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Loyola University Chicago

Financial Aid Office

Direct Graduate PLUS Loans

Previously available only to parents of undergraduate college students, the Federal PLUS Loan Program, as part of the Federal Family Education Loan Program, includes graduate and professional students, giving those pursuing advanced degrees more options for financing their higher education.

Graduate and professional students with no adverse credit history will be eligible to borrow an amount equal to the difference between the cost of attendance and any financial aid (e.g., assistantships, fellowships and/or Federal Stafford loans).

Eligibility for both subsidized and unsubsidized Stafford loans will be determined by the student's completion of the Free Application for Federal Student Aid (FAFSA) before consideration of a PLUS loan.

The interest rate is fixed at 7.9%.

Repayment on the Federal PLUS loan for graduate students will begin within 60 days after the final loan disbursement, although students will be eligible for an in-school deferment. The student is responsible for interest payments during the deferred period.

If you decide to apply for a loan, you can begin the application process.  Loyola will be notified electronically if you are approved so that we may certify your eligibility for this loan.  You are encouraged to only borrow the amount that you actually determine that you need, rather than the maximum allowed.

Credit Criteria

Credit criteria are used for Graduate PLUS Loans. Students with adverse credit cannot be approved for the loan. A Graduate PLUS Loan applicant is considered to have adverse credit if he/she:

FAQs

  • If I have an adverse credit history, can I use an endorser to obtain a Graduate PLUS Loan?
  • What fees are assessed on Graduate PLUS Loans?
  • How are Graduate PLUS Loan funds be disbursed?
  • When do Graduate PLUS Loans go into repayment?
  • Do Graduate PLUS Loans have a six-month grace period prior to repayment?
  • What are the repayment terms of Graduate PLUS loans?
  • Can I consolidate my Graduate PLUS Loans?

Loyola

Financial Aid Office · Sullivan Center · 6339 N. Sheridan Rd., Chicago, IL 60660 · 773.508.7704 · lufinaid@luc.edu
Mailing Address: 1032 W. Sheridan Rd., Chicago, IL 60660

Notice of Non-discriminatory Policy