Graduate Plus Loan Programs

What is a Graduate PLUS Loan?

The Federal Direct Graduate PLUS Loan is for graduate/professional students who are interested in federal financing in addition to the Stafford Loan. Graduate PLUS Loans are available to credit worthy, U.S. citizens or eligible non-citizens. To process a Grad PLUS Loan a FAFSA must first be submitted and Stafford Loan eligibility must be utilized. The Grad PLUS Loan may be processed for up to the cost of attendance less any existing financial aid. 
The application process consists of the U.S. Department of Education checking your credit history. If you are found to have an adverse credit history, you may still borrow a Grad PLUS Loan if you get an endorser who does not have an adverse credit history and agrees to repay the loan if you do not. 
Please note that per federal regulations you must be enrolled at least half-time (3 credits) per term in order for your Federal Graduate PLUS Loan to disburse. If you fail to maintain at least half-time enrollment your loan disbursement(s) will be canceled.

Interest Rates & Fees for the 2018-2019 Academic Year

The Grad Plus Loan Program requires a 4.264% origination fee for a loan originated prior to October 1, 2018. The U.S. Department of Education deducts the fee before you receive any loan money, so the loan amount you actually receive will be 95.736% of the certified amount. Note: After October 1st 2018, the origination fee is 4.248%. 

The interest rate for Direct PLUS Loans is a fixed rate of 7.595%. Interest is charged on Direct PLUS Loans during all periods, beginning on the date of your loan's first disbursement. To find out more information on interest rates for Direct PLUS Loans, contact the Direct Loan Servicing Center at 800-557-7394.

Applying for a Federal Direct Graduate PLUS Loan 

For first time borrowers, there are 4 steps to applying for the Federal Direct Grad PLUS Loan. Repeat borrowers who have already completed a Federal Direct Master Promissory Note (MPN) and Entrance Counseling for previous years must complete Steps 1 and 4. 

No PLUS Loan will be processed until a valid credit approval has been received by the U.S. Department of Education. 

Attention MAC users, you must use Internet Explorer or Firefox as your browser in order to complete your Master Promissory Note. Safari is not compatible with the Department of Education's website.

STEP 1: Complete the Graduate PLUS Loan Application
This application provides the Department of Education with the information necessary for the credit check to be done. Click on the above link, sign in with your FSA ID and then click "Apply for a PLUS Loan" under the Graduate/Professional Students section. 
This part of the process is collecting your electronic signature on the Promissory Note where you agree to the terms and conditions of the loan.
This counseling is a federal requirement and will inform you of your rights and responsibilities as a borrower under the Federal Graduate PLUS Loan program.

Step 4: Complete the 18-19 Graduate Plus Loan Certification and submit it to the Office of Student Financial Assistance to finalize the loan process.