Graduate students are eligible to borrow under the PLUS Loan Program up to their cost of
attendance minus other estimated financial assistance in the Direct Loan Program.
Graduate PLUS applications are now available at
www.StudentLoans.gov! Processing typically begins in July for the upcoming
Must be fully admitted as a degree-seeking student at ISU.
Must be enrolled at least half-time when the loan is expected to be disbursed.
Must not be in default on an educational loan or owe an overpayment on a federal education grant, or other federal debt,
or has made satisfactory arrangements to repay that debt.
Must be a creditworthy graduate student.
Must apply for annual loan maximum eligibility under the Federal Unsubsidized Stafford Loan Program before applying for a Federal Direct Graduate PLUS loan.
Must be creditworthy.
Regulations provide that a PLUS loan applicant has an adverse credit history if:
The applicant has a history of bankruptcy, foreclosure, tax lien, or a
default determination; and
the applicant has one or more debts that
are 90 or more days delinquent or that are in collection or have
been charged off during the two years preceding the date of the
applicant’s credit report, but only if the total combined
outstanding balance of those debts is greater than $2,085.
absent any other adverse credit history finding a PLUS Loan
applicant whose credit check shows that the total of any debts
that are 90 or more days delinquent or that have been placed in
collection or charged off is $2,085 or less will not be
considered to have adverse credit and therefore, will be
eligible for a PLUS Loan.
Payment may be deferred if the student is enrolled half-time. Contact
Federal Student Loans to request deferment.
Disbursement of Funds
Loan funds are applied to student accounts approximately ten days before the
start of the semester.
Half of the amount applied for
is disbursed at the start of the fall semester and the other half at the start of the spring semester.
Funds will first cover direct educational expenses on the student's account.
Any excess funds are refunded to the student via ACH direct deposit or sent
to the student's permanent address.
Borrowers have the right to cancel all or a portion of the loan with no penalty by submitting a loan
cancelation form within 14 days of disbursement. Visit
http://indstate.edu/finaid/lar-form.htm for the form.