The U.S. Department of Education student loan website, www.StudentLoans.gov , will
be accepting online applications for Federal Direct Graduate PLUS
Loans for the 2011-2012 school year.
- The borrower must sign in to the website using their Federal
Student Aid PIN (the same PIN that was used to sign the student’s
FAFSA) in order to apply. If the borrower does not already
have a PIN or has forgotten it, they can obtain a new one by
following the link to the PIN
- Once signed in, the borrower must click on “Start PLUS
Application Process” to begin.
PLUS PROCESS CONSISTS OF FOUR EASY
Step 1: Personal Information
- The site will ask for certain personal information about the
borrower, much of which the site will have already entered based on
the PIN used when signing in.
Step 2: Student & Loan
- Select 2011-2012 as the Award Year.
- Select “NEW YORK” as the School State and “SAINT JOHN’S
UNIVERSITY” as the school name.
(The borrower will next have to indicate which school(s) they
would like to be notified of the result of the
application. The borrower may choose up to three
- Enter a requested loan amount.
- The borrower can choose to enter a specific amount they would
like to borrow or to borrow the maximum amount for which they are
eligible as determined by St. John’s University (this amount is
indicated in your Financial Aid award letter).
- If the borrower later determines that they do not need the
entire amount for which they applied, they may cancel or reduce an
un-disbursed loan at any time and may cancel or reduce a disbursed
loan within thirty days of the date of disbursement. St.
John’s Loan Change Form is available online.
- The amount the borrower chooses to apply for will not affect
the result of the application.
- When choosing an amount, the borrower should borrow only what
is really needed and remember that loans must be repaid.
Step 3: Review Application:
- The borrower will have an opportunity to review the information
listed on the application and make any necessary corrections.
Step 4: Credit Check &
- Once the borrower has reviewed the application and is satisfied
that all of the information listed is correct, they must authorize
the Department of Education to review their credit history and then
submit the application.
- An additional step for first time Grad PLUS
borrowers. All new Direct Grad PLUS Loan borrowers must
complete a separate Grad PLUS Entrance Interview at www.StudentLoans.gov.
When will the borrower be notified of the
result of the application?
- Once the borrower submits the application, they will be
notified immediately of the result.
- If approved, the borrower will be directed to complete a Master
Promissory Note (MPN) if they have not previously completed a PLUS
What can the borrower do if PLUS loan is
- Option 1: If not approved, the
borrower may choose not to pursue a Federal Direct PLUS Loan.
- Option 2 : If not
approved, the borrower may elect to provide documentation of
extenuating circumstances and appeal the decision. In this
case, the borrower must provide contact information and a
representative of the Department of Education will contact the
borrower with further instructions.
- Option 3: If not approved, the
borrower can choose to obtain an endorser with a more favorable
credit history to act as a co-signer. The endorser must
complete a process, similar to the original application, either
online or through the mail. The online process requires that
the endorser have a Federal Student Aid PIN. The not approved
borrower will automatically be mailed a paper Endorser
Package. Both processes require that the endorser know the
Loan Reference ID which will be provided to the not approved
borrower via email or can be viewed by the not approved borrower
when they sign in to www.StudentLoans.gov.
How will the student receive the loan
- Once an application has been approved and a MPN has been
properly completed, the student will be given credit for the amount
approved for disbursement less all applicable fees.
- The approved amount will automatically be split equally between
the fall and spring semesters.
- Funds will be disbursed to the student’s account at the
beginning of each semester according to the disbursement schedule
of St. John’s University.
What is the interest rate on the Graduare
PLUS Loan for the 2011-2012 academic year?
- The current interest rate for the Graduare PLUS loan is