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Grad PLUS is a federal loan program designed to provide additional assistance to graduate and professional students after eligibility for federal Stafford Subsidized and Unsubsidized loans have been considered in the student’s aid package. The basic interest rate set by the federal government is 8.5%, however lenders may offer repayment incentives that could reduce the actual interest rate after the student enters repayment. Grad PLUS loans go into repayment immediately upon disbursement, but students can request a deferment from their lender while in school. Lenders will run a credit check before approving a Grad PLUS loan, but the basis of approval is less stringent than that of the private loans. Students do not necessarily have to have good credit, but the student cannot have bad credit in order to qualify. The Grad PLUS loan must be certified by the OUHSC Financial Aid Office after the student applies through the lender of his/her choice. Usually the student will see the loan listed among the awards on an OUHSC Financial Aid Award Notification to let the student know this loan is an option. The student can access the OUHSC lender list through the self-service award notification process, or request a paper lender list to choose a lender. Each lender has a website through which the student can apply online to begin the loan approval process. You can access our lender list through your self service account, by contacting our office at (405) 271-2118 or by email. |
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