Financial Aid Federal Grad PLUS and Alternative Loans
FEDERAL DIRECT GRAD/PROFESSIONAL PLUS LOAN
The Federal Direct Grad/Professional PLUS loan is available for students who cannot meet their financial means with the maximum subsidized and unsubsidized loan limits. There is a credit check on the GRAD PLUS loan, which means you must fill out a separate application and promissory note for this loan. You can print out the application on the WVU Financial Aid Website and send it to the College of Law Financial Aid Office.
There is a fixed interest rate of 7.9%. Direct PLUS Loans are unsubsidized loans available to students enrolled in graduate or professional programs. These loans are available regardless of financial need and the amount of eligibility depends on the student’s cost of attendance and the amount of financial aid they are currently receiving. Students who are receiving the maximum amount of federal subsidized and unsubsidized loans only may be eligible for the following amounts in a Grad PLUS loan:
WV 1st year Resident: $4,376
1st year Non-Resident $17,742
2nd & 3rd year Resident $2,876
2nd & 3rd year Non-resident $16,242
ALTERNATIVE LOANS
Available for students whose current financial aid does not meet the Cost of Attendance. This funding is available by applying through a private lender. A student’s eligibility for alternative loans is determined based on the Cost of Attendance and the amount of financial aid they are receiving. Students who are receiving the federal subsidized and unsubsidized loans only may be eligible for the following amounts in an alternative loan:
WV 1st year Resident: $4,376
1st year Non-Resident $17,742
2nd & 3rd year Resident $2,876
2nd & 3rd year Non-resident $16,242
Certification by the Financial Aid Office is required as part of the application process.
CREDIT CRITERIA:
Every alternative loan agency has a credit requirement for approval. You will likely need to seek a cosigner for these loans. The private alternative loans base your interest rate on your credit score. The credit check for the GRAD Plus Loan is not as extensive and the interest rate is a fixed rate not tied to your credit score. To check your credit you may contact either of the following agencies:
Equifax 1-800-997-2493
Experian 1-888-397-3742
Trans Union 1-800-888-4213
You can obtain one free credit report per year at annualcreditreport.com
Alternative loans are loans available to students through private lending institutions and may be used to supplement the aid received from other federal, state, or institutional programs.
All students should apply for the Federal Direct Student Loan before considering alternative loans. Applying for the Federal Direct Student Loan requires submission of the Free Application for Federal Student Aid (FAFSA) which is available at www.fafsa.ed.gov.
if you choose to apply for an alternative loan, please review the following information:
1) These are credit based loans.
2) Many students will be required to have a co-signer on the alternative loan application or promissory note.
3) The amount that you may borrow through a school certified alternative loan is limited to the “cost of attendance: minus the amount of financial aid you have been awarded.
4) Do not apply for more than one alternative loan simultaneously.
5) Allow three weeks for certification of your information by WVU after you submit your loan application to the alternative lender.
If you would like more detailed information on private lenders of alternative loans, please start your search by using SIMPLE TUITION. This web site will provide you with information regarding several lenders, however, you are not limited to these lenders if you find another company which you prefer to use. It is important for you to review the interest rate, repayment terms, enrollment requirements and other details of each loan company before you make a selection.
To access Simple Tuition click here
GENERAL INFORMATION:
GRADPlus Loan
If you are planning to borrow through an alternative loan program to cover your remaining need, you will want to seriously consider the GradPLUS Loan.
WVU is accepting applications at this time. Please go the financial aid website www.finaid.wvu.edu to print an application out and send it back to the College of Law Financial Aid Office.
- Students may borrow up to the cost of attendance minus any financial aid and must complete a Free Application for Federal Student Aid.
- For approval, the student must complete an application, pass a credit check and be enrolled at least half time. The credit check is not as extensive as the private alternative loans.
- Interest accrues from the date the loan funds are disbursed until the loan is repaid in full. The interest rate is fixed at 7.9%.
