1. Complete a Free Application for Federal Student Aid (FAFSA).
2. Thoroughly complete and submit the Graduate Federal Direct Stafford Loan Request Form for the 2011-12 Academic Year.
3. Complete the First-time Borrower Requirements* if applicable.
4. The Office of Scholarships and Financial Aid will process your loan.

What is the interest rate?
The interest rate is fixed at 6.8%.

*First-time Borrower Requirements

Master Promissory Note Requirement
The Federal Direct Stafford Loan program requires all first-time borrowers to complete a Master Promissory Note. You may complete a Master Promissory Note on the Web by using your PIN at www.bsu.edu/finaid, then click on Fill Out Your Master Promissory Note.

Loan Counseling Requirement
Federal Direct Stafford Loan program regulations require all first-time borrowers to complete a loan counseling session before these funds can be released. This requirement may be completed on the web at www.bsu.edu/finaid. Then click on Take Loan Entrance Counseling and follow the directions through the entire site.

Loan Maximums

Two consecutive semesters define your borrowing period. If your borrowing period includes summer, borrowing more than half of your eligibility during the first semester can affect the amount you are eligible to receive in the second semester of your borrowing period.

Graduate students may borrow up to $20,500 ($8,500 maximum subsidized) per borrowing period with a cumulative maximum for undergraduate and graduate loans of $138,500 ($65,500 maximum subsidized). You may not be able to borrow the maximum as a result of previous borrowing, other aid received, and your estimated cost of attendance. Federal regulations require that you be enrolled for at least 5 hours per semester to receive these funds.

Completing the Loan Request Form

You may only complete a loan request form if you are currently registered as a Ball State student.  If you are a student and do not have a Ball State computer user name, it is easy to obtain one or have its associated password reset. Bring a valid picture ID to the Technology HelpDesk located in Bracken Library (BL), room 101. You will be given your user name and/or password while you wait. The process takes about five minutes to complete.

The information desk staff cannot perform password resets over the phone, nor can they reset passwords when a password does not match that of the ID holder.

To proceed and complete an online Graduate Federal Direct Stafford Loan Request Form for Academic Year 2011-12, click here.

Graduate PLUS Loan

Grad PLUS loans are from the U.S. Department of Education (ED) and provide additional funds for educational expenses not met by other types of aid. The Grad PLUS enables graduate students to borrow up to the cost of education minus any other financial aid.

Who is eligible to receive a Grad PLUS loan?

The borrower must:

1. be accepted for enrollment in a degree-seeking program,
2. be registered at least half-time in courses counting toward a graduate/professional degree,
3. file a Free Application for Federal Student Aid (FAFSA)
4. first apply for the maximum loan eligibility under the Federal Subsidized and Unsubsidized Stafford Loan Program,
5. not be in default on any type of student loan,
6. not owe a repayment on a student grant, and
7. pass a credit check by the U.S. Department of Education (ED).

What is the interest rate?

The interest rate is fixed at 7.9%.

When do I begin repaying a Grad PLUS loan?

Repayment begins within 60 days of the final disbursement. Principal and interest payments may be deferred if the borrower meets deferment requirements. To learn more about available deferments and how to apply for deferment status, please contact ED's servicer at (800) 848-0979.

What if I don't pass the credit check?

If you don't pass the credit check, you will be notified in writing by the Direct Loan Center. The letter will notify you of the following options:

• Appeal:  If you believe the denial was an error, you may work with the Direct Loan Center to reverse the credit decision.
• Endorsement:  You may have someone endorse the loan. This person would be responsible to repay the loan if you are unable to make the payments.

Completing the Loan Request Form

You may only complete a loan request form if you are currently registered as a Ball State student.  If you are a student and do not have a Ball State computer user name, it is easy to obtain one or have its associated password reset. Bring a valid picture ID to the Technology HelpDesk located in Bracken Library (BL), room 101. You will be given your user name and/or password while you wait. The process takes about five minutes to complete.

The information desk staff cannot perform password resets over the phone, nor can they reset passwords when a password does not match that of the ID holder.

To proceed and complete an online Grad PLUS Loan Request Form for Academic Year 2011-12, click here.