In compliance with the New York State Attorney General's Code of Conduct, the process through which recommended lenders are selected is fully disclosed through SUNY Fredonia's Request for Information (RFI) process.
Click Here to view the criteria used (RFI) to determine SUNY Fredonia's Recommended lender list. What are the eligibility requirements of a Graduate PLUS Loan? To be eligible for a Graduate PLUS Loan, you must:
- Be a graduate or professional student enrolled at least half-time
- Be a U.S. citizen or eligible non-citizen
- Complete the Free Application for Federal Student Aid (FAFSA) and a PLUS electronic Master Promissory Note (e-MPN)
- Have applied for the maximum amount in Stafford Loans
- Be creditworthy
How do I apply for a Federal Graduate PLUS Loan? To apply for a Federal Graduate PLUS Loan at SUNY Fredonia, the graduate borrower must access our "Preferred Lender" comparison list below via the "Apply On-Line for Graduate PLUS" link to initiate an on-line credit check analysis that will be performed by the New York State Higher Education Services Corporation (NYSHESC).To apply for a Federal Graduate PLUS Loan at SUNY Fredonia, the graduate borrower must access our "Preferred Lender" comparison list below via the "Apply On-Line for Graduate PLUS" link. This will initiate an on-line credit check analysis that will be performed by Equifax Credit Agency through the New York State Higher Education Services Corporation (NYSHESC). If the borrower's credit is approved, he or she will be prompted to begin the on-line Graduate PLUS Electronic Master Promissory Note (e-MPN) application process. Once the e-MPN is completed, the Financial Aid Office will be notified of the requested loan amount and will certify the loan based on the student's eligibility. The Financial Aid office will then submit the certification back to NYSHESC for final guarantee. For more information regarding the Graduate PLUS Loan and other financing options view the Alternative Options Guide.
What if my credit is denied? If the applicant is determined to have adverse credit and is subsequently denied the Graduate PLUS Loan, he or she may re-apply using a credit-worthy endorser. The endorser must also undergo a credit check and must agree to repay the loan debt if the borrower is unable to do so.
How much can I borrow and what is the interest rate? The annual limit on the Graduate PLUS Loan is equal to your cost of attendance minus any other financial aid. For example, if the cost of attendance is $21,000 and you receive $18,500 in other financial aid, you would be eligible to borrow up to $2,500.00 in a Graduate PLUS Loan. The interest rate will be fixed for Graduate PLUS Loans that are disbursed on/after July 1, 2008 and will carry an interest rate of 8.5%. Interest is charged on the loan from the date the first disbursement is made until the loan is paid off.
Who receives the funds? If you borrow a Fall/Spring loan, SUNY Fredonia's Office of Student Accounts will receive the money in at least two installments. No one payment may exceed half of the loan amount. The money will then be applied to your tuition and fees, room and board, and other school charges. If any loan money remains, you will receive the amount as a check or in cash. Any remaining loan money must be used for your education expenses.
When do I begin repaying the loan? Generally, the first payment of a Graduate PLUS Loan is due 60 days after the date the loan was fully disbursed. Of course, a Grad PLUS borrower may receive a deferment while he or she is enrolled on at least a half-time basis at an eligible school. Upon dropping to less than half-time enrollment status, the borrower is not entitled to a grace period on his or her Graduate PLUS Loans.
Click here to Apply On-Line for a Graduate PLUS Loan.