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Your Profile:     Campus • Graduate/Doctoral Degree • Traditional • Full Time     (change your profile)

Graduate PLUS Loan

As of July 1, 2006, graduate students may be eligible for the Graduate Federal PLUS Loan, which offers students a fixed interest rate and more financial freedom.

Under the Graduate Federal PLUS Loan program, graduate and professional students can borrow up to their cost of attendance minus other financial assistance. The specific terms of your Graduate Federal PLUS Loan depend on the program in which your school participates; either the Family Federal Education Loan Program (FFELP) or the William D. Ford Direct Loan Program.

Eligibility Requirements
To be eligible for the Graduate Federal PLUS Loan, you must be enrolled at least half time in a graduate or professional program. The loan is dependant on a credit check, which means that a delinquency, default, or bankruptcy could keep you from receiving funding. It may be possible to receive a Graduate Federal PLUS Loan by securing an endorser, who must agree to repay the loan if you do not repay it.

Another important qualification of the Graduate PLUS Loan program is that you must first apply for your annual loan maximum under the subsidized and unsubsidized Federal Stafford Loan Program. You cannot borrow under the Graduate PLUS Loan program without meeting your Stafford Loan maximums.

Funding and Interest Rates
Graduate PLUS Loans can make a big difference in your search for educational funding. Certain health professions students may be eligible to receive additional funds from the PLUS Loan program. The fixed interest rate that applies to your PLUS Loan depends on the program in which your school is enrolled:

  • FFEL Program: Interest rate is fixed at 8.9%
  • William D. Ford Direct Loan Program: Interest rate is fixed at 7.9%

PLUS Loan Repayment
The Graduate PLUS Loan program comes with specific fee and repayment instructions. There is no grace period on the Graduate PLUS Loan, but you may consolidate your loan with other eligible student loans after you leave school.

A 4% loan fee is deducted proportionately from each disbursement of your loan. Additionally, Graduate PLUS Loan borrows receive the same up-front interest rebate repayment incentives available to William D. Ford Direct Loan borrowers. Paying off the interest on your Graduate PLUS Loan early can save you money over time.