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 Unsubsidized Direct Loan Program before applying for the Grad PLUS loan. Interest rates are established each year for which the first disbursement is on or after July 1 through the following June 30. This interest rate is then fixed for the life of the loan. The interest rate cap is 10.50%.
- For the 2017-2018 academic year, the fixed interest rate is 7.00%
- For the 2018-2019 academic year, the fixed interest rate is 7.595%
There is a 4.276% origination fee for loans borrowed between Oct 1, 2016 and Oct 1, 2017. PLUS loans borrowed between Oct 1, 2017 and Oct 1, 2018 have an origination fee of 4.264%.
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. Select Request PLUS Loan option.