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 Unsubsidized Direct Loan program or have exhausted their full $138,500 of eligibility as a graduate student. Like any loan, a Grad PLUS Loan must be repaid. Grad PLUS Loans with a first disbursement between July 1, 2023 and June 30, 2024 have a fixed interest rate of 8.05%. The Direct Grad PLUS Loan Program is available to students without adverse credit histories who are enrolled at least half-time. The current loan fee for loans disbursed between October 1, 2020 and September 30, 2024 is 4.228%. The annual loan limit is the estimated cost of education minus any financial aid received by the student (i.e., loans, fellowships, 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. Grad PLUS Loan funds will be electronically received and applied to the student's account.