Direct PLUS Loan
The Direct PLUS loan (also known as Grad PLUS loan) is offered through the Department of Education to graduate and professional students.
Eligibility
Graduate or professional students enrolled at least half time who need to borrow more than the maximum unsubsidized loan amounts. You must pass a credit check for approval, unless you can get the loan endorsed by someone who does not have an adverse credit history.
Amount
Cost of attendance minus other aid.
Interest Rate
Fixed interest rate of 7.9%.
Loan Fees
What is a loan fee? It’s what the borrower pays the lender to help cover the cost of processing the loan. It’s typically calculated as a percentage of the amount they are borrowing.
The fee for a Direct PLUS Loan is 4.204% after 7/1/2013.
Repayment
Payment of principal and interest begins 60 days after your loan is fully disbursed.
How to Apply
If you’ve borrowed your maximum annual unsubsidized loans but need additional funds, contact our office to find out if you’re eligible to apply for the Direct PLUS loan.
Once you’re informed of your eligibility, you can process your PLUS loan.
More About Direct Loans
For more on Direct Loans, check out information from the U.S. Department of Education:
