IDAPP's Federal gradplus Loan Program

As of July 1, 2006 Graduate and Professional students will be eligible to borrow through the Federal PLUS Loan Program. Introducing the new IDAPP gradplus loan! The gradplus program allows students to fill the financial gap between the cost of education and FFEL Stafford limits.

• A graduate/professional student enrolled at least half-time in an eligible program may be eligible for the gradplus loan.
• Eligibility for the gradplus loans is not based on financial need.
• You must not have an adverse credit history as defined in the federal regulations.
  Adverse credit history may include:
  • The applicant is 90 days or more delinquent on the repayment of any debt.
  • The applicant has had any debt discharged in bankruptcy during the 5-year period before the date of the credit report.
  • The applicant has been the subject of a default determination on any debt, a foreclosure, a tax lien, a repossession, a wage garnishment, or a write-off of a Title IV debt during the 5-year period before the date of the credit report.
  • A loan that has been discharged as the result of a closed school or false certification claim may not be considered to represent adverse credit.
  
  If you have had prior credit concerns or prior financial problems, we strongly encourage you to still apply. IDAPP staff of trained credit professionals are highly skilled to review your credit history on the credit report and can assist in the processing of your request. The credit reports are personally evaluated and we may make suggestions that will assist you in the processing of your loan.
  

If you do not meet the credit criteria, IDAPP will accept an Endorser if they meet our credit criteria. The endorser must complete and submit an application to IDAPP. Learn more about gradplus Endorsers or complete a gradplus Endorser Addendum application. Please note the endorser must provide a new application for each academic year.

• The financial aid administrator at the college you are attending determines and certifies the loan amount.
• Although individual lenders may have borrowing limits, IDAPP does not impose borrowing limits on gradplus loans.

• Repayment begins shortly after the funds are disbursed. You may request a school deferment if you are enrolled at least half-time and want to defer payments while you are in school.
• The repayment terms can be up to ten years.
• After graduation / separation from school gradplus loans are eligible for other deferment options. Click here for information on deferments.
• A gradplus loan may be consolidated with other federal loans after graduation / separation from school.

The interest rate for the gradplus loan is a fixed rate of 8.50%. Interest will accrue from date of first disbursement.