Grad PLUS Loans
Graduate and professional degree students can apply for a Direct Graduate PLUS Loan to help cover educational expenses.
Eligibility Requirements
- Must have a FAFSA completed and on file for the appropriate aid year.
- Must be enrolled at least half-time in an eligible graduate/professional degree seeking program.
- Must have remaining financial aid need.
- Must be a U.S. citizen or eligible non-citizen.
- Must be making satisfactory academic progress per the policies of the university.
- Cannot be in default on federal student loans or owe a refund on any federal grant or loan.
- Borrower must have a sufficient credit standing for credit approval, as determined by the U.S. Department of Education.
Application Process
- Application for the Grad PLUS loan should be completed online at www.studentaid.gov beginning June 1st prior to each academic year.
- The student must be the individual signing in with their FSA ID (used to complete the FAFSA) to apply.
- After signing in, choose 'Apply for Aid' followed by ‘Apply for a PLUS Loan’. Choose 'Graudate/Professional Student.'
- 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.studentaid.gov.
How Much Can Grad Students Borrow?
Students are eligible to borrow up to their cost of attendance minus other estimated financial aid. Estimated financial aid includes federal/state grants, scholarships, federal work-study, federal student loans, tuition discounts, or any other aid paid by a third-party.
Examples (for estimation purposes only):
| Student A | Student B | Student C | Student D | |
|---|---|---|---|---|
| Cost of Attendance (budget) for fall/spring | $23,151 | $23,151 | $23,151 | $23,151 |
| - Estimated Financial Aid | $5,500 | $9,000 | $12,000 | $23,151 |
| = Max Direct PLUS Loan Eligibility | $17,651 | $14,151 | $11,151 | $0 |
Interest Rates and Fees
PLUS Loans have a fixed interest rate for the life of the loan. In addition to interest, the U.S. Department of Education automatically deducts a loan fee from each loan disbursement before the money is credited to the student’s account. For current interest rate and fee information, visit the Direct Loan website or call the Direct Loan Servicing Center at (800) 848-0979 (TTY 1-800-557-7395).
When Does Repayment Begin?
Repayment of the Direct Grad PLUS Loan begins six months following graduation or when a student is no longer attending at least half-time. During periods of deferment, interest will continue to accrue.