Federal Direct Graduate PLUS Loan

The Federal Direct Graduate PLUS Loan is available to students in a graduate degree program.  This loan is in the student’s name and requires credit approval.   The amount of the Grad PLUS Loan cannot exceed the total cost of attendance minus all financial aid resources.  The student should apply for and receive the Federal Direct Stafford Loan prior to applying for the Grad PLUS Loan. 

Repayment begins within 60 days of the final disbursement.  In school deferment is available for students who are enrolled at least half time.

Master Promissory Note

All students who apply for a Federal Direct Graduate PLUS Loan are required to complete a Federal Direct Loan Master Promissory Note (MPN).  The MPN can be completed online at http://dlenote.ed.gov.  You will use your U.S. Department of Education’s Personal Identification Number (PIN) to sign your MPN online.  This is the same PIN number you used to sign your FAFSA.  If you do not have your PIN, you can request a duplicate PIN at www.pin.ed.gov.

The MPN is your contract with the U.S. Department of Education.  By signing the MPN, you promise to repay your student loans.  The MPN is good for up to 10 years and you may receive additional loans using the same MPN.

Interest Rate

The interest rate for the Federal Direct Graduate PLUS Loan is a fixed rate of 7.9%.  Interest begins accruing at the time of disbursement.

Loan Fees

The Federal Direct Loan Program charges a 4% loan fee on all Graduate PLUS loans.  However, the Direct Loan program offers a 1.5% rebate on Grad PLUS Loans which reduces the upfront fee to 2.5%.  Upon entering repayment, the borrower must make their first 12 loan payments on time to keep this rebate.  The loan fee is deducted from each disbursement of the loan.

Apply now for your Federal Direct Grad PLUS Loan