Grad PLUS Loans
Graduate and professional degree students can apply for a Direct Graduate PLUS Loan to help cover educational expenses. If you are thinking that a Direct Grad PLUS Loan is for you, here are some things to keep in mind:
- This type of loan is not based on your financial need.
- Your eligibility is determined by your credit history.
- The first payment of a Grad PLUS Loan is due 60 days after the final disbursement; however, you may defer repayment while you are enrolled at least half-time.
- The maximum Grad PLUS Loan amount you can borrow is determined by your cost of attendance minus any other financial assistance you will receive.
Direct Loan Interest Rates
|Aid Year||Disbursement Dates||Graduate PLUS|
|2014-2015||First Disbursed between July 1, 2014 and June 30, 2015||Fixed at 7.21%|
|2015-2016||First Disbursed between July 1, 2015 and June 30, 2016||Fixed at 5.84%|
You may also review additional Graduate PLUS loan interest rate information.
If you wish to apply for a Direct Grad PLUS Loan, you may do so by completing the following steps:
- Complete the FAFSA.
- Application for the Parent PLUS loan should be completed online at www.studentloans.gov beginning June 1st prior to each academic year.
- After signing in, choose ‘Apply for a PLUS Loan’ followed by ‘Complete Request for Graduate PLUS.’
- Continue to follow prompts to complete the online application.
- If credit is approved, first time PLUS loan borrowers must complete a Direct PLUS Master Promissory Note (MPN) on the same website, www.studentloans.gov.