Who is Eligible
The Federal Direct Graduate PLUS loan is available to students who:
- are enrolled in a graduate/professional-level, degree-granting program, and
- have filed and met the FAFSA eligibility criteria, and
- meet the minimum enrollment required for each semester they are seeking assistance
- Graduate students – enrolled at least half-time (5 or more credits)
- Law students - enrolled at least half-time (6 or more credits)
- Medical students - enrolled at least half-time
- A credit check is required to determine credit worthiness
- Credit worthiness is defined as having no credit, having good credit, or not having an adverse credit history
- Students are notified by the Department of Education of their loan approval or denial. If denied, students will be advised of the process to appeal the credit decision or the steps to add a credit-worthy endorser (similar to a co-signer)
- Maximum loan amount is based on the student’s cost of attendance minus all other financial aid (loans, grants, scholarships)
- Students wishing to apply for the Federal Direct Graduate PLUS loan will submit their request directly to the financial aid office (see below for process) to have the credit check performed. The Graduate/Professional financial aid offices do not utilize the online credit check process performed on the Federal Student Aid website.
Visit Annual Credit Report to learn more about your credit
- For loans first disbursed between July 1, 2021 – June 30, 2022 the interest rate is fixed at 6.28%
- For loans first disbursed between July 1, 2022 – June 30, 2023 the interest rate is fixed at 7.54%
- Interest rate is fixed for the life of the loan
- Rates are determined each year based on the 10-year Treasury note index plus a statutorily defined add-on
- October 1, 2019-September 30, 2020: 4.236%
- October 1, 2020-September 30, 2022: 4.228%
- Loan fees are deducted from loan proceeds prior to the disbursement of funds and borrowers are responsible for repayment of all such fees.
Repayment on the loan begins 180 days after a student falls below part-time status, graduates or stops attending school. Students have over seven different repayment terms to select, some of which are income-driven.