Federal Direct Graduate PLUS Loan

The Grad PLUS Loan is a federal loan which a graduate or professional student with good credit history may borrow to help pay educational expenses if enrolled in at least 4.5 Graduate credit hours per semester.

A student may borrow up to the total of the Estimated Cost of Attendance less other financial aid. The interest rate is a fixed interest rate of 7.9% and is charged on the loan from the time the loan funds are disbursed until it is paid in full.

Apply and Complete a Graduate PLUS Loan

Complete the Graduate PLUS Loan Application for Fall 2011 and Spring 2012.

Eligibility

To be eligible for a Grad PLUS Loan, you must submit to a credit check by the U.S. Department of Education. You authorize the credit check when you sign the Federal Direct Grad PLUS Loan Request Form.

Refunds

If the Federal Direct Graduate PLUS disbursement generates a refund after University charges are paid, the refunded amount will go to the student.

Repayment of Federal Direct Grad PLUS Loans

Repayment begins within 60 days of the final loan disbursement during the academic year. Principal and interest payments may be deferred if you meet deferment requirements. Your Federal Direct Grad PLUS will be automatically deferred if you're enrolled at least half-time in a degree-seeking program.

To learn more about available deferments and how to apply for deferment status, please contact the U.S. Department of Education’s processing center at 800-848-0979.

Compare Loans

You are encouraged to research the interest rates, credit check requirements, conditions, terms, and repayment of Grad PLUS Loans with those of private loans. General differences:

• The credit check for the Grad PLUS Loan will not be as stringent as that of most private loans, which often look at debt-to-income ratio.
• Grad PLUS Loans can be consolidated with other Federal Direct Loans (subsidized/unsubsidized), which allows students to have only one payment after graduation (private loans cannot be consolidated with federal loans).
• Interest rates tend to be lower than many private loans.
• The Grad PLUS has different requirements regarding deferment during in-school and summer terms.