Office of Admissions and Financial Aid >
Financial Aid
Direct Graduate PLUS Loan
| Eligibility |
|
|---|---|
| Annual Limit | Borrow up to the cost of attendance less other aid (including maximum Direct) |
| Aggregate Limits | No aggregate limit |
| Interest Rate | 7.9% fixed rate |
| Fees | origination fee of 4.0% |
| Repayment | Begins 60 days after last disbursement of loan; students with enrollment status of at least half-time will be eligible for a continuing education deferment of repayment. Same as Direct Loan |
| Disbursement | Twice per loan period (once in the fall and once in the spring). All funds will be applied directly to your student account to cover any University charges. If the amount of your loan disbursement exceeds your charges, you will be issued a refund (via Direct Deposit or Total Pay Card) for the difference which you can then use to cover your living expenses. |
| Recommended Deadline |
June 15 or as soon after notification from the SFS Loan Office in order to receive credit on the fall bill. |
Loan Process for entering students
Step 1: File a FAFSA Penn's institutional code #003378
Step 2: Get your Penn Key no later than July 1 - A PennKey and password are required to access the Penn Loan System. You should have received a letter or e-mail with information about creating a PennKey. If you have not received this letter or e-mail, please send an email to pennkey@isc.upenn.edu or visit the PennKey website for information on registering a PennKey.
Step 3: Complete a Direct Grad PLUS application online at https://studentloans.gov (FAFSA pin is required)
Step 4: Complete an Entrance Interview if you are a first time borrower and are NOT borrowing a Direct Loan
Step 5: Request a GradPLUS loan
Step 6: Complete a GradPLUS Mater Promissory Note
Please note that all financial aid (scholarship + loan) cannot exceed the student budget.
Your Direct Loan will not disburse until both the MPN and Entrance Interview are completed as well as any other required document for disbursement.
The Financial Aid Office in the School of Medicine is your best resource for all financial aid questions and issues. You can find us in Suite 100 Stemmler Hall. We look forward to meeting you and assisting you in the financial aid process.
Rebekka Howell rebekkaa@mail.med.upenn.edu 215-573-3423
Jean Fox jmfox@mail.med.upenn.edu 215-898-9118
Page Updated: 17-Apr-2012
