Federal Direct PLUS Loan (Graduates)
Fall 2024/Spring 2025/Summer 2025
- The Federal Direct PLUS Loan is available to credit-worthy Graduate students who have exhausted their Federal Direct Stafford Loan eligibility in an academic year. Graduate students are required to first utilize the Direct Stafford Loan Program prior to borrowing under the Direct PLUS Loan Program.
Application:
Graduate students applying for a Direct PLUS Loan are required to complete a FAFSA. Apply for the academic year. The Federal Direct Graduate PLUS Loan application process involves two steps:
New Borrowers:
- Complete the.
- Complete the . You must have a Department of Education issued FSA ID, , before completing and signing the electronic MPN.
Current Borrowers:
- Complete the .
- Only if the Direct Graduate PLUS Loan was approved with a credit worthy endorser in the prior year, will a new need to be completed.
Q. Why do I have to complete the Direct PLUS Loan for Graduate or Professional Students?
A. Only request a PLUS Loan if additional funds are needed.
Q. What are the next steps if the Direct Graduate PLUS Loan is denied?
A. If the loan application is denied, you will be contacted by the Federal Student Aid via email and given the option of obtaining a credit-worthy endorser or appealing the credit decision. Questions concerning your credit decision should be directed to Federal Student Aid at 1-800-433-3243.
is required if the U.S. Department of Education has informed you that you have an adverse credit history and you have:
- Obtained an endorser or
- Documented extenuating circumstances to the satisfaction of the U.S. Department of Education
- The information causing the adverse credit decision is incorrect or
- There are extenuating circumstances relating to the adverse credit history
Q. Do I have to complete the application for Federal Direct PLUS for Graduate or Professional Students each year?
A. Yes. Each subsequent year, you will need to go through a credit check and request the annual loan amount if needed.
Q. If I completed a Direct Graduate PLUS Loan MPN, do I have to complete another one?
A. No. The Direct Graduate PLUS Loan MPN allows students to borrow for multiple years (up to 10 years) under one note provided you do not require an endorser.
A. Yes. If the Direct Graduate PLUS Loan was approved with a credit worthy endorser in the prior year, a new Electronic Master Promissory Note will need to be completed.
Federal regulations require that first time Federal Graduate PLUS Loan recipients complete entrance counseling requirements before receiving the loan funds. This must be completed online.
Deadline:
Federal Direct Graduate PLUS Loan applications must be certified by the Financial Aid Office by the last day of the semester.
Interest Rate:
Loans disbursed between July 1, 2024 and June 30, 2025 have a fixed interest rate of 9.08%.
Loans disbursed between July 1, 2023 and June 30, 2024 have a fixed interest rate of 8.05%.
Fees:
Effective December 1, 2013, sequestration of federally budgeted funds occurred.
The origination fee is 4.228% from October 1, 2020 through September 30, 2024. The amount equals 95.772% for each disbursement of the loan.
Loan Limits per Academic Year:
The maximum students may borrow in the Federal Direct Graduate PLUS Loan per academic year is the difference between cost of education minus other financial aid received.
Loan Reductions/Cancellations:
Students may request the Federal Direct Graduate PLUS Loan be reduced or canceled. The request must be in writing from the student. Through your 51做厙 email, please include your name, your Royal ID Number, and the amount you want the loan reduced to.