Graduate School of Education

Financial Aid

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Federal Graduate PLUS (Grad PLUS) Loans

The Federal Direct Grad PLUS Loan (Grad PLUS) has a fixed interest rate of 7.9% for the life of the loan, an origination fee of 4% (which is deducted from the loan at the time of disbursement), and no annual or aggregate borrowing limits (other than cost of attendance less other financial aid received).

While credit checks are required to be eligible for the Grad PLUS, the credit criteria are less strict than those associated with alternative/private educational loans. Furthermore, if you do not meet the credit requirements for the Grad PLUS, you may still obtain the loan with an endorser who does meet the credit requirements.

Repayment begins 60 days after the date the loan is fully disbursed.

A Grad PLUS borrower may receive a deferment while enrolled at least half time by applying for an in-school deferment and submitting the In-School Deferment Request to the Direct Loan Servicing Center. Upon dropping to less than half-time enrollment status, the borrower is not entitled to a grace period and enters repayment.

The Process

To begin the process for the Grad PLUS Loan:

  • As with the Direct Loans, you must first file the FAFSA.
  • Complete the Grad PLUS Loan Request Application, available in the Office of Financial Aid (Room 639).
  • Complete the Grad PLUS Master Promissory Note (MPN). Please note that the MPN for the Grad PLUS is separate from the MPN for the Direct Loans (Subsidized/Unsubsidized).
  • Complete Entrance Counseling for the Direct Grad PLUS Loan. Please note that the Entrance Counseling for Grad PLUS is separate from the entrance counseling for the Direct Loans (Subsidized/Unsubsidized).

Once the Office of Financial Aid has received electronic confirmation of your completed Grad PLUS MPN and Entrance Counseling, the Office of Financial Aid will send out the loan origination record to the U.S. Department of Education. The U.S. Department of Education will then perform a credit check to determine your eligibility for the Grad PLUS loan (as a reminder, your credit report must show the absence of adverse credit in order for your loan to be approved).

If your loan is approved, there are no further steps that you need to take. In the event that your loan is not approved, you will receive a notification from the U.S. Department of Education regarding your other options.