Summer Graduate PLUS Loan Application

Due to the interest rate and origination fee, we recommend graduate students first borrow their maximum eligibility in the Federal Direct