Promissory Note

Entrance Counseling

Entrance Counseling is required for the following Federal loan types:

  • » Direct Subsidized
  • » Direct Unsubsidized

Interest Rates

Federal Loans

Federal Grad PLUS Loan

Those students who need more than $20,500 in any one academic year may borrow through the Grad PLUS Loan program to help cover any remaining educational expenses. The amount you may borrow is up to the cost of education minus other aid.

The PLUS Loan for Graduate Students is a non-need based educational loan program. The loan carries a fixed interest rate of 7% and a standard repayment term of 10 years. You must be credit approved to qualify. The credit criteria for is loan are not as stringent as most alternative loan programs. In the case of a denial, the Department of Education will approve an application with a credit-approved endorser.

Eligibility Requirements:
  • You must complete a Free Application for Federal Student Aid and be awarded a Direct Loan
  • You must be enrolled in a degree seeking program
  • You must be a U.S. Citizen, U.S. Permanent Resident, or other eligible non-citizen
Enrollment Requirements:
  • You must enroll for at least 6 credits or 24 Graduate Units for each semester that you want to receive the loan.
Interest Rate:

The Graduate PLUS loan has a 7% fixed interest rate. Interest begins accruing when the loan is disbursed.

Processing Fees:

The Department of Education is authorized to charge the borrower origination and guarantee fees. For loans disbursed before October 1, 2017 – the origination fee will be 4.276%. For loans disbursed on or after October 1, 2017 – the origination fee will be 4.264%. The current guarantee fee is ZERO. Fees are deducted from each semester’s disbursement.

Repayment Terms:

The borrower will receive in-school deferment as long as they are enrolled at least half-time. The borrower will enter repayment 60 days after graduation or dropping below half-time status.

Borrowing Limits:

Students may borrow up to the yearly Cost of Education (as determined by OSFA) minus all other aid the student is receiving (including other loans).

What if the Grad PLUS loan is denied?

Please contact the Department of Education’s Applicant Services at 1-800-557-7394. Always check credit reports for errors. If there are problems that cannot be resolved, you may attempt to reapply with a cosigner.

Note: Beginning March 29, 2015, Direct PLUS loan applicants who have been determined to have an adverse credit history, but who qualify for a Direct PLUS loan by documenting extenuating circumstances or by obtaining and endorser MUST complete a separate PLUS Loan Counseling. This is separate from the Grad PLUS Entrance Counseling. The special PLUS loan counseling can be found at the Department of Education’s web site.