Increasing an Existing Federal Direct Graduate PLUS Loan
What to Know Before Requesting a Graduate PLUS Loan Increase
- Fordham’s academic year begins with the fall term and ends with the summer term.
- If you do not have a Graduate PLUS Loan in place for this academic year, here’s how to apply.
- If you choose a loan period that includes more than one term, your total loan amount will be spread evenly across the number of terms you choose
- There is a 4.228% origination fee deducted from each loan disbursement. To calculate the total loan amount you should request, divide the amount you need by 0.95772.
- For example: if you need $8,000 to cover your expenses, request $8,354. ($8,000/0.95772 = $8,353).
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Requesting your Graduate PLUS Loan Increase
- If your existing Graduate PLUS Loan did not require an endorser, request an increase through Fordham.
- If your existing Graduate PLUS Loan required an endorser, you must complete a new Application for a Graduate PLUS Loan through the Department of Education.
Options if you are denied based on credit history:
- Get an Endorser. An endorser is someone who agrees to repay the Graduate PLUS Loan if you do not repay it.
- Appeal your credit decision by documenting extenuating circumstances
** If you are subsequently approved after using one of these options you must complete PLUS Credit Counseling before your loan will disburse.