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Introducing Hancock Bank's Newest Product ... The
Hancock Grad PLUS Loan
Hancock
Bank now offers the Grad PLUS Loan for graduate and professional
students who need money for college expenses in addition to other
financial aid. Grad PLUS Loans are not based on financial need and
have a low fixed interest rate of 8.5% on loans with a first disbursement
made on or after July 1, 2006.
Not
all schools participate in this loan program - please check with
your school to see if they are participating in the FFELP Grad PLUS
Loan Program.
Important
Facts about the Grad PLUS Loan:
- The
loan is not based on financial need.
- A
credit check is required to ensure the applicant does not have
adverse credit history.
- The
eligible loan amount cannot exceed the student's cost of attendance
less other financial aid.
- Applicants
must file the FAFSA annually
after January 1 of each year.
- Applicants
must apply for and the school must determine the student's eligibility
for the maximum annual subsidized and/or unsubsidized Stafford
Loan amount; however, the student is not required to receive a
Stafford Loan as a condition of receiving a Grad PLUS loan.
- Repayment
begins within 60 days after final disbursement of the loan; however,
the loan may be deferred while the student is enrolled at least
half-time.
- The
borrower is responsible for interest which accrues on the loan
from the date of the first disbursement; however, interest can
be deferred.
Ready
to apply?
- Have
you completed and submitted the FAFSA? If not, you may apply
online.
- Some
colleges and universities require Grad PLUS Loan Pre-approval
which involves a credit check. To complete this process, you may
apply online
or you may access a .pdf version of the document
which you may print out, complete, and submit by mail.
If
your school directs you to your lender to complete a Master Promissory
Note (MPN), you may apply
online and e-sign, if you wish, or you may access a .pdf version
of the document which you
may print out, complete, and submit by mail.
Information
subject to change without notice. Normal credit qualifications apply.
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