Unsubsidized loans for graduate or professional students (and for parents of dependent undergraduate students).

You must be enrolled at least half time.

You can borrow up to the school's cost of attendance, less all other financial assistance you receive.

Interest is charged during all periods.

Direct PLUS Loans do not have a grace period. The repayment begins as soon as the loan is fully disbursed, but you may defer repayment while you are enrolled at least half time and for an additional six months after you drop below half time.

To qualify for a Direct PLUS Loan, you must not have an adverse credit history. A credit check will be conducted.

If you have an adverse credit history, you may still qualify for a Direct PLUS Loan if you obtain an endorser who does not have an adverse credit history, or if you satisfactorily document that there are extenuating circumstances related to your adverse credit history. (An endorser is someone who agrees to repay a Direct PLUS Loan if you do not repay the loan.)

Direct Consolidation Loans:

Grad Plus Loans are eligible to be combined into a Direct Consolidation Loan.

Rights and Responsibilities:

Your school will tell you how much you may borrow and the types of loans you are eligible to receive.

Your school will award you the maximum amount of loan money for which you are eligible, unless you request less. You may decline any portion or all of a loan you do not need.

Borrow conservatively. Never borrow more than you can afford to repay, even if you are eligible to borrow more.

Calculate your expenses and your resources. Use these figures to help you determine how much you really need to pay for your education. To get an idea of your college expenses, use this budget calculator.

Look for ways to increase your income, decrease your expenses, or both.

You must repay the full amount of your loans, even if you:

*Do not complete your program of study, or do not complete the program within the normal time for completing it;

*Cannot find employment after graduation; or

*Are not satisfied with or did not receive from your school the education or other services that you paid for with your loan.

If you would like to print out a detailed copy of your rights & responsibilities of all of your Federal Student Loans Click Here

https://studentloans.gov/myDirectLoan/images/DL_PLUS_BRR.pdf

Use of your loan money

You may use your loan money only to pay for authorized educational expenses at the school that certified your loan eligibility.

Authorized educational expenses include:

Tuition, Room and board, Institutional fees, Books, Supplies, Equipment, Dependent child care expenses (if eligible), Transportation and commuting expenses, Purchase of a personal computer, Loan fees, and Other documented, authorized costs

To take out a Direct Loan for the first time, you must complete a Master Promissory Note (MPN).

If your school offers the option of completing the MPN electronically, you can complete the MPN online at this Web site. You also have the option of completing a paper MPN.

The MPN is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the Department. It also explains the terms and conditions of your loan(s).

IThere is one MPN for Direct Subsidized Loans and Direct Unsubsidized Loans, and a separate MPN for Direct PLUS Loans.

Unless your school does not allow more than one loan to be made under the same MPN, you can borrow additional Direct Loans on a single MPN for up to 10 years.

Even if your school allows more than one loan to be made under the same MPN, you have the option of completing a new MPN for each Direct Loan that you receive. If you don't want to receive more than one loan under a single MPN, you must notify your school or Direct Loan servicer in writing that you want the MPN you signed to be "closed" so that it cannot be used for additional loans.

For each loan that you receive under an MPN, you'll receive a disclosure statement that gives you specific information about that loan, including the loan amount, loan fees, and the expected disbursement dates and amounts.

Although your signature on the MPN allows your school to make multiple loans to you under a single promissory note, your school must have a process for confirming whether or not you want these loans.

The confirmation process helps to ensure your control over how much you borrow by letting you know each time your school plans to award a new loan under an MPN. Your school will inform you of the confirmation process it uses.

The school will disburse your loan money by crediting it to your school account to pay tuition and fees, room and board, and other authorized charges.

Your school will disburse your loan money in more than one installment, at times that are determined in accordance with federal regulations.

If the loan disbursement amount exceeds school charges, the remaining balance of the disbursement will be paid to you directly by check or other means.

You will be notified in writing each time your school disburses a portion of your loan.

The notification will include:

The date and the amount of the loan disbursement;

Which loan funds are subsidized and which are unsubsidized;

Information about your right to cancel all or a portion of the loan; and

Procedures for canceling the loan.

All Direct Grad PLUS Loans have a fixed interest rate of 7.9%.

The Dept of Ed. charges a loan fee (also called an origination fee) on Direct PLUS Loans. The loan fee is an expense of assuming a Direct Loan.

The loan fee is a percentage of the amount of each loan you receive, and is subtracted proportionately from each loan disbursement.

The loan fee for all Direct PLUS Loans is 4%.

The specific loan fee that you are charged will be included in a disclosure statement you will receive after the first disbursement of your loan.

