- FEDERAL DIRECT GRADUATE PLUS LOAN -
What is a Federal Grad PLUS Loan?
Federal PLUS Loan is another form of self-help aid for students offered by the Department of Education. The Grad PLUS Loan is borrowed by the student while attending The Columbus School of Law and is made through the Direct Loan Program, which is funded directly by the United States Treasury.
It is a fixed interest rate (6.41%) education loan that can be used to finance up to 100% of a graduate or professional education (cost of attendance less any other estimated student financial assistance). You may qualify for a Grad PLUS Loan even if your financial assets limit your eligibility for other loans.
For more information, see this page from the Department of Education.
Note: There is a 4.204% Fee when borrowing a PLUS loan. The fee will be taken out of your loan amount prior to disbursement.
How much Federal PLUS Loan can I borrow?
The Federal PLUS Loan can be used to finance up to 100% of a graduate or professional education (cost of attendance less any estimated student financial assistance). The Columbus School of Law Financial Aid Office processes all Federal PLUS Loans in compliance with Federal Title IV regulations in accordance with the Higher Education Act, as Reauthorized in 2006.
How do I apply for a Federal PLUS Loan?
- Complete a Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov with the U.S. Department of Education. Enter our Federal School Code E00131.
- When you receive your FAFSA results and acceptance into Columbus School of Law, an award package detailing your eligibility for financial aid will be made available to you. Review the package and determine the loan amount you wish to borrow.
- Accept/Adjust/Decline your financial aid awards by utilizing the online Financial Aid Award Letter in Cardinal Station. An email will be sent to students beginning in mid-April with instructions on how to accept financial aid.
- Complete a Master Promissory Note (MPN). An MPN is required for first time Columbus School of Law borrowers. The MPN allows you to receive multiple Graduate PLUS Loan disbursements over a maximum 10-year period without requiring a new promissory note each time the borrower is approved for a loan at Columbus School of Law.
- Complete Entrance Counseling. Federal law requires completion of student loan entrance counseling for all new students prior to disbursement of loan funds.
Transfer Students: should cancel all loans and other aid at prior institution for the period of desired enrollment at Columbus School of Law, before beginning the Loan application process. Be sure to notify your lender(s) or servicer(s) of your decision to transfer and any changes in your new expected graduation date from the Columbus School of Law.
How will my loan funds be delivered?
CUA will receive loan funds via Electronic Fund Transfer (EFT) and credit the funds to your student account. You will receive your funds in two equal disbursements regardless of the loan period. Federal regulations restrict delivery of the first loan disbursement any earlier than 10 days prior to the first day of class.
If your loan funds exceed the charges on your account, the excess funds will be refunded to you in the form of a check and may be picked up at the Enrollment Services Office in McMahon Hall. Refund checks are normally processed around the end of the second week of school for each semester. New to this year is the Direct Deposit Option for refunds. To sign up, please review the CardinalPay information page or contact the Office of Enrollment Services (202-319-5300) directly.
Students should be aware that some charges (ie health insurance or enrollment changes) do not appear on the student accounts until after the refund check is issued. You need to be prepared to pay for any subsequent charges after having received a refund check. You have 24-hour access to your account via Cardinal Students.
What would Hold-Up Delivery of My Loan Funds?
- No Valid FAFSA on file
- No MPN on file
- No Entrance Loan Counseling completed
- Enrollment status reduced/withdrawn below half time
- Overlapping/conflicting loan period due to incomplete transfer process
- Federal Loan Default