Details of the Federal Graduate Plus Loan
- full or half-time graduate students.
- U.S. citizen/national or an eligible non-citizen.
- Must first apply for maximum annual loan eligibility in the Direct Unsubsidized loan programs.
This loan is based on being credit-ready; therefore, your income, debt, credit score and assets are not factors for approval; however, negative credits items are grounds for denial (tax lien, charge off, delinquent accounts, etc.). An option is available to obtain a co-signer/endorser if the loan is denied.
Up to the cost of attendance less any awarded aid (i.e. other loans, scholarships and federal work-study) per academic year.
The fixed interest rate for all Graduate PLUS loans first disbursed on or after July 1, 2016 and before July 1, 2017 is 6.31%. Interest is accruing on the loan from the date of disbursement and is capitalized at repayment.
The law continues to authorize the Department of Education to offer interest rate reductions to Direct Loan borrowers who agree to have electronic payments automatically debited from a bank account.
Effective October 1, 2015, there is an origination fee of 4.272% of the loan amount (deducted from the loan before funds are disbursed).
Repayment commences within 60 days following the last disbursement. Graduate/professional students will automatically receive an in school deferment until enrollment drops below half-time status or at graduation. The standard repayment period is 10 years; however, for balances above $30,000 the repayment period may be extended to 25 years.