Federal Graduate PLUS Loan
Graduate or professional students are now eligible to borrow under the PLUS Loan Program up to their cost of attendance minus other estimated financial assistance. Potentially eligible Grad PLUS borrowers are those who are enrolled at least half-time in a graduate or professional program. The Graduate PLUS Loan is only available after Stafford Loans funds have been exhausted. The terms and conditions applicable to Parent PLUS Loans also apply to Graduate/Professional PLUS loans. The interest rate is a fixed rate and is set July 1st of each year. For the 2007-2008 academic year the interest rate is 8.5%. PLUS loans are subject to a 3% origination fee. The repayment period for a PLUS Loan begins on the date of the final disbursement of the loan, and the first payment is due within 60 days after the date the loan is fully disbursed. Although repayment doesn't begin until after the final disbursement, interest does accrue while the student is enrolled.
Application Process
- Graduate or professional students who wish to borrow under the Graduate PLUS program must be pre-approved from the lender of their choice.
- After being pre-approved, the student must complete and submit a Graduate PLUS Request Form to the Office of Student Financial Aid and Enrollment Services.
- After submitting the Graduate PLUS Request Form, the student will receive a PLUS Master Promissory Note from their lender, which must be signed and returned directly to the lender.
- Graduate/Professional students must complete the lender pre-approval and Graduate PLUS Request Form every year in order to obtain a Graduate PLUS loans.