Federal Direct Graduate Plus Loan

• Graduate students can apply for up to the Cost of Attendance minus any financial aid they are receiving.
• The current interest rate for the 2024-2025 academic year is fixed at 9.08%. Interest rates for the new academic year are determined by July 1 each year.
• Financial need is not required.
• The graduate student borrower cannot have an adverse credit history.
• The graduate student borrower cannot be in default on another federal loan.
• There is an origination fee that is deducted from the loan before it is disbursed to the University. The origination fee is currently 4.228% but is subject to change.
• Repayment of this loan may be deferred while you are enrolled at least half-time and for an additional 6 months after you graduate, leave school, or drop below half-time enrollment. Deferment may be requested during the loan application process.
  Note: Interest accrues on the loan during the deferment period as well as during any period when a payment is not required.
• If a deferment is not requested, repayment of principal and interest begins after the loan is fully disbursed (paid out). The standard repayment period is a maximum of 10 years.
• Eligibility for the Direct PLUS Loan is based on the borrower’s credit worthiness. The U.S. Department of Education will run a credit check to determine if the graduate student is eligible for the loan.
• Graduate students are encouraged to apply for a loan for the academic year rather than applying each semester.
• Learn more about the Federal Direct Graduate PLUS loan

• Graduate students may apply by visiting http://studentaid.gov/plus-app/grad/landing
• Graduate students are encouraged to apply for a loan for the entire academic year rather than applying prior to each semester.
• Graduate students must sign into this federal site using their FSA ID they used to sign the FAFSA
• Once the online loan application is completed and submitted, you will be notified immediately with the status of the loan.

• Graduate students must sign a PLUS Master Promissory Note (MPN) on the same website. The MPN is a legal document in which the borrower promises to repay the loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of the loan(s).
• Once all requirements have been met and appropriate documentation has been submitted, approved loans will be added to your financial aid and you must accept the loan on the University’s online financial aid system.
• The Financial Aid Office will process the federal Direct graduate PLUS Loan that is accepted in your Financial Aid Offer.
• The U.S. Department of Education will place the processed loan with a federal Loan Servicer (company that collects the repayment of your loan(s)).
• To view your processed loans and Loan Servicer log into the federal website studentaid.gov using your FSA ID you used to sign the FAFSA. Loans MUST BE PROCESSED to view on this website.
• The Direct PLUS loan is normally payable in two equal disbursements. If the loan is approved for the academic year, one half of the total loan amount will disburse in each semester. The loan will not be disbursed to your Bursar account until after the start of each semester.

• Repayment of principal and interest begins after the loan is fully disbursed (paid out) unless a deferment is requested.
• The standard repayment period is a maximum of 10 years.
• Repayment of the loan may be deferred while you are enrolled at least half-time and for an additional 6 months after you graduate, leave school, or drop below half-time enrollment. Note: Interest accrues on the loan during the deferment period as well as during any period when a payment is not required.

The following link offers important information about Repaying your graduate PLUS loan. Repayment plans and calculators are available as well as information on Deferment, Forbearance, Cancellation and Consolidation. You can estimate your monthly payment using the Loan Simulator.

The following are options when a Graduate student is denied for the federal Direct Graduate PLUS Loan.

1. Graduate students may attempt to Appeal the decision of the denied loan with the U. S. Department of Education.
2. Graduate students may obtain a credit worthy endorser if the student is not in default on another federal loan. The endorser would act as a co-applicant for the loan and agrees to repay the Direct Graduate PLUS loan if you do not repay the loan.