Approved by the Department of Education. Availableto graduate/professional students who are U.S. citizens, permanent residents, or eligible non-citizens. A credit check is required of all students. Students may borrow up to the full cost oftheir education less any other aid received.
The Direct PLUS loan is considered a loan of last resort. Interested students should borrow total eligibility under the Federal Direct Stafford Subsidized and Unsubsidized loanprograms before considering borrowing from the Direct Plus program.
Interest rate: 7.9% Fixed
Loan fees: 4% (taken off the top of the loan amount)
Loan Limit: Up to the cost of attendance, less other aid received
What are the requirements?
Complete the Free Application for Federal Student Aid (FAFSA)
Complete PLUS Loan Master Promissory Note
Credit approved (A co-borrower/endorser option is available if the student does not qualify)
Other features?
Repayment begins within 60 days after the final disbursement, but in-school deferments are available for students attending at least half-time. Payment then begins after in-school defermentends. The student/borrower isresponsible for all interest that accrues. Any unpaid interest will be capitalized (added to the loan principal).
Federal Direct PLUS loans may be consolidated with Federal Direct Loans.
To apply: Visit the Financial Aid Office for more information.
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