Federal Direct Graduate PLUS Loan Students may have a Federal Direct Graduate PLUS Loan included in their Hamline University Financial Aid Award Letter. Students will be able to borrow the Federal Direct Graduate PLUS loan in addition to the Federal Direct Stafford Loans. Borrowers must apply for their annual loan maximum eligibility under the Federal Direct Stafford Loan Program before applying for the Federal Direct Graduate PLUS Loan. How to Apply Request Loan Amount: To apply for a PLUS Loan, complete the Federal Direct Graduate PLUS Loan Request and Credit Authorization below. (Hamline University does not participate in the PLUS Application found at StudentLoans.gov.) Your Federal Direct Graduate PLUS Loan will not be processed until we receive the completed Federal Direct Graduate PLUS Loan Request and Credit Authorization. The amount requested will be split evenly between the terms for which the student is awarded.2015-2016 Federal Direct Graduate PLUS Loan Application 2016-2017 Federal Direct Graduate PLUS Loan Application Complete a Master Promissory Note (MPN) - First time Hamline Federal Direct Graduate PLUS borrowers and borrowers that require an endorser must complete a Master Promissory Note for at StudentLoans.gov. For questions about Federal Direct Graduate PLUS MPN or approval status, contact the Loan Origination Center at 1-800-557-7394. You will need your FSA ID to sign in and complete the MPN. Entrance Counseling: First time Federal Direct Graduate PLUS Loan borrowers must complete the Federal Direct Graduate Loan Entrance Counseling online at StudentLoans.gov. (NOTE: This is not required if you completed the Stafford Loan Entrance Counseling during Step 1 when applying for the Federal Direct Stafford Loan, and selected that you are a Graduate student as this is a combined Stafford/Grad PLUS Entrance Counseling session.) The average Hamline Graduate student Stafford and Graduate PLUS loan debt is $31,518. The average Hamline Law student Stafford and Graduate PLUS loan debt is $85,637. You may use the Loan Payment Calculator on the Federal Student Aid website to determine your estimated loan payments. Loan Details Please note that a credit check is required to obtain a Federal Direct Graduate PLUS Loan. Effective October 1, 2014 to September 30, 2015, the loan fee for the Federal Direct Graduate PLUS Loan is 4.292% which is taken off the amount requested at each disbursement. Loans received on or after October 1, 2015 has a loan fee of 4.272%. The Federal Direct Graduate PLUS Loans for the 2014-2015 academic year have a 7.21% fixed interest rate. The interest rate for the 2015-2016 academic year is 5.84% fixed. Repayment Information Repayment begins within 60 days after the full amount borrowed for a school year has been disbursed, though you may request that repayment be deferred while you are in school at least half-time. Federal Direct Graduate PLUS loan borrowers have up to ten years to repay their Federal Direct Graduate PLUS Loan(s). The minimum monthly payment for a Federal Direct Graduate PLUS Loan on a standard repayment plan is $50 per month. With recent passing of legislation, interest paid on Federal Direct Graduate PLUS Loans may be tax deductible. Consult with your tax advisor for more details. Information regarding repayment may be found online at the Student Aid on the Web site and all repayment questions should be directed to your loan servicer. A letter identifying the loan servicer is mailed from Direct Loans upon the first disbursement. Loan servicer information is also available within 7-10 days from the first disbursement on www.nslds.ed.gov using the student borrower’s information and FAFSA PIN. Federal Direct Graduate PLUS Loan are eligible for Federal Loan Consolidation. Federal Direct Graduate PLUS Loan are canceled in the event of your death or permanent and total disability. If You Are Denied If your credit is denied, you will receive notification from the direct loan servicer. You can: Seek a credit status override. Contact the Direct Loan Origination Center at 1-800-557-7394 and Equifax (their credit bureau) at 1-800-685-5000. Request a review. If you have extenuating circumstances, provide documentation to the Direct Loan Origination Center. Have a third-party endorser co-sign the Federal Direct Graduate PLUS loan application. Contact the Direct Loan Origination Center at 1-800-557-7394. Choose not to pursue the denied Federal Direct Graduate PLUS loan. Contact the Office of Financial Aid at 651-523-3000 to discuss alternative options. Please note: Some borrowers may need to complete online PLUS counseling. This is different than Entrance Counseling and, if required, must be completed in order for the loan to disburse. Direct Loans will notify you if you are required to complete the counseling. Debt Management Resources National Student Loan Database System (NSLDS) - NSLDS is the U.S. Department of Education's central database for student aid. NSLDS can help you keep track of all the federal financial aid you have received in your lifetime. Loan Calculator - FinAid.org hosts a loan calculator that can quickly help you figure out what your monthly payments will look like. Keep in mind that federal loans default to a 10 year repayment plan. You can use NSLDS to help you find your loan totals and interest rates.