once the Grad PLUS loan is offered, the student has 30 days to complete the online application or the loan will be removed from the student’s account.
The yearly limit on a Grad PLUS loan is the student’s cost of attendance minus any other aid received (this includes loans, grants, scholarships, federal work study, and tuition waivers). The student may apply for funds to pay tuition/fees and living expenses. Once the loan is approved, and all loan requirements complete, the loan will disburse to VT. Any outstanding balance due to the university will be paid and then excess funds will be refunded to the student in the form of a student living expense refund.
The loan rate is fixed, currently set at 7.9%. The repayment period for a Direct PLUS Loan begins when the loan is fully disbursed, and the first payment is due 60 days after the final disbursement. However, students may defer repayment while enrolled at least half-time. Interest accrues on the loan while the student is in school and during repayment. Eligibility for the loan is not based on financial need. More information on the Federal Direct Grad PLUS loan can be found at the Federal Student Aid website: http://studentaid.ed gov/PORTALSWebApp/students/english/PlusLoansGradProfstudents.jsp
Note: In order to fill out the online Graduate PLUS loan application and sign the master promissory note, the student must have a U.S. Department of Education PIN (same PIN used to sign the FAFSA). If the student does not have a PIN number, one can be obtained at www.PIN.ed.gov before filling out the online application.
The Department of Education's PLUS Application site combines the Federal Direct Grad PLUS Loan application and the Master Promissory Note under one process. Please apply at least 30 days before the bill due date to ensure timely processing of the loan.
Click on the link below to launch the Department of Education's Federal Direct Grad PLUS application.
Step 1: Student Logs in with Federal Student Aid PIN
Click the 'Sign In' button and enter student Federal PIN number and the additional information requested.
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Step 2: Click 'Start PLUS Application Process
Next click the “Request a PLUS Loan” link and read the information provided. Then click the “Graduate PLUS” link to begin the application.
Step 3: Enter Student Information
Enter the personal information and school information.
Step 4: Review Data Entered
Next you will be prompted to verify the information that has been entered. Correct any information that was entered incorrectly.
Step 5: Credit Check
Federal Direct Grad PLUS loans are based upon credit. To qualify for the loan, the student applicant must first pass a credit check. Next, agree to the terms provided and then click submit. The credit check will end in approval or denial.
Credit check ends in Denial:
If denied, you will be given options that include appealing the credit decision, obtaining an endorser, or not pursuing the loan at this time. Select the appropriate answer.
Credit check ends in Approval:
If approved, continue with the steps below to complete a Federal Direct Grad PLUS Master Promissory Note (MPN). The MPN must be completed in order for the loan to be processed.
Step 6: Begin the Master Promissory Note process
Read the information provided upon completion of a successful credit check.
Step 7: Complete the MPN
The Federal Direct PLUS Master Promissory Note will require the completion of additional student information and personal references. Enter the required information then read and agree to the terms and conditions of the loan.
Step 8: Review and Sign the MPN
Review the information provided, complete the signature boxes and click 'Sign'.
Step 9: Print the MPN
Step 10: Complete the Entrance Counseling Session
At the end of the application process, the student will be directed to complete the entrance counseling session at the same website; www.studentloans.gov.
Loan Certification and Disbursement --The Department of Education will notify Virginia Tech of approved PLUS applications. Once we receive the application, we will mark it as "R" Received at the Hokie SPA. If the student is enrolled at least half-time (5 credits) and is eligible for the Grad PLUS loan, VT will certify the loan for the requested amount or the remaining eligibility (Cost of Attendance minus other aid received). The amount processed can be viewed at the student’s Hokie SPA.
Students may request changes to their Grad PLUS Loan by completing the Financial Aid Change Form located under the link to forms (http://www.finaid.vt.edu/forms/index.html).
Click here for a PDF guide to Graduate PLUS loans at VT