Graduate Loan Information
- Direct Stafford Loan
- Graduate PLUS Loan
- Alternative Loans
Application for federal financial aid including the Direct Stafford Loan (Unsubsidized) is done by submitting a Free Application for Student Aid online at www.fafsa.ed.gov.
- Click here for additional information on the process to apply for financial aid.
If you have been awarded a Federal Direct Student Loan, you must have a Master Promissory Note and Entrance Counseling on file with our office for loan funds to disburse to your student account. If you are a returning student this should not be an issue, however, new borrowers must follow the links below.
You can complete your Student Master Promissory Note and Entrance Counseling at studentloans.gov
You can complete your Exit Counseling at www.nslds.ed.gov/nslds_SA/
Please note that a Federal Student Aid PIN (the same PIN you used to sign your FAFSA) is required to complete both of these items; if you need a PIN, please go to www.pin.ed.gov
Students pursuing a Masters or PHD program at the University of Delaware may apply for a Federal Graduate Direct PLUS Loan to cover education expenses that are not covered by the FAFSA package.
A printable copy of the following information can be found here: 2012-2013 Graduate PLUS Loan Supplement
The Graduate PLUS Loan Application, Master Promissory Note, and Entrance Counseling can be completed here: studentloans.gov. (Note: Entrance Counseling should be completed by first-time Graduate Plus Loan borrowers.)
First, file the Free Application for Federal Student aid (FAFSA) or renewal FAFSA for the 2012-2013 academic year. Then complete the Federal Direct PLUS 2012-2013 application on StudentLoans.gov, and the information will be forwarded to Student Financial Services for verification. To complete the online application, sign in under 'Manage My Direct Loan' using your Department of Education's FAFSA PIN to Complete PLUS Request process. You must be a U.S. Citizen or Eligible Non-Citizen (e.g. Permanent Resident) to be eligible for this loan. Borrowers are subject to a credit check to determine credit-worthiness.
Students with an adverse credit history, including being more than 90 days or more past due in the repayment of a debt, or those who defaulted or foreclosed on a loan, or filed bankruptcy in the past may be denied a PLUS loan.
The maximum amount you may borrow for any semester is the difference between the cost of attendance (tuition, fees, room and board, books, etc.) and the financial aid you are already receiving for that semester. If you are applying prior to the cost being established for the year (typically in July), and you would like to request that we process the loan for up to cost of attendance then please specify that on the application. We will then process the loan after the rates are set in early July for the difference between the cost of attendance less your financial aid package. There is a 4.0% origination fee which will be deducted from the amount that you request, if you request $10,000, the actual amount disbursed to your account will be $9600.
- If your loan is denied, you will be notified in writing by Direct Loans with the reason for the denial, and the name of the credit bureau from which the denial was obtained.
- If your loan is approved, you will be notified in writing by Direct Loans. IMPORTANT: you may have to complete the Electronic Master Promissory Note (MPN) online; refer to the next page of this supplement for instructions on how to complete your MPN. Please note the loan funds will not be disbursed to the student's school account until the MPN is completed.
Academic year PLUS loans are disbursed into your student account in two disbursements, usually at the beginning of each semester. The actual amount disbursed will be the amount you requested minus the origination fee of 4.0%. The funds are applied to your University billing statement. Requests for refunds can be made via email to credit-refund@udel.edu. If you receive additional financial assistance after the PLUS application is certified, one or both of the loan disbursements may be reduced or cancelled to prevent over-awards.
You may choose to defer payments on your PLUS loan until six months after the date you cease to be enrolled at least half-time (6 credits). The Direct Loan Servicer will provide you with the option to pay the interest that accrues on the loan prior to the start of repayment, either monthly or quarterly, or capitalized quarterly. Alternately, you may choose to begin repayment 60 days after the loan is fully disbursed, e.g. 60 days after the spring 2013 disbursement if your loan is for both fall and spring semesters, or for spring 2013 only. If you do so, the interest that accrues from the first disbursement to the start of repayment will be capitalized.
If your loan is denied due to adverse credit, the Direct Loan Servicing Center will send you documents for you to add an Endorser to your loan.
The maximum graduate Unsubsidized Loan amount available each year is $20,500. Maximum total debt from Stafford loans when you graduate is $138,500. The graduate debt limit includes Stafford Loans received for undergraduate study.
Promptly notify the Student Financial Services office in writing via email to finaid-loan@udel.edu; please include the student name, student id, amount requested for each term as well as your decision to use an endorser. You may also file an appeal with the Direct Loan Servicing Center if you are confident there is no basis for you to be denied the loan. They will explain to you what steps you need to take to get an override to the credit decision.
Yes. At any time during the loan period(s) you may request that the loan amount(s) you were approved for be reduced or cancelled. An increase to the original request may require a new loan to be processed for the additional amount only. However, in all these cases your request for a loan change MUST be submitted in writing which can be done via email to finaid-loan@udel.edu; please include the student name, student ID and additional amount requested for each term (i.e. $2000 Fall ; $2000 Spring).
Please bear in mind that it is your responsibility to meet all UD bill payment deadlines. Your application must be submitted in sufficient time to allow processing and disbursement of funds. Payment for the Fall semester is due August 1.
If the Direct PLUS loan you applied for is not reflected on your semester bill, from your online bill in Campus Finances, you may indicate you have an additional pending credit, specify PLUS loan and then deduct the amount. This will allow you to pay a partial or even no payment from your semester bill but you will be considered financially clear for your first billing. Failure to take action from your online bill could result in late or installment penalties. Remember, the amount of your loan that you can deduct from the bill is the amount you requested minus the 4.0% origination fee.
If you are applying for a Direct PLUS for the first time as a graduate/professional student, you'll need to complete and sign a PLUS MPN that is separate from the one that you use for your Direct Subsidized and Unsubsidized Loans.
Students should complete their MPN if necessary, soon after they have been notified by Direct Loans that their PLUS loans have been approved. Remember, your loan application is not complete until you have completed a MPN.
- Use Microsoft Internet Explorer as your web browser.
- Sign-In to the following website, https://studentloans.gov
- You will need your SSN#, 1st 2 characters of your last name, DOB and PIN. (You cannot use the PIN that was issued to the student or another parent.) If you do not have a PIN or have misplaced, please visit www.pin.ed.gov.
- On Welcome Page, please choose "Complete Master Promissory Note" and select "Graduate PLUS".
Please Note: The Promissory Note should only be completed once the parent has received confirmation that the loan has been approved.
Once you have exhausted your Federal availability for Financial Aid, Alternative Loans are another option to fill in the gap between the offered aid and your total Cost of Attendance. Please note that these lenders are for private student loans and are not to be used for Direct PLUS Loans or Direct Stafford Loans.
If you are a current student who wishes to find out more information about Alternative Loan Programs, please select the link below. By doing so, you will have access to a list of several alternative loan lenders that are frequently used by our students. Please keep in mind that you are not required to use one of the lenders displayed at the end of the counseling session. These lenders are presented for informational purposes only.
**The lenders which appear on the list presented at the end of this counseling session were chosen based on the lender's ability to receive electronic loan certifications, send Electronic Funds Transfer (EFT), and fee structure. Most loans presented at the end of this counseling session have zero fees for all borrowers. A few of the lenders included in the list may charge fees for borrowers with poorer credit and/or require that some payments be made while in school. Please read all fee and interest rate information carefully before AND after approval.
If the student is a resident of NJ they may be interested in taking an alternative loan through NJ Class. More information can be found at:
- NJ Class(for NJ residents only and Requires a FAFSA to be filed.)