- The first repayment is sixty (60) days after the final loan disbursement. A borrower may receive in school status while he or she is enrolled in school on at least a half time basis.
- Payments are approximately $60 each month for every $5,000 borrowed. Borrowers can select from a range of flexible repayment plans.
- You will be able to consolidate the GradPLUS loan with other federal loans although you will lose your grace period on your Stafford Loans if you consolidate before the grace period ends
- The GradPLUS loan is a part of the Direct Loan Program so the loan is processed through WVU.
- You must complete a separate Master Promissory note and a separate Entrance Counseling session for this loan. Both are completed online.
- If your credit is approved, the Entrance Counseling is completed, and the Master Promissory note is signed, your Grad PLUS loan will show as a credit memo on your account unlike the private alternative loans.
If you want to apply for this loan you can download the application from Financial Aid in PDF format so you can enter your information print the application then send it to the College of Law Financial Aid Office.
IMPORTANT PHONE NUMBERS:
Borrower Tracking1-800-433-3243
NATIONAL CREDIT REPORTING AGENCIES
Equifax 1-800-685-1111
Experian 1-800-682-7654
TransUnion 1-800-888-4213
ACCESS GROUP ON LINE CALCULATOR
Use these calculators and ledger to find out how much your student loans will cost you and plan for successful repayment before you borrow. First, create your in-school budget. When you’ve finished, you can estimate your monthly loan payments and plan your out-of-school budget.
Bar Loans
There are four loans available to students who will be taking the Bar Exam. These loan agencies are private and will check your credit history when determining your eligibility for their individual loan program. Each student is eligible for only one bar loan. Please make sure you read the application itself for a more detailed account of the terms of the agreement. Current interest rates are available on the web site.
| Law Loans | Law Achiever | Bar & Board Loan | Law Access | |||||
|---|---|---|---|---|---|---|---|---|
| Loan Limits | Minimum $500 Maximum $10,000 |
Minimum $500 Maximum $1,000 |
Minimum $500 Maximum $10,000 |
Minimum $1,000 Maximum $11,000 |
||||
| Aggregate Debt | $150,000 with cosigner $125,000 without cosigner |
$150,000 without cosigner $0 with cosigner |
$150,000 without cosigner $0 with cosigner |
$0 | ||||
| Guarantee Fee | 6% with cosigner 11.5% without a cosigner. 0 fees at repayment |
5.5% added after final disbursement. 3.0% added prior to repayment |
2% with cosigner 6% without cosigner |
0% at disbursement 0% .3% or 6% (amount based on past credit history) added at repayment. If a cosigner is required, it is 6% |
||||
| Interest Interest is capitalized on all loans while you are in school |
Prime +0% interim rate. Prime + 2% at repayment. Changes quarterly |
3 month LIBOR plus 2.30% while in school. 3 Month LIBOR plus: 2.2%. 2.45%, or 3.10% depending on length of repayment. |
Two Options Monthly Variable – Prime rate plus 2% Annual Variable – Prime rate plus 2.5% |
3 Month LIBOR plus 2.7% | ||||
| Repayment | 9 Months after graduation, 20 years. Has option of standard or graduated repayment and has payment incentives. Has cosigner release option. |
9 months after graduation, 25 years. Has three repayment options and payment incentives. | 6 months after graduation, 20 years. Three repayment options, possible payment incentives. Has cosigner release option. | 9 months after graduation, 20 years, minimum $50 monthly payment. Has flexible repayment options and repayment incentives. | ||||
| Disbursement | 6 months prior to graduation. | 9 months prior to graduation. | Anytime | 1 Year prior to graduation. | ||||
| Deadline | Six months after graduation. | Three months after graduation. | Three months after graduation | Six months after graduation. | ||||
| Express Applications | 800-984-0190 | 800-539-5363 | 800-634-9308 | 800-282-1550 | ||||
| Web Site | Sallie Mae | Key | Nellie Mae | Access Group |