Federal Direct PLUS Grad Loans
The Grad PLUS Loan (GPLUS) is available to credit-worthy students enrolled at least half-time in a graduate or professional program (students enrolled in the School of Education credential program are ineligible). The loan program is not dependent on income and assets and allows students to borrow the difference between the cost of education and the financial assistance they are scheduled to receive.
It is recommended that students fully exhaust all of their lower interest Federal Direct Stafford Subsidized and Unsubsidized Loans before applying for any credit-based loans such as the GradPLUS Loan.
The current interest rate on the Direct PLUS Loan is fixed at 7.21%. If you choose to apply for this loan, you must complete a credit check and sign the Federal Direct PLUS Loan Master Promissory Note (MPN).
Please keep in mind that the Federal PLUS Loan is subject to a 4.292% loan fee. Please plan to request your yearly PLUS Loan amount to include the 4.292% in fees. An easy way to account for these fees is to simply divide the amount you need by .95708. As an example, if you need $5,000 to cover costs you will need to request $5,224.22 (5,000 /.95708=5,224.22).
Applying for a Grad PLUS Loan
Step 1: Read "The Facts" above for information on accounting for the mandatory federal fees. When you have decided you wish to apply for the PLUS Loan, and know how much you wish to borrow, please login to http://studentloans.gov and choose "Start the PLUS Application Process."
Read "The Facts" above for information on accounting for the mandatory federal fees. When you have decided you wish to apply for the PLUS Loan, and know how much you wish to borrow, please login to http://studentloans.gov.
Step 2: Complete your federally required Entrance Counseling for the Grad PLUS Loan by logging into the student portal at studentloans.gov and choosing "Complete Entrance Counseling."
(Don't Stop Here! Proceed to Step 3 below.)
Step 3: After completion of your entrance counseling, while still on the studentloans.gov website, choose the option to "Complete Master Promissory Note" which will take you through the credit check process and subsequent signing of your Master Promissory Note (MPN).
*Please Note: When arriving at the Federal Student Aid website, you will be prompted to login with your FSA ID Username and Password. The FSA ID has replaced what was previously the PIN number and you will need to create an FSA ID if you have not done so already.