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.
Applying for a Graduate PLUS Loan
Graduate students must complete this application; it cannot be completed by a parent. Be sure that you enter in all information correctly, as incorrect information could delay the processing of the application.
- Students log-in to www.studentloans.gov using your FSA ID (same FSA ID that was used to sign your FAFSA)
- Click on the “Graduate/Professional Students” tab and Select “Apply for a PLUS Loan” from the left side menu
- Click “Login to Start” underneath “Apply for a PLUS Loan”
- Select the appropriate award year from the drop-down box
- Award year example: 2020-2021 = Fall 2020, Spring 2021, and Summer 2021
- Input your information in the section labeled “Student Information”
- Select your choice for the “Request for Deferment While Student is Enrolled in School” option – Read statement thoroughly
- Select your choice for the “Authorization for School to Use Loan Funds to Satisfy Other Charges” option – Read statement thoroughly
- Select your choice for the “Credit Balance Option” – Read statement thoroughly
- Select the state your institution is located from the drop-down box (Georgia)
- Select your school name from the drop-down box (Georgia Institute of Technology)
- Input the amount of the loan you would like to request in the “Loan Amount Requested” box
- If you would like to borrow the maximum, you may select “I want to borrow the maximum Direct PLUS Loan amount for which I am eligible, as determined by the school.”
- Select your “Loan Period” by using the drop-down boxes, you may request this loan to cover multiple semesters
- Fall 2020 and Spring 2021 - 08/2020 to 05/2021
- Fall 2020 Only - 08/2020 to 12/2020
- Spring 2021 Only – 01/2021 to 05/2021
- Summer 2021 - 05/2021 to 07/2021
Options If Denied
If you, the student, are denied for the PLUS Loan for credit reasons, you have the following options:
- Add an endorser to the PLUS application. The endorser must create an FSA ID and sign in to www.studentloans.gov. Select the link for “Endorse a Direct PLUS Loan” from the left side menu.
- Appeal credit decision. You will work with the Department of Education to provide documented proof of extenuating circumstances leading to the adverse credit decision. This website provides a list of suitable documents for appealing adverse credit situations.
- Selecting “Undecided” will result in the application processing being stopped until a different option is selected.
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. Students now have the option to defer payments while their student is in school and can also opt to let the interest accrue until leaving 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 Plus Loan applicants is 180 days. For more information please visit the Credit Check section on Student Loans Frequently Asked Questions.
Master Promissory Note & Loan Counseling
A separate Master Promissory Note (MPN) must be completed online at www.studentloans.gov by the student to receive the loan.
A provision requires 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.
Page last reviewed/updated 09/30/2019