Direct Graduate PLUS Loan

The Direct Graduate PLUS Loan is available to qualifying graduate students who have exhausted their Direct Unsubsidized Loan eligibility. The amount available is the Cost of Attendance (COA) minus all other financial aid awarded, including Direct Unsubsidized Loans.

You must not have an adverse credit history. If you do not pass the credit check, you may still be able to borrow the loan if someone agrees to endorse the loan. The endorser promises to repay the loan if the borrower fails to do so. 

The repayment period for a Direct PLUS Loan begins at the time the PLUS Loan is disbursed, and the first payment is due within 60 days after the final disbursement. However, you may defer repayment while you are enrolled at least half-time, and for an additional six months after you cease to be enrolled at least half-time.

Applying for a Graduate PLUS Loan

  • Step 1: Complete the PLUS Loan Application.
  • Step 2: If approved, you must complete a Direct PLUS Loan Master Promissory Note (MPN). The MPN is a legal document in which you promise to repay the loan and any accrued interest and fees to the U.S. Department of Education. The MPN can be used for PLUS Loans that a graduate student receives over a period of multiple academic years.
  • Step 3: Complete online Entrance Counseling. The student type must be "graduate or professional" for the Entrance Counseling.
  • Loan Deferment: Graduate students borrowing the Graduate PLUS Loan have the option of deferring repayment while they are enrolled at least half-time and for a six-month grace period after they graduate or drop below half-time enrollment. Borrowers must select this option when completing the PLUS Loan Application.

Interest Rates

Interest rates are determined on an annual basis; however, rates for the specific academic year borrowed will be fixed for the life of the loan. Interest is charged from the date of the first disbursement until the loan is paid in full. An origination fee is deducted proportionately each time a disbursement is made. 

  • 8.05% Fixed Interest Rate for PLUS Loans disbursed between July 1, 2023 - June 30, 2024
  • 4.228% Origination Fee