Approved by the Department of Education. Available to 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 of their 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 Unsubsidized loan programs 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?
- Submit a Federal Direct Graduate PLUS Loan Request Form to the Financial Aid Office
- Complete PLUS Loan Master Promissory Note
- Complete the Federal Graduate PLUS loan entrance counseling through www.studentloans.gov
- Credit approved (A co-borrower/endorser option is available if the student does not qualify)
In-school deferments are available for graduate and professional students attending at least half-time. Payment then begins six months after graduation or in the event the student drops below half- time enrollment. The student/borrower is responsible 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.
If you choose to accept the loan you must submit a Federal Direct Graduate PLUS Loan Request Form to the Financial Aid Office to start the process.