Federal Graduate PLUS Loans
The U.S. Department of Education provides federally funded PLUS loans to Graduate students. The Grad PLUS loan is intended to supplement a graduate student's ability to fund their education; working in tandem with their federal unsubsidized student loan. Just like federal student loans, Grad PLUS loans are also deferred while you are enrolled at least half-time. All Graduate PLUS borrowers are required to complete a PLUS Master Promissory Note (MPN) and Loan Entrance Counseling with Federal Student Aid.
Student Eligibility
- Student must complete the Free Application for Federal Student Aid (FAFSA)
- Student must be U.S citizen or eligible non-citizen
- Student must have accepted all federal unsubsidized loans offered to them
- Student must be meeting Satisfactory Academic Progress (SAP)
- Student be enrolled at least half-time (5 credit) in a degree seeking program
- Student borrower cannot have any adverse credit history, or must have a have credit-worthy co-signer
- Student borrower cannot be default on any federal loans
1) Request the max for the full academic year. We can always decrease the loan at your request.
2) Peace of mind knowing the full year is completely funded.
3) Interest doesn't begin to accrue on loan until disbursement. So only the half of the loan that disburses will accrue interest immediately.
4) Have just one credit review for the year.
5) The loan will be reflected on the bill received from University Bursar.
6) Don't wait until the busy holiday season to apply for a Spring loan. You will likely forget.
7) Campus closes Christmas Eve through New Years Day. Time will be limited for new loan processing.
1) Full year loans are automatically split 50/50 between Fall and Spring. If you need $15,000 for Fall, go ahead and apply for $30,000 to cover the year and we'll split it evenly and schedule disbursements accordingly. Don't worry, the Spring disbursement won't start accruing interest until it disburses.
2) If circumstances change and you no longer need the loan or you need the amount reduced, just let us know by the first of August (for Fall loans) or January (for Spring loans) and we can cancel or reduce the pending PLUS disbursement, no problem.
3) Your total aid package, including PLUS loans, cannot exceed the Cost of Attendance (COA) budget for the period of the loan.
4) Loan approvals need to be received no later than two weeks before the Due Date to allow time for our office to certify the loan.
5) Campus closes Christmas Eve through New Years Day. Any loan application received during that time will not be processed until we return to the office in January and there should be no expectation that the loan will be processed before Due Date.
6) We do not expedite processing. Certifications will be processed in the order received. Do not delay!
7) All federal loans are subject to an origination fee, utilize the PLUS calculator to ensure the disbursement is what you need.
PLUS Loan Interest Rates and Fees
All federal PLUS loans are subject to an origination fee and fixed interest rates. To view the current rates, click the button below:
Fixed Interest Rate:
Interest is additional money that you pay as a cost of borrowing. Fixed means that the interest rate never changes. The interest is calculated as a percentage of the unpaid amount that you borrowed.
Origination Fee:
An origination fee is a percentage of your loan amount charged by the lender for the processing of your loan. Federal PLUS loans assess an origination fee of approximately $40/per 1,000; therefore, the amount you receive as a disbursement will be less than the amount you request. Example: $1,000 loan = $960 disbursement, but you are responsible for paying back the full $1,000 plus any interest that accrues.
Utilize the Direct PLUS Loan Calculator to help you calculate how much you need to borrow: