Federal Direct Graduate PLUS Loan Terms and Conditions
Interest Rates
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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.
Origination Fee
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An origination fee of 4.0% of the loan amount is deducted proportionally each time a loan disbursement made.
Repayment
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Repayment typically begins 60 days after the loan is fully disbursed.
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Students may choose to defer payments by contacting their loan servicer.
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Students can select a repayment plan and find out how and when to repay the loan.
Federal Direct Graduate PLUS Loan Eligibility
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Although the Federal Direct Graduate PLUS Loan is a non-need based loan, federal regulations require the student to submit a FAFSA.
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The student-borrower of a Federal Direct Graduate PLUS Loan must pass a credit check as part of the loan application process.
Note: If you apply for the loan and are denied due to credit reasons, you will be notified by the U.S. Department of Education and provided the opportunity to obtain an endorser. If you choose to use an endorser and are approved, the U.S. Department of Education will notify our office.
- The first-time borrower must complete loan entrance counseling and a master promissory note.