Grad PLUS Loan
The Federal Graduate PLUS Loan is an unsubsidized loan for graduate and pharmacy students. The program, effective July 1, 2006, allows a graduate student to borrow on his/her own behalf up to the Cost of Attendance, minus any other financial aid received. Loan funds come directly from the U.S. government.
- You must be a Graduate or Pharmacy student enrolled at least half-time in a degree granting program
- You must complete the FAFSA
- You must first apply for your maximum loan eligibility in Federal Direct Subsidized and Unsubsidized Loans before the Graduate PLUS can be awarded
- Parents of graduate students will not be eligible to borrow the loan. The student will be the borrower.
- Graduate PLUS Loan borrowers are subject to a basic credit check.
Application Process (must be completed annually)
Beginning May 1, 2014 for the 2014-2015 school year:
Students who wish to apply for the Graduate PLUS loan must go to studentloans.gov and log in using their FAFSA pin number, then:
Step 1: Choose option: Request a PLUS Loan (this process will indicate whether you are approved or denied).
Step 2: If approved, you will need to choose option Complete Master Promissory Note (only for first time PLUS borrowers at Notre Dame and borrowers who require a cosigner).
For help with www.studentloans.gov, you may call 800-557-7394.
Annual Loan Limit
A student may borrow the difference between the Cost of Attendance for the program and all other aid the student will receive.
Repayment begins within 60 days after the final disbursement of each loan during the academic year. The standard repayment period is 10 years, and the minimum monthly payment is $50. Principal and interest payments may be deferred if you meet deferment requirements. Your Federal Direct Grad PLUS will be automatically deferred if you're enrolled at least half-time in a degree seeking program. You may be eligible to defer payments if you are unemployed, experiencing economic hardship or otherwise unable to make any scheduled payment. Contact the Direct Loan Servicer for repayment and forbearance options.
The interest rate for 2013-14 will be fixed at 6.41 percent.
Loans with a first disbursement between July 1, 2013 and December 1, 2013 have a 4.204%origination fee charged by the U.S. Department of Education. For example, a $10,000 loan will have a 4.204 percent origination fee ($420.40) that would be deducted from the loan before disbursement. $9,580 would disburse to the school. The student borrows $10,000 and will need to repay $10,000.
Loans with a first disbursement on or after December 1, 2013 have a 4.288 %origination fee charged by the U.S. Department of Education. For example, a $10,000 loan will have a 4.288 percent origination fee ($428.80) that would be deducted from the loan before disbursement. $9,571 would disburse to the school. The student borrows $10,000 and will need to repay $10,000.
For more information about Federal PLUS Loans, please visit the Federal Student Aid website.