It is your responsibility to contact your Direct Loan servicer and your school if you:

• Stop attending school or drop below half-time enrollment;

• Graduate;

• Fail to enroll at the school that determined you were eligible to receive your loan;

• Do not enroll at least half time for the loan period certified by your school;

• Transfer to another school; or

• Change your name, address, or phone number;

A scheduled break in enrollment, such as the summer session at many traditional 4-year schools, is not considered an interruption in your enrollment if you are planning to return to school during the next regularly scheduled enrollment period.

You must receive exit counseling before you leave school or drop below half-time enrollment.

If you are a reservist called to active duty with the U.S. Armed Forces for more than 30 days, contact your Direct Loan servicer to let them know your status.

• If you are called or ordered to active duty for more than 30 days from a reserve component of the U.S. Armed Forces, the period of your active duty service and the time necessary for you to re-enroll in school after your active duty ends are not counted as part of your grace period.

• However, the total period that is excluded from your grace period may not exceed three years.

• If the call or order to active duty occurs while you are in school and requires you to drop below half-time enrollment, the start of your grace period will be delayed until after the end of the excluded period.

• If the call or order to active duty occurs during your grace period, you will receive a full 6-month grace period at the end of the excluded period.

You must be enrolled at least half-time to receive a Direct Grad Plus Loan.

If you drop below half-time enrollment -

• The in-school deferment on a Direct Grad PLUS Loan first disbursed on or after July 1, 2008 will continue for an additional 6 months after you drop below half-time status. If you have a Direct Grad PLUS Loan with a first disbursement date before July 1, 2008, your in-school deferment will end when you drop below half-time and you must begin making payments, unless you receive another type of deferment or a forbearance. If you resume enrollment on at least a half-time basis, you will again qualify for an in-school deferment.

  Please accept before continuing I have read and understand the above Changes you Must Report for Grad PLUS loans.

Repaying Direct Grad Plus Loans

You must repay the full amount of each Direct Loan you receive, plus interest.

The repayment period for each Direct PLUS Loan that you receive begins on the date the final loan disbursement is made.

There is no grace period for Direct PLUS Loans. However, you may defer making payments while you are enrolled in school at least half time, and (for Direct PLUS Loans with a first disbursement date on or after July 1, 2008) for an additional six months after you cease to be enrolled on at least a half-time basis.

You must make payments on your loan even if you do not receive a bill or repayment notice. Billing information is sent to you as a convenience, and you are obligated to make payments even if you do not receive a notice or bill.

There are five repayment plans with different terms that are designed to meet the financial needs of almost any borrower. If you can show that the terms of these plans are not adequate to meet your exceptional circumstances, you may inquire about an alternative repayment plan.

You can change repayment plans at any time by going to your Direct Loan servicer's Web site and logging in to your account.

You may prepay all or any part of the unpaid balance on your loans at any time without penalty.

You may choose one of the following repayment plans to repay your loans:

• Standard Repayment Plan - You will make fixed monthly payments and repay your loans in full within 10 years (not including periods of deferment or forbearance) from the date the loans entered repayment. Your payments must be at least $50 a month and will be more, if necessary, to repay the loans within the required time period.

• Graduated Repayment Plan - You will make lower payments at first, and your payments will gradually increase over time, generally every two years. You will repay your loans in full within 10 years (not including periods of deferment or forbearance) from the date the loans entered repayment. No single payment will be more than three times greater than any other payment.

• Extended Repayment Plan - To be eligible for this plan, your Direct Loan balance must be greater than $30,000. You have the option of making a fixed monthly payment amount, or a graduated payment amount that starts out lower and increases over time. Your monthly payments will be at least $50, and you will have up to 25 years to repay your loans (not including periods of deferment or forbearance).

• Income Contingent Repayment Plan - Your monthly payment amount will be based on your annual income (and that of your spouse if you are married), your family size, and the total amount of your Direct Loans. Until we obtain the information needed to calculate your monthly payment amount, your payment will equal the amount of interest that has accrued on your loans unless you request forbearance. As your income changes, your payments may change. If you do not repay your loans after 25 years under this plan, the unpaid portion will be forgiven. You may have to pay income tax on any amount forgiven.

• Income-Based Repayment Plan - To qualify for this plan, you must have a partial financial hardship. This means that your federal student loan debt must be high relative to your income and family size, as determined under federal regulations. Under this plan, during any period when you have a partial financial hardship your required monthly payment is capped at an amount that is intended to be affordable based on your income and family size. Your monthly payment amount may be adjusted annually. If you repay under this plan and meet certain requirements over a 25-year period, any outstanding balance on your loans will be forgiven. You may have to pay income tax on any amount forgiven. To obtain more information about the Income-Based Repayment Plan click here.

If you're having trouble making payments on your loans, contact your Direct Loan servicer as soon as possible to discuss options that may help you.

