Federal Direct Graduate Plus Loans
The Federal Direct Graduate PLUS Loan is an educational loan for graduate and professional students enrolled in at least 5 credit hours per semester. You do not have to demonstrate financial need to be offered a Federal Direct Graduate PLUS Loan as part of your financial aid package. The maximum annual loan amount is based on your cost of attendance minus other financil aid received.
If you would like to apply for the Federal Direct Graduate PLUS Loan, you should complete, sign, and submit the correct loan application to the OSFA.
The interest rate for Federal Direct Graduate PLUS Loans is a fixed rate of 7.9%. Interest begins to accrue on the date of the first disbursement until the loan is paid in full.
An origination fee of 4.0% of the loan amount is deducted proportionally each time a loan disbursement is made.
Up-Front Interest Rebate
For Federal Direct Graduate PLUS Loans disbursed between July 1, 2012 and June 30, 2013, borrowers no longer will receive up-front interest rate rebates.
Federal Direct Graduate PLUS Loan Eligibility
- Although the Federal Direct Graduate PLUS Loan is a non-need based loan, federal regulations do require a student to have completed a FAFSA to be eligible for this loan.
- The borrower must pass a credit check as part of the application process.
Note: If you apply for the Federal Direct Parent PLUS Loan and are denied from borrowing the loan due to credit reasons, you will be notified by the U.S. Department of Education and provided with the opportunity to obtain an endorser for the loan. If you choose to use an endorser, the U.S. Department of Education will notify the OSFA upon approval of the endorser.
- The first-time borrower must complete a loan entrance counseling session and a master promissory note.