Be certain to read this entire page of instructions and watch our GradPLUS video demonstration prior to clicking the application link to the Federal Direct GradPLUS Loan for Harvard Law School students.
In order to complete the application you will need the following:
- FSA User name and password
- Permanent and mailing addresses
- Telephone number
- Email address
Loan Amount Request:
When applying for a GradPLUS loan you will need to indicate the total amount you want to borrow for the entire academic year since funds are disbursed in two equal amounts at the beginning of each term. GradPLUS loans have a 4.292% loan fee that is deducted from the total loan amount prior to disbursement, therefore, you will want to consider whether or not you should increase your loan request by the amount of this fee in order to net a certain amount of money. We will automatically add the 4.292% fee amount to your student budget when we process your GradPLUS loan request. If you decide at a later date that you would like to reduce the overall loan amount, you may do so by contacting our office or completing the loan adjustment form found on our Financial Aid Web Forms page.
When determining the amount for which you’d like to apply, it is exceedingly important to consider what impact the fee deduction will have on your net loan disbursement amount because we are required, by federal regulations, to process your loan for the exact amount you request. If you do not incorporate the fee into your loan request, the net amount that is disbursed to your student eBill may be less than what you expected to receive.
On the GradPLUS application (link below), there are three loan amount request options. Please read the instructions for each option carefully:
- First Option: “Borrow the maximum amount”. You may choose to borrow the maximum amount. If you choose this option we will process your loan for the difference between your student budget and all other financial aid. We will automatically add the 4.292% fee to your maximum loan amount and increase your budget to account for the additional fee. For example: if your Student Budget is $85,000 and you are receiving $20,500 in financial aid (a Direct Stafford Loan), you will have room in your budget for a loan of $64,500 ($85,000 minus $20,500 = $64,500). By clicking on this first option, you do not need to do any math since we will automatically process your loan for an amount that includes the 4.292% fee (or $64,500 plus fees). In this example your gross loan amount will be $67,392 ($64,500 maximum loan amount divided by 0.95708 = $67,392) This will mean a total loan disbursement of $64,500, or $32,250 per semester, to your student eBill. Your budget would be increased by $2,892 for the loan fees.
- Second Option: “Specify an amount”. You may specify the amount you want to borrow within the limit of your student budget minus all other financial aid. When choosing this option we will automatically increase your student budget for the amount of fees that will be deducted from the total loan amount requested, however, we cannot automatically add the loan fees to your requested loan amount. We must process the loan for the exact amount you specify. If choosing this option you will first want to determine the net amount of the loan that will be disbursed. The net amount is the amount after the loan fees have been deducted. For example: HLS Grant recipients are required to borrow the minimum base loan amount of $16,000. Choosing this second option will require an HLS grant recipient to enter at least $16,000 (or you can request a higher amount as long as the total net aid does not exceed your student budget). Additionally, you will need to decide if you want to increase this amount for the 4.292% fee that will be deducted from the loan prior to disbursement. If not, then you will request exactly $16,000. We will process the loan for $16,000 and your loan disbursement for the year will total $15,313 (or $7,656 per semester). If you want to increase the loan for the 4.292% fee, you would divide $16,000 by 0.95708 for a loan amount of $16,718 and a disbursement of $16,000 (or $8,000 per semester).
- Third Option: “Don’t know the amount I want to borrow”. You should never choose this option since it will cause significant delays in processing your loan. Instead, call our office at (617) 495-4606 or email firstname.lastname@example.org with any questions you have about the loan amount.
Please enter and/or review the following information on the GradPLUS loan application.
- Award Year: 2015-2016
- Authorization for School Use of Funds: We strongly encourage all students to click this box and authorize us to hold credits to cover charges such as rent, computer and library fees, Crimson cash, or parking fees, etc. If this question is not answered, we will be required to issue a Title IV refund for funds that exceed tuition and the mandatory health fee. This means we will not be able to deduct your dorm charge, rent, other health insurance charges, etc. You will be responsible for paying those charges back to your bill within a matter of days. Checking the box essentially eliminates the need for you to make a payment, since you will have authorized us to apply the funds to any current charges on your account before any excess money is given to you in the form of direct deposit.
- School State: MA
- School Name: Harvard Law School
- Requested Loan Period Start and End Dates: September 2015 and May 2016
- Read credit check section carefully
- You must e-sign the Master Promissory Note before we will process your Direct GradPLUS loan. If you have previously signed a Master Promissory Note and see that this document is listed as waived or received on My HLS Financial Aid , then you do not need to sign another note.
- Once we have received your approved application and your promissory note, we will use this application for anticipated aid purposes until the funds have been disbursed.
Once you click on this link, a new window will open in your browser to give you access to the Federal GradPLUS application site. You should click the green “Sign In” button, log in with your FAFSA Pin and then choose the Graduate PLUS application.