Federal Grad PLUS Loan
The Federal Grad PLUS loan program is for graduate students. The graduate student borrower must be a U.S. citizen or permanent resident and must be enrolled at least half-time. Eligibility is based on credit. Students may borrow up to the cost of attendance, minus any other aid received. Applicants must complete a FAFSA and must have applied for their maximum annual loan eligibility through the Federal Subsidized and Unsubsidized Direct Loan Program before applying for the Grad PLUS loan. The loan has a fixed interest rate of 7.90%. Repayment will be deferred while the student is enrolled at least half time, though interest will accrue after full disbursement of the loan.
Graduate students who wish to apply for a Grad PLUS Loan will need to complete the PLUS Loan Credit Authorization each year. In the initial year, the student will also need to complete a Master Promissory Note (MPN).
Complete both steps online at www.studentloans.gov. (Select Request PLUS loan option)