Federal Grad Plus Loan

[dnv]

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Help, I recently checked my Award detail through my school's website, it says that I accepted a Federal Grad Plus Loan!!!(30K).. I didn't even apply for it! I am not sure if it was a glitch in the system but I already applied for an alternative loan(25K), I just hope that the 'glitch' would not affect my loan application.... or me ending with an extra 25K!

just making sure, to get a Federal Grad Plus loan, I have to apply for it right??

Has this ever happened to anyone?? I have to wait til Monday to straighten things out... bt I'm freaking out already

 

[tinkerbelle]

No, you don't have to apply for the Grad Plus loan. You can get it automatically when you apply for financial aid. Schools use it if you still need aid, but can't get any more sub/unsub/perkins loans/grants. Won't the grad plus loan have a better interest rate than a private alternative loan?

 

[It'sElectric]

I'm pretty certain that you have to apply for the Grad Plus loan, unless of course each school does it differently. Even if you don't have to apply for it, you would still have to accept it for it to even matter.

 

[tinkerbelle]

I'm pretty certain that you have to apply for the Grad Plus loan, unless of course each school does it differently. Even if you don't have to apply for it, you would still have to accept it for it to even matter.

Well yes, you do have a choice whether you accept it or not. I mean you do have to apply for federal aid by filling out the fafsa (so I guess technically you are applying for something... but I assumed the OP was asking whether there was a specific application for the Grad Plus loan).

 

[dnv]

a month ago, I was told by the fin aid ppl at the school that i do have to apply for either an alternate loan or the grad plus loan. the application for the grad plus loan will be available from our school on mid July, that is why I chose to apply for an alternate loan ...

anyway, ok fine.. if do have the grad plus loan i will take it, but its just alarming that I DID not accept it whatsoever especially on that date indicated on our web account... I'm pretty sure i have to sign another MPN for it... ???

 

[It'sElectric]

a month ago, I was told by the fin aid ppl at the school that i do have to apply for either an alternate loan or the grad plus loan. the application for the grad plus loan will be available from our school on mid July, that is why I chose to apply for an alternate loan ...

anyway, ok fine.. if do have the grad plus loan i will take it, but its just alarming that I DID not accept it whatsoever especially on that date indicated on our web account... I'm pretty sure i have to sign another MPN for it... ???

Exactly, you do have to sign another MPN for it. Also, Tinkerbelle, I did have to separately apply for the Grad Plus Loan. My lender is T.H.E. for both my stafford loans and my grad plus loan, but I still had to fill out a separate MPN/application for each loan.

 

[PurpleHaze]

Exactly, you do have to sign another MPN for it. Also, Tinkerbelle, I did have to separately apply for the Grad Plus Loan. My lender is T.H.E. for both my stafford loans and my grad plus loan, but I still had to fill out a separate MPN/application for each loan.

Agreed. I had to fill out another MPN for the Grad Plus Loan, in addition to one for the stafford and one for the Perkins.

 

[Phantom_Eclipse]

Quick question about the Grad Plus loan:

Can I choose how much I'll take out, or is it automatically cost of edu. minus financial aid?

 

[natsipoo]

When is the latest one can apply for a Grad PLUS loan?

 

[It'sElectric]

You can choose how much you take out, since it states that you can receive up to the cost of attendance minus what you receive in other loans. Also, I'm not sure how late you can apply for the Grad Plus, but I would imagine you should do it sooner than later, since most schools are currently completing financial aid packets, or already have.

 

[tinkerbelle]

Exactly, you do have to sign another MPN for it. Also, Tinkerbelle, I did have to separately apply for the Grad Plus Loan. My lender is T.H.E. for both my stafford loans and my grad plus loan, but I still had to fill out a separate MPN/application for each loan.

I guess at my school it works differently? Here, the financial aid office has to award you the loan, and then afterwards, you sign a promissary note if you decide to accept the loan. So to me, I didn't apply for the loan before receiving it in a financial aid package. But I agree you have to fill out a promissary note if you want to accept the loan.