Grad PLUS FAQ


General Financial Aid FAQ

How can I obtain additional funds to help finance my education?
The Chicago School encourages students to apply for a Graduate PLUS Loan (Grad PLUS) from Direct Lending at studentloans.gov. You must complete an application and master promissory note in order to receive the funds. It is imperative that the name you use to apply for the Grad Plus loan match the information you submitted on the FAFSA as well as the information we have on file for your official student record. The Grad PLUS is a credit-based loan.

  • Fixed interest rate
  • Liberal credit approval
  • Eligible for consolidation
  • Eligible for in-school deferment
  • Eligible for discharge upon death of borrower
  • Eligible for discharge if borrower becomes totally and permanently disabled

Are there any fees associated with the Grad PLUS loan?
Grad PLUS Loans are disbursed with a fixed interest rate and 4% origination fee.  For example, if you borrow $15,000, the total net would be $14,400.

When should I apply?
We recommend students to apply no earlier than one month prior to the loan period  for which the loan is intended.

How much am I eligible to receive?
The funds you are able to obtain vary individually and are based on your overall cost of attendance. It is recommended that students apply for as much as they need. The Chicago School will do its best to certify as close to the requested amount as possible based on the student's overall cost of attendance.

How are the funds scheduled to be disbursed?
Grad PLUS Loans are scheduled to be disbursed the first week of the term for all terms of the loan period. You may review your "award letter" via the ePortal to determine your current loan period. Typically a loan period is two or three academic terms.

How do I know I have been approved for the loan?
You will receive a notification from Direct Loans regarding your status.

I anticipate a refund, when can I expect to receive it?
Once Grad PLUS funds have been posted to your student account, student accounts will process within 14 days. If you are not set up for direct deposit, we will automatically mail your refund check to the address you have on file.

How can I monitor my loan approval and disbursement progress?
If you see your GradPLUS loan amount listed on your ""award letter,"" as approved, your loan has been certified. If you see your GradPLUS funds have posted to your student account and you do not have an outstanding balance, students may expect to receive a refund within 14 days.