• 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. 

    The Graduate PLUS Loan is interchangeable with a private Alternative loan. For more information on Alternative loans please visit hamline.edu/loans.

    How to Apply-- 2021-2022

    Online Graduate PLUS Loan Application-- Coming June 1st, 2021

    How to Apply-- 2020-2021

    1. 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 StudentAid.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.
      2020-2021 Federal Direct Graduate PLUS Loan Application

      1.  Please note, in the wake of the recent credit breach, many consumers are now freezing their credit. Federal Student Aid uses two of the three main credit bureaus (Equifax and TransUnion) to run credit checks for PLUS loans. If a borrower or endorser places a credit freeze at only one of the bureaus, it is possible we could still receive a credit determination based on the information provided by the secondary credit bureau. Borrowers are responsible for unfreezing their credit if they are applying for a PLUS loan as Hamline does not have the authorization to do that for you.                 
    2. 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 at StudentAid.gov HERE. Please pay attention to the different loan MPNs. 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.
    3. Entrance Counseling: First time Federal Direct Graduate PLUS Loan borrowers must complete the Federal Direct Graduate Loan Entrance Counseling online at StudentAid.gov HERE. (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. You may use the Loan Simulator on the Student Aid website to determine your estimated loan payments.  
    4. Annual Student Loan Acknowledgement:  The Annual Student Loan Acknowledgement is for student and parent borrowers who are accepting Federal Subsidized/Unsubsidized Loans, PLUS Loans for Parents, or PLUS Loans for Graduate/Professional Students. It will take around 10 minutes to complete the Acknowledgement. It is a good idea for all students to complete. Within the Annual Student Loan Acknowledgement, borrowers are able to view how much they currently owe in loans, their progress towards aggregate loan and grant limits (if applicable), and have access to content surrounding smart borrowing, interest rates, and payments.
            In order to fill out the Acknowledgement, you will need your Verified FSA ID.

             If this is your first time accepting a federal student loan, you are acknowledging that you understand your responsibility to repay your loan. You will also need to know the School Name, the Degree Name, and the Field of Academic Program.

             If you already have existing federal student loans, you are acknowledging that you understand how much you owe and how much more you can borrow.

    Loan Details

    Please note that a credit check is required to obtain a Federal Direct Graduate PLUS Loan.

    Effective October 1, 2020 to September 30, 2021, the loan fee for the Federal Direct Graduate PLUS Loan is 4.228% which is taken off the amount requested at each disbursement. Loans first disbursed on or after October 1, 2019 to September 30, 2020 have a loan fee of 4.236%.

    Federal Direct Graduate PLUS Loans disbursed 7/1/20 - 6/30/21 have a fixed interest rate of 5.3% and a fixed interest rate of 7.079% for loans disbursed 7/1/19 - 6/30/20. 

    Loan fees and interest rates for the 2021-2022 school year will be available in Spring of 2021.

    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 StudentAid.gov 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 StudentAid.gov using the student borrower’s information and FSA ID and Password.

    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

     StudentAid.gov is the U.S. Department of Education's central database for student aid. This site 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 StudentAid.gov to help you find your loan totals and interest rates.

  • Enrollment Status - Master, Graduate Certificate, and Doctorate Programs

    Half-time*: At least 4 credits per semester.

    Full-time: At least 8 credits per semester.

     *Half-time status is a requirement for all federal and some alternative student loans.