FIT participates in the William D Ford Federal Direct Loan Program. Under the Federal Direct Loan Program, the funds for the Graduate PLUS Loan come directly from the Federal Department of Education. Students enrolled in any of our Graduate programs must first apply for their full Stafford Loan eligibility before consideration.
What needs to be in place in order to apply for Graduate PLUS Loan?
- You must be a U.S. citizen or an eligible non-citizen
- You must be admitted in a graduate degree program
- Your FAFSA must be completed for that school year. You will need a PIN to complete the FAFSA electronically.
How do I apply to receive a Graduate PLUS Loan?
- The first step in the application process is to download, complete and submit the Request for Federal Direct Graduate PLUS Loan and Consent to Obtain Credit Report.
- You must pass a credit check. Student must enroll in at least 6 credit hours per term in a degree program in order to be eligible.
- If this is your first Graduate PLUS Loan, you must also complete the following at: www.studentloans.gov
- An Entrance Counseling session - choose “I am completing entrance counseling in order to receive loans as a graduate or professional student.”
- A Graduate PLUS Master Promissory Note (MPN)
How do I determine the amount for which I may be eligible?
Students can determine the amount for which they may be eligible by accessing MyFIT.
- Go to FIT Applicant or Student tab
- Under Financial Aid Resources, click on Check My FIT Financial Aid Application Status
- Click on My Overall Status of Financial Aid
- On the drop down choose the Academic Year
You will not be able to complete a Master Promissory Note until your loan request has been received by the Department of Education. Repayment is at a fixed rate of 7.9% interest starting 60 days after the loan is disbursed with a repayment term of 10 years. Repayment can be deferred upon request.