Financial Aid

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Grad Plus Loan

 About the Grad Plus Loan

The Federal Graduate PLUS Loan is a low interest rate, unsubsidized loan for graduate and professional students.  The program allows a graduate student to borrow up to the cost of attendance, minus any other financial aid received.

Compare the Federal Plus Loan with other loan programs.

Eligibility

You must be a Graduate or Professional student enrolled at least half-time in a degree granting program.

  • File the Free Application for Federal Student Aid (FAFSA).
  • Apply for your maximum loan eligibility in Subsidized and Unsubsidized Stafford loans.
  • Borrow as a graduate or professional student. Parents of graduate students will not be eligible to borrow the loan. 
  • Pass a basic credit check.
How to Apply
Annual Loan Limit

Borrower may borrow the difference between the total cost of the student's education minus any aid the student will receive.

Repayment
  • Repayment begins within 60 days after the final disbursement of each loan. 
  • The maximum repayment period is 10 years, and the minimum monthly payment is $50.00. 
  • You may be eligible to defer payments while you are enrolled at least half-time, unemployed, experiencing economic hardship or otherwise unable to make any scheduled payment. 
Interest Rate

The interest rate will be fixed at 7.9%, but some lenders offer repayment incentives that may lower your interest rate once you begin repayment.

Loan Fees

A loan fee of 4% of the principal amount is charged for each Direct Plus loan borrowed. The total fee is reduced to 2.5% due to an up front interest rebate equal to 1.5% of the loan amount. The borrower retains the incentive by making the first 12 monthly payments on time.