Options include:

• Changing repayment plans.

• Deferment, if you meet certain requirements (for example, if you are unable to find full-time employment, or are experiencing an economic hardship). A deferment allows you to temporarily stop making payments on your loan.

• Forbearance, if you don't meet the eligibility requirements for a deferment but are temporarily unable to make your loan payments. Forbearance allows you to temporarily stop making payments on your loan, temporarily make smaller payments, or extend the time for making payments.

If you stop making payments and don't get a deferment or forbearance, your loan could go into default, which has serious consequences.

Your loan first becomes "delinquent" if your monthly payment is not received by the due date.

If you fail to make a payment, your loan Direct Loan servicer will send you a reminder that your payment is late.

If your account remains delinquent, your Direct Loan servicer will send you warning notices reminding you of your obligation to repay your loans and the consequences of default.

If you are delinquent on your loan payments, contact your Direct Loan servicer immediately to find out how to bring your account current.

• Late fees may be added, and your delinquency will be reported to one or more national consumer reporting agencies (credit bureaus), but this is much better than remaining delinquent on your payments and going into default.

Default occurs when you become 270 days past due (delinquent) in making a payment on your loan(s). The consequences of default can be severe.

The entire unpaid balance of your loan and accrued interest becomes due and payable immediately.

You lose eligibility for deferment.

You lose eligibility for additional federal student financial aid.

Your account is assigned to a collection agency.

The default will be reported as delinquent to credit bureaus, damaging your credit rating.

The Federal Government can take all or part of your federal tax refund.

Late fees, additional interest, court costs, collection fees, attorney's fees, and other costs incurred in collecting your loan will increase your loan debt.

Your employer (at the request of the Federal Government) can garnish part of your wages and send them to the government.

The Federal Government can take legal action against you.

Repayment Incentives

A repayment incentive is a benefit (such as a reduced interest rate) that is offered to encourage you to repay your loans on time. You may be required to make a certain number of payments on time to keep the benefits of the repayment incentive.

The two repayment incentive programs described below may be available to you. Your Direct Loan servicer can tell you if any other repayment incentive programs are available.

Interest Rate Reduction for Automatic Withdrawal of Payments

Under the Automatic Withdrawal payment option, your bank automatically deducts your monthly loan payment from your checking or savings account and sends the payment to the Direct Loan servicer.

In addition to helping to ensure that your payments are made on time, you receive an interest rate reduction of

0.25% while you repay under the Automatic Withdrawal option.

Your Direct Loan servicer will include information about the Automatic Withdrawal option in your first bill.

Up-Front Interest Rebate

You may receive an up-front interest rebate on your loan.

• The rebate is equal to a percentage of the loan amount that you borrow.

• This is the same amount that would result if the interest rate on your loan were lowered by a specific percentage - but you receive the rebate up front.

• The correspondence that you receive about your loan will indicate if you received an up-front interest rebate.

To keep an up-front interest rebate that you receive on your loan, you must make all of your first 12 required monthly payments on time when your loan enters repayment.

• "On time" means that the payment may be received no later than 6 days after the due date.

• You will lose the rebate if you do not make all of your first 12 required monthly payments on time.

• If you lose the rebate, your Direct Loan servicer will add the rebate amount back to the principal balance on your loan account. This will increase the amount that you must repay.

Conditions for Canceling All or Part of Your Loan

• Public Service Loan Forgiveness
  • If you are employed in certain public service jobs and have made 120 payments on your Direct Loans (after Oct. 1, 2007), the remaining balance that you owe may be forgiven.
  • Only payments made under certain repayment plans may be counted toward the required 120 payments.
  • You must not be in default on the loans that are forgiven. For more information on Public Service Loan Forgiveness click here.
• Disability, bankruptcy, or death
  • Your loan may be discharged if you are determined to be totally and permanently disabled and you meet certain other requirements.
  • Your loan may be canceled if it is discharged in bankruptcy. This is not an automatic process-you must prove to the bankruptcy court that repaying the loan would cause undue hardship.
  • Your loan will be canceled if a family member or other representative provides acceptable documentation of your death.

Contact your Direct Loan servicer for more information about loan cancellation benefits.

Consolidation

I consent to the U.S. Department of Education and its agents obtaining a report of my credit record and using the information from that report in determining whether to make a Direct Grad PLUS Loan to me. I understand that I will be notified in writing of the results of the credit check with respect to my loan application.

     I want to borrow the maximum Direct Grad PLUS Loan amount for which I am eligible, as determined by the school

   I would like to specify a Loan amount.

    Loan Amount Requested:               

 (if you request more than the school's cost of attendance, minus other financial assistance, we will cut you off at the

     maximum amount allowable)