apples wrote:sorry if this is a dumb question, but do I apply for a Gradplus loan after i receive a financial aid award letter from a school so that I know how much of a Gradplus loan to apply for? I filled out all the fafsa, needaccess and special forms for individual schools, but nothing for gradplus. I do that later, correct?
Yes. You will generally apply after you receive the finaid award letter. The most common application deadline is sometime in May.
I assume you're discussing applying to private lenders who issue government-backed GradPLUS loans. This is no longer going to be the application process; the health care modification bill being debated in the Senate today is going to do away with GradPLUS loans from private lenders in favor of direct government lending. With direct lending you won't have to apply to a lender, you'll just get the loan directly from the institution, so your financial aid award letter is
your notice of qualification.
The bill hasn't passed yet, but should in the next couple days, and will go into effect this summer. At that point the issue of having to apply to private lenders for GradPLUS loans will go away entirely.