First Security Bank now offers the GradPLUS Loan for graduate and professional students who need money for college expenses in addition to other financial aid.

Not all schools participate in this loan program - please check with your school to see if they are participating in the FFELP GradPLUS Loan Program.  Also, schools may not certify your eligibility for the loan until after July 1, 2006, but you may submit your application before that date if you wish.

The First Security Advantage:  To ensure students get the most money possible from their loan, First Security will cut the interest rate by 2% at repayment just for having payments automatically deducted from a bank account.*

Important Facts about the GradPLUS 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 GradPLUS 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.
   

• The interest rate is fixed at 8.5%; however, First Security borrowers pay only 6.5% for using auto debit.
   

• The borrower may take up to 10 years to repay.

Ready to apply?

1. Have you completed and submitted the FAFSA?  If not,  you may go to www.fafsa.ed.gov. 
    

2. Some colleges and universities require GradPLUS Loan Pre-approval which involves a credit check.  To complete this   process, you may check back here after June 23 to apply online or you may click here to access a document which you may print out, complete, and submit by mail.
    

3. If your school directs you to your lender to complete a Master Promissory Note (MPN), you may return to this site after June 23rd to apply online and eSign if you wish, or you may click here to access a document which you may print out, complete, and submit by mail.

*Repayment benefit applies to Mississippi residents and to non-Mississippi residents who are attending a college or university in Mississippi.  If you do not meet either of these criteria, you may still receive generous repayment benefits:

• you will receive an immediate 0.25% interest rate reduction for having your monthly payment automatically deducted from a bank account; AND
   

• make your payments on time for 48 consecutive months and receive a 2% interest rate reduction.

Back to First Security Bank Student Loan Home Page.