Grad PLUS Direct Loans

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Is anyone familiar with how to apply for a Grad PLUS loan via the Direct Loan program? My school participates in the Direct Loan program for all federal loans (Sub/Unsub Stafford), so I'd like to stick with that if at all possible. For those not familiar with it, it basically means that I am taking out my loans directly from the government - i.e. I'll be sending my checks into the Department of Education when I enter repayment, not Chase or BofA etc.

I've done a search online but have not been able to find the application itself. I came across one for Cornell, and it looked like a school specific application - like the school is replacing the bank as an intermediary, which makes me think that I may need to get an application from my school, too. In any case, I will be going into my Financial Aid office next week (I already emailed them a few days ago with no response), but since I am stuck without answers for the weekend, I thought I would check with you all.

Thanks!

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www.dlenote.ed.gov

Be warned: the page is a tad confusing. On the left are options of what you want to sign. Choose the one that says "sign loan for students" and not the one that says "parent PLUS" (located above the one you want). You should come to a window that show you an option for sub/unsub or GradPLUS. If you find that, you're in the right link. If you try and it says you can't be found it may mean the school has not originated the loan (sent the file to DL). In that case you can contact the school to give you a rough idea of when you should attempt it again.
I called Direct last year to ask about changing the menu since 1/2 my kids clicked on the one that said "Parent PLUS" as they all got excited seeing the word "PLUS" and chose it. I finally asked the woman to look at the page and she agreed: it's confusing but it still hasn't been changed. Just look for the option that "sign a new MPN for students."
Enjoy the stability and ease of attending a Direct Lending School since I pity the kids having to "shop" in vain. Loan fees are 1/2% off the top and may be phased out at some point in time.
 
As your credit is pulled for the PLUS, your school may want you to sign a form where you acknowledge your credit will be pulled and to write in an amount. I'm not sure if that's the form you found on Cornell's page. It won't be the actual prom note though.
 
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Thanks for the info!

I'm not sure if I'm ready for the MPN, though. The FAQ about applying for Grad PLUS loans says the following:

"You must complete the Free Application for Federal Student Aid (FAFSA)
and a Federal Direct PLUS Loan Application and Master Promissory Note
(PLUS MPN)."

http://studentaid.ed.gov/PORTALSWebApp/students/english/PlusLoansGradProfstudents.jsp

I haven't filled out (or even been able to find) and Federal Direct PLUS Loan Application. I'm going into my 2nd year, and so I did fill out a general Direct Loan MPN last year, though I didn't need the Grad PLUS loans then (just Stafford). I thought in order to get the Grad PLUS loans that I needed to fill out some sort of application first, stating how much I wanted to take out - am I mistaken about this? Is it just the MPN?

I have to say that I really do like the Direct Loan program, too - it just seems so much simpler that having to pick an individual bank.

Thanks again for the help!
 
Thanks for the info, everyone - I was a little confused. I thought I had to apply on my own, but I just found out from my fin aid office that I have to wait for them to incorporate it into my loan package. I don't know if this is standard or not, but at my school they split the award process up: in the first "round", they offer just Stafford loans & scholarships. My COA this year goes well beyond the Stafford maximums (& no scholarship), so then I have to "request" additional loans..... so I am basically waiting around for them to come up with that for me. I really wish they would come up with an aid package that covers the full COA the first time around - it's nerve racking just sitting around!
 
Thanks for the info, everyone - I was a little confused. I thought I had to apply on my own, but I just found out from my fin aid office that I have to wait for them to incorporate it into my loan package. I don't know if this is standard or not, but at my school they split the award process up: in the first "round", they offer just Stafford loans & scholarships. My COA this year goes well beyond the Stafford maximums (& no scholarship), so then I have to "request" additional loans..... so I am basically waiting around for them to come up with that for me. I really wish they would come up with an aid package that covers the full COA the first time around - it's nerve racking just sitting around!

I experience the same with KSU. My initial aid package covered tuition and fees alone, but not living expenses. It was the same deal last year, too.

Luckily, KSU is offering, for the first time, the Direct PLUS loan now, so I won't have to sign with Sallie Mae again. KSU also said they're expecting to continue offering the Direct now and in the future.

It sounds like you squared it all with your school. KSU has a one-page Direct loan application that I completed. I received my approval letter for the loan a week later (pretty fast)!

Good luck! I, too, am real happy about going Direct.
 
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