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: Notified June 30 of each year
Loan fees: Less than 5% (taken off the top of the loan amount)
Loan Limit: Up to the cost of attendance, less other aid received
What are the requirements?
- Apply for the Graduate PLUS loan through the studentaid.gov federal website.
- Complete a PLUS Loan Master Promissory Note
- Complete the Federal Graduate PLUS loan entrance counseling through https://www.studentaid.gov (1st time borrowers)
- Credit approval (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.