Federal Direct Grad PLUS Loans
Federal Direct Grad PLUS Loans are credit based loans that are offered to graduate and professional students. Please be advised that students would need to be enrolled at least half time and must be in good academic standing to receive a disbursement.
- Complete a FAFSA with the U.S. Department of Education.
- The Department of Education will process the information provided on FAFSA and send the student a Student Aid Report (SAR). The SAR will give the student information on the processing of their aid. Students are strongly encouraged to read the report thoroughly. The school would receive the Estimated Family Contribution (EFC) to be able to process the student’s eligibility for federal student aid.
- The Financial Aid office would view the student’s eligibility. Once the student is determined to be eligible to receive aid, an award would be posted on HU Net for the student. Please view HU Net for your eligibility status or to see the outstanding requirements for your financial aid. You may also contact counselor for eligibility requirements and your status. The student would need to agree to all disclosures and then accept the aid offered to the student in order for the aid to be processed.
- In order to begin the process of the Grad PLUS loan, there are two requirements that must be
- The loan must be accepted the loan on HU Net, which is accessed by using the student ID number and password.
- The student would need to Complete a Grad PLUS loan Application and Master Promissory Note (MPN). By completing this process, the student authorizes a credit check by the U.S. Department of Education.
- All first time student borrowers would need to complete Grad PLUS/Stafford Loan Entrance Counseling. Entrance Counseling is to ensure that students are aware of their rights and responsibilities before they can receive a federal student loan. This process is also available on www.studentloans.gov.
- Once both requirements have been satisfied, the loan department at Hampton University would originate the loan with the U.S. Department of Education. The origination process verifies the amount the student is requesting and begins the credit check.
- The U.S. Department of Education would notify the student and Hampton University of the credit decision. Approved Grad PLUS loans will be held until the first disbursement. If a student is denied credit, they will receive a Denial Packet from the Direct Loans in the mail. The packet would include an endorser addendum. The student has a consenting adult that complete and return the endorser addendum for review by the U.S. Department of Education.
- Hampton University’s disbursement dates are generally scheduled every Tuesday and Thursday. Students are strongly encouraged to view HU Net after 5pm on the scheduled disbursement date to view their student account balance. If the student is due a refund, The Office of Student Accounts would be able to now process that refund. It is the advice of this office that students sign up for E-Refund on HU Net to expedite the refund process. For further information on the E-Refund process, please contact the Business Office at 757-727-5661 or toll-free at 1-800-624-3327.
- All students that have borrowed federal student loans and either graduate or separate from the University are required to complete exit counseling. Exit Loan Counseling is to remind the student of their rights and responsibilities as a student borrower and advise of repayment options available to the student.
- If you need to make changes to your loan, we have forms available to increase, decrease, cancel, and reinstate the loan. Please use these forms when requesting changes to loans.