Federal Direct Graduate Plus Loans
Graduate and Professional degree students are eligible to borrow Federal Direct Graduate PLUS Loans under the William D. Ford Federal Direct Loan Program. Students may borrow up to the cost of attendance minus other financial aid. This loan for the 2019-2020 academic year has a fixed interest rate of 7.08%. The origination fee on or after 10/1/18 and before 10/1/19 is 4.248%; the origination fee on or after 10/1/19 and before 10/1/20 is 4.236%. Interest rates for these loans can be found at: https://studentaid.ed.gov/sa/types/loans/interest-rates.
If you receive a Federal Direct PLUS Loan as a graduate or professional student, you don't have to make any payments while you're enrolled in school at least half-time, and for an additional six months after you graduate, leave school, or drop below half-time enrollment. Loan funds are disbursed directly to Stonehill College in equal amounts over each term of enrollment for the academic year.
- Graduate students are required to complete the Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov.
- Student must be accepted in a degree-granting program for at least six credits each term. Please note that federal regulations do not allow Federal PLUS loan applications to be processed for an outstanding balance that is associated with an academic year that has already ended.
- Student must first borrow the maximum allowable through the Federal Direct Student Loan program.
- The applicant does not have an adverse credit history.
- Answers to Frequently Asked Questions about Federal Direct PLUS Loans can be found at: https://studentaid.ed.gov/sa/types/loans/plus .
Alternative Private Lender
In addition to federal loans, graduate students may also borrow alternative private loans. Students may choose any alternative lender. Stonehill has identified lenders that our students have borrowed from in the past three years and who are still providing alternative loans. This is an historical list only and is not a list of recommended lenders.
The FASTChoice loan comparison tool is provided by Great Lakes Higher Education Assistance Corp. to assist students in comparing alternative loan rates and fees, repayment and deferment terms and lender disclosure notices. Students are not limited from using lenders on this list.
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