Graduate students can borrow using a Graduate PLUS Loan to help pay for educational expenses. The student must be at least half-time in an eligible program.
The student must not have adverse credit to qualify. The credit check decision is good for 90 days. The school will receive notification of the credit check within 24 hours. The student must have a complete financial aid file and the student must have a signed Direct Loan Master Promissory Note before loans are disbursed.
Graduate Student PLUS Direct Loan Procedure
Step 1: Log into www.studentloans.gov
- Click on "Request a Direct PLUS Loan" to apply.
- Next, select "Graduate PLUS". This will generate a Direct PLUS Loan Application.
Step 2: Complete the Entrance Counseling for the Graduate PLUS Direct Loan.
Step 3: Complete the Master Promissory Note for the "Graduate PLUS Loan".
The interest rate on a GraduatePLUS loan is a fixed 7.21% with a fee of 4.288%. Generally, the first payment is due after the student stops attending at least half time. Interest begins to accumulate at the time the first disbursement is made. Disbursements are made on a per semester basis.
A loan repayment calculator helps in finding the right repayment term for you. Repayment starts after the student drops below half time or leaves school.
The student is responsible for repayment of the loan.