Federal Grad PLUS Loan Program

Federal Direct Grad PLUS loans are loans in the student’s name. The yearly limit on a Grad PLUS loan is the student’s cost of attendance minus any other aid received (this includes loans, grants, scholarships, federal work study, and tuition waivers). Eligibility for these loans is not based on financial need. The federal government does not pay the interest on the Federal Direct Grad PLUS loans.

Requirements

• Enroll at least half time for the semester as a Graduate or Professional Student
• Complete the FAFSA
• Meet all other Title IV Federal Financial Aid Program requirements (i.e. quality assurance requirements, academic progress, and eligible citizenship categories)
• Receive an award notification of your maximum Direct Subsidized or Unsubsidized Stafford Loan eligibility
• Pass a credit check performed by the U.S. Department of Education

Application

• Complete the Grad Plus Loan Application. This application must be completed and submitted to our office each year.
• A Master Promissory Note (MPN) must be completed online.  Use the PIN number you used to file your FAFSA.

Repayment

• There is no grace period for Direct Grad PLUS loans.
• Repayment on the loan, principal, and interest must begin 60 days after the final loan disbursement is made, unless you have been granted in-school deferment. In most cases, the Direct Loan Servicing Center will automatically grant an in-school deferment on your Grad PLUS loan, provided you are enrolled at least half time (six hours). The Direct Loan Servicing Center will notify you of the deferment and will give you the option to cancel the deferment and begin making payments on your loan.

• Interest on the PLUS loans begins to accumulate at the time the first disbursement is made.

For more information on the Grad PLUS loan please see Questions and Answers about Direct PLUS Loans for Graduate and Professional Students (PDF).