Federal Graduate PLUS Loan

The federal direct Grad PLUS loan is a credit-based loan that graduate students may borrow to help pay their educational expenses. The graduate student borrower may borrow up to the total cost of attendance minus any other financial aid received.

First time borrowers will be required to complete a Master Promissory Note before loan funds can be disbursed.

Important note: All loans must be originated prior to the end of the semester for which you would like to receive the loan. Refer to the academic calendar for the official end of semester dates.

LOAN ELIGIBILITY REQUIReMENTS

You must be enrolled in a graduate degree or approved certificate program at the university.
You must be meeting Satisfactory Academic Progress (SAP).
You must be enrolled for at least six credits
You must have a FAFSA application on record
- If selected for verification, all required documents must be submitted and verification must be complete prior to loan being processed.

Application Process

Graduate students will be offered a Grad PLUS loan as part of the students financial aid package as long as the student meets eligibility requirments and the loan fits within the students cost of attandance after other financial aid.

Before you begin...

To qualify for a Direct PLUS Loan, you cannot have an adverse credit history. A credit check is conducted on all Direct PLUS Loan applicants.

Your application will not be processed if you placed a freeze on your credit report. If you have placed a credit freeze, you must lift or remove the freeze at each of the credit bureaus listed below before you continue.

Credit Union	Contact Number	Website
Equifax	1-888 EQUIFAX 1-888-378-4329	equifax.com
TransUnion	1-800-916-8800	transunion.com

Step 1: Accept Grad PLUS loan on SOLAR.

Students will be able to accept their loan on SOLAR under "Campus Financial Services" in "Financial Aid" under the aid year in question.

Step 2: Loan Request will be sent to the Department of Education

The university will submit your loan request to the US Department of Education and the department will perform a credit check to determine your eligibility for the Grad PLUS loan. The Department of Education will inform our office about the outcome of your credit decision.

If Approved:

Student will need to complete a Grad PLUS Loan Master Promissory Note (MPN) if you do not already have a active MPN on file. Students will also need to complete a Direct Loan Entrance Counseling (EC) if you do not already have a active EC on file.

If Denied:

You can select the option to pursue an appeal with the Department of Education by documenting any extenuating circumstances related to your adverse credit history. Following this selection, you will receive an e-mail confirming your intention. You can then contact the Federal Student Loan Support Center for additional instructions on how to proceed, including how to complete the Credit Counseling Requirement online. Once complete and if your appeal is approved our office will receive notification from the Department of Education to process your loan.

Interest Rates and Origination Fees

Direct Loan Interest Rates

The interest rate for a federal student loan varies depending on:

- the loan type and
- the first disbursement date of the loan (for most types of federal student loans.

The table below provides interest rates for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans first disbursed on or after July 1, 2024, and before July 1, 2025.

Interest Rates for Direct Loans First Disbursed on or After July 1, 2024, and Before July 1, 2025

Loan Type	Borrower Type	Fixed Interest Rate
Direct Subsidized Loans and Direct Unsubsidized Loans	Undergraduate	6.53%
Direct Unsubsidized Loans	Graduate or Professional	8.08%
Direct PLUS Loans	Parents and Graduate or Professional Students	9.08%

All Interest rates shown in the chart above are fixed rates. A fixed rate will not change for the lift of the loan.

If your loan was disbursed before July 1, 2024 you likely have a different interest rate.
View interest rates for loans disbursed earlier.

How Is The Interest Rate Determined

Interest rate is determined annually for all loans first disbursed during any 12-month period beginning on July 1 and ending on June 30, and is equal to the high yield of the 10-year Treasury notes auctioned at the final auction held before June 1 of that 12-month period, plus a statutory add-on percentage that varies depending on the loan type.

Interest begins accruing as the loan is disbursed. Borrowers may choose to repay the interest monthly, quarterly, or have the interest capitalized. Repayment of the principal balance plus interest begins 60 days after the loan has disbursed. However, the borrower can defer payments while that are enrolled at least half time (six credits) by contacting the loan servicer. To locate your servicer log into The National Student Loan Data System.

Direct Loan Origination Fees

Most federal student loans have loan fees. These fees are a percentage of the total loan amount.

A loan fee comes out of the amount of money that is disbursed (paid out) to you while you’re in school. This means the money you receive will be less than the amount you actually borrow.

You’re responsible for repaying the entire amount you borrowed and not just the amount you received.

The chart below shows the loan fees for Direct Subsidized Loans and Direct Unsubsidized Loans, first disbursed on or after Oct. 1, 2019.

Loan Fees for Direct PLUS Loans

First Disbursement Date	Loan Fee
On or after 10/1/20 and before 10/1/24	4.228%
On or after 10/1/19 and before 10/1/20	4.236%

Additional Resources

Federal Student Aid Website for additional information on student loans.

NSLDS CONSUMER LOAN DISCLOSURE INFORMATION

Institutions that enter into an agreement with a potential student or parent of a student regarding a Title IV loan are required to inform the student or parent that the loan will be submitted to the National Student Loan Data System (NSLDS) and will be accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system. [HEOA Sec. 489 amended Sec. 485B (d) (4) (20 U.S.C. 1092b)]

NEED MORE ASSISTANCE?

Be sure to visit the rest of our website for more information that may meet your specific questions and needs. If you need further assistance, please feel free to contact us for more information about the financial aid process, status of your awards or to submit documents.