Federal Direct Grad PLUS Loan
The Federal Direct Grad PLUS Loan is available only to Graduate students who have been awarded their annual maximum for the Subsidized & Unsubsidized Direct Loan programs or have exhausted their full $138,500 of eligibility as a graduate student. Like any loan, a Direct Grad PLUS Loan must be repaid. Direct Grad PLUS Loans with a first disbursement between July 1, 2013 and June 30, 2014 have a fixed interest rate of 6.41%. The Direct Grad PLUS Loan Program is available to students with good credit histories who are enrolled at least half-time. The annual loan limit is the estimated cost of education minus any financial aid received by the student (i.e., grants, loans, scholarships, work, etc.). All fees that are required to be withheld from the loan disbursement will be disclosed on the Notice of Guarantee and Disclosure Statement. After the loan is disbursed, it will be assigned to a Department of Education Federal Loan Servicer. Keep all communication that you receive as you will need to remember and know which servicer has your loan(s). Repayment of the Grad PLUS Loan begins within 60 days of the loan period's final disbursement on the loan (for example, after the spring semester disbursement for a fall/spring loan). Instructions for repayment are included with the application.
Applicants for the Grad PLUS loan must file a new FAFSA each school year. Direct Grad PLUS Loan funds will be electronically received and applied to the student's account.