The program 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.
Example: Estimated Cost of Attendance minus Other Aid/Resources = Maximum Loan Amount
Use the financial aid calculator to determine how much you need to borrow. You may wish to include other non-billed costs, such as living expenses, in the amount you request. Also, note the loan fees below and remember to account for them in the amount you request.
Choose based on enrollment plans:
|Fall and Spring||September – May|
|Summer, Fall, and Spring||May – May|
|Fall Only||September – December|
|Spring Only||January – May|
For help with studentaid.gov, call 1-800-557-7394.
The priority deadline to complete the steps listed above is June 5, 2019.
The student will receive an email when the Office of Financial Aid processes the loan.
Note: If the Grad PLUS loan is denied, the student will be eligible for an additional unsubsidized loan. A revision will be made to the student’s financial aid package upon confirmation of the denial.
A student may borrow the difference between the cost of attendance for the program and all other aid the student will receive.
Effective July 1, 2018 - June 30, 2019 the interest rate is fixed at 7.60%.
Direct PLUS loans have a 4.248 % origination fee charged by the U.S. Department of Education.
Example: A $10,000 loan will have a 4.248 percent origination fee ($424.80) that would be deducted from the loan before disbursement. $9,575 would disburse to the school. The student borrows $10,000 and will need to repay $10,000.
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 application steps should be completed by the priority deadline, if possible. Loans will be cancelled one month after the semester has begun if the steps have not been completed. If the student is awarded later, the loans will be canceled within one month of awarding.
If the application steps have not been completed by the priority deadline, the loans will be cancelled. If the student is awarded late, the loans will be canceled within one month of awarding.
For more information about PLUS loans, visit the Federal Student Aid website.