11 12 Graduate Plus Loan Form

What is the 11 12 Graduate Plus Loan

The 11 12 Graduate Plus Loan is a federal loan program designed to help graduate and professional students cover the costs of their education. This loan is part of the William D. Ford Federal Direct Loan Program and is available to students who are enrolled at least half-time in an eligible program. Unlike other federal loans, the Graduate Plus Loan allows students to borrow up to the full cost of attendance, minus any other financial aid received.

Interest rates for the Graduate Plus Loan are fixed, providing borrowers with predictable monthly payments. Additionally, students may qualify for deferment options while enrolled in school, allowing them to focus on their studies without the burden of immediate repayment.

How to obtain the 11 12 Graduate Plus Loan

To obtain the 11 12 Graduate Plus Loan, students must complete the Free Application for Federal Student Aid (FAFSA). This application determines eligibility for federal financial aid, including the Graduate Plus Loan. Once the FAFSA is processed, students can apply for the loan through their school's financial aid office.

The application process involves submitting a Graduate Plus Loan application, which includes a credit check. Students with adverse credit history may need an endorser to qualify. After the application is approved, students will receive a loan agreement that outlines the terms, including interest rates and repayment options.

Steps to complete the 11 12 Graduate Plus Loan

Completing the 11 12 Graduate Plus Loan involves several key steps:

• Complete the FAFSA to determine eligibility for federal financial aid.
• Apply for the Graduate Plus Loan through your school’s financial aid office.
• Pass the credit check or secure an endorser if necessary.
• Review and sign the Master Promissory Note (MPN), which details the loan terms.
• Receive the loan funds, which are typically disbursed directly to the school.

Eligibility Criteria

To be eligible for the 11 12 Graduate Plus Loan, students must meet several criteria:

• Be a graduate or professional student enrolled at least half-time in an eligible program.
• Complete the FAFSA to assess financial need.
• Pass a credit check, which evaluates the borrower’s credit history.
• Meet U.S. citizenship or eligible non-citizen requirements.

Required Documents

When applying for the 11 12 Graduate Plus Loan, students will need to provide specific documents, including:

• Completed FAFSA form.
• Graduate Plus Loan application.
• Documentation of income and other financial information, if requested.
• Identification documents, such as a driver's license or Social Security number.

Legal use of the 11 12 Graduate Plus Loan

The 11 12 Graduate Plus Loan must be used for qualified educational expenses. These expenses can include tuition, fees, room and board, books, supplies, and other necessary costs associated with attending school. It is important for borrowers to understand that using the loan for non-educational purposes may violate federal regulations and could lead to penalties.

Borrowers should keep detailed records of how funds are spent to ensure compliance with federal guidelines and to facilitate the repayment process once they graduate.