Graduate Plus Loan
The Federal Direct Graduate Plus loan is a federal loan program that allows students to borrow funds beyond what is offered through the Federal Direct Stafford loans for their educational expenses.
Eligibility: In order to apply for this loan, borrowers must be Graduate/Professional students Students must be U.S. Citizens or eligible non-citizens. Students with a F1 or F2 student visa, J1 or J2 exchange visitor visa or a G series visa are NOT eligible for federal aid. Students must also be accepted and enrolled at least halfl-time at an eligible school, and be in good academic standing. A credit check will be performed by the lender at the time of application to determine credit worthiness eligibility.
Amounts: Cost of attendance minus other aid
Application: To apply, file the Free Application for Federal Student Aid (FAFSA). A credit application and Federal Direct Graduate Plus Master Promissory Note (MPN) may be completed online. For additional information on the Federal Direct Graduate Plus Loan Program and to access the MPN click here.
Fees: 4% origination fee
Interest: Interest is a fixed rate of 7.9%
Post Enrollment Period: Graduate Plus loans borrowed after July 1, 2008 are eligible for a 6 month post enrollment period from the day the student graduates or drops below half-time enrollment.
Deferment: Graduate Plus Loans are deferred while the student is in-school. There are additional deferment and forbearance options available.
Repayment: Repayment begins within 60 days after final disbursement of the loan. However, while, enrolled Graduate Plus loans are placed in an in-school deferment status and will maintain a post-enrollment status for six months after graduation or you cease to be enrolled at least half time.
To view an overview of this loan and the other types of available loans, click Loan Overview.
NOTE: Disbursement of funds may not be disbursed to the student prior to enrollment for the academic year. Loans are disbursed in two installments, not to exceed 1/2 of the loan amount.
If your loan is denied due to adverse credit, you will have the option to obtain an endorser or appeal the credit decision.