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 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 Grad PLUS Loan Master Promissory Note (MPN). The MPN can be completed online.
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.
The interest rate for the Federal Direct Graduate PLUS Loan for 2022-2023 is fixed at 7.54% for the life of the loan. Interest begins accruing at the time of disbursement.
For loans first disbursed on or after October 1, 2022, and before October 1, 2023, the loan fee will be 4.228%. This means that 95.772% of the loan will be applied to the student account. The loan fee is deducted from each disbursement of the loan. This fee will remain in effect unless Congress makes a change.
How to Apply
The student may request a Graduate PLUS Loan and complete the Graduate PLUS Loan MPN at the link provided below.