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.
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.
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.
STEP 3: Complete the Graduate PLUS Loan Entrance Counseling
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.