Federal Direct Graduate PLUS Loan

Graduate PLUS loans are from the U.S. Department of Education for students seeking master’s, doctoral, or specialist degrees. The Graduate PLUS enables graduate students to borrow up to the cost of education minus any other financial aid.

We recommend you apply for this only after exhausting Federal Stafford Loan eligibility.

To qualify for one of these loans, you must:

• be accepted for enrollment in a degree-seeking program (MA, Ed. D, Ed. S, Ph. D) 
• be registered at least half-time in courses counting toward a graduate/professional degree
• file a Free Application for Federal Student Aid (FAFSA)
• first apply for the maximum loan eligibility under the Federal Subsidized and Unsubsidized Stafford Loan Program
• not be in default on any type of student loan
• not owe a repayment on a student grant
• pass a credit check by the U.S. Department of Education.

Application Procedures
You can choose to apply for a Federal Direct Graduate PLUS loan by submitting a loan request form online at http://studentloans.gov/myDirectLoan/index.action.

Students must have a good credit history and pass a credit check performed by the U.S Department of Education to be eligible for this loan.

Interest Rates
Interest rates for Graduate PLUS loans are fixed at 7.9 percent.

Fees
A 4.0 percent loan fee will be deducted from each loan disbursement.

Method of Payment
Loan proceeds will be credited directly to your student account. Fees, plus housing and dining charges (also known as room and board) will be paid. If the amount of your loan is greater than the amount of these charges or if these charges have already been paid, a refund will be issued to you.

Electronic Master Promissory Note (MPN)
Federal regulations require that first-time Graduate PLUS borrowers complete a Master Promissory Note before receiving any money from the Federal Direct Loan Program.

If you have borrowed previously but are a new borrower with the Graduate PLUS Program, you must complete an MPN.

Entrance Counseling
All first-time Graduate PLUS borrowers must complete an online loan counseling session. Loan proceeds will not be disbursed until the loan counseling requirement has been met.

Repayment
Repayment of the loan begins within 60 days of the final disbursement of the loan. You may be eligible for an in-school deferment if you continue to be enrolled at least half-time.