Graduate Federal PLUS loan

Application process for Graduate PLUS loan:

• Complete Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov. Our school code is 009769.
• Receive award notice from Student Financial Services outlining student loan eligibility.
• Apply for William D. Ford Graduate PLUS loan if needed by logging on to the federal Department of Education's website at studentloans.gov. Our federal school code for loans is 009769.
• Once we receive confirmation from the Department of Education that you have completed your e-MPN and passed a credit check, we will originate the loan and certify your enrollment.
• Funds will be disbursed directly to MCNY, and you will be notified when these funds have been applied to your account.

Amount you can request: The Borrower can request up to the cost of attendance (minus any financial aid received).

Interest: Fixed at 7.9%. Interest begins accruing from the date funds are made available by the lender.

Fees: There is an origination fee of 4.2%. This fee is deducted from the loan prior to disbursement.

Repayment: Repayment begins within 60 days after the final disbursement of each loan, unless you request a deferment from the Direct Loan Servicer either at the time of application or after the loan is finalized. The maximum repayment period is 10 years, and the minimum monthly payment is $50.00. You may be eligible to defer payments as long as you are enrolled at least half-time.