New for 1920 - Graduate Direct PLUS Loans (credit approval required)*
This is a loan option for graduate students to help pay for their educational costs not covered by the unsubsidized loan. Graduate students can borrow up to the cost of attendance minus any other financial aid the student is receiving. For instance, if the cost of attendance is $30,000 for the year and the student has an unsubsidized loan for $20,500 and a $5,000 fellowship toward the school cost, the student can borrow up to $4,500. The current interest rate as of July 1, 2019 is a fixed rate of 7.08 percent. Interest rates are set by the Department of Education around July 1st every year, and will be updated accordingly at that time on our website.
Repayment of principal and interest begins 60 days after the loan is fully disbursed or students now have the option to defer payments while in school. Students can opt to let the interest accrue until they leave school; However, any interest that accrues from the date of disbursement is added to the outstanding loan balance through a process called capitalization.
The duration of a credit check for Direct Graduate Plus Loan applicants is 180 days.
Entrance Counseling & Master Promissory Note
A separate Master Promissory Note (MPN) and Loan Entrance Counseling Session must be completed online at www.studentloans.gov by the student to receive the loan.
There is a provision that requires a special loan counseling for any PLUS Loan applicant who has an adverse credit* history but who qualifies for a PLUS Loan through the process of reconsideration due to extenuating circumstances or by obtaining an endorser for the loan.
Comprehensive information on these loans is available from the U.S. Department of Education.
This website last updated on 06/11/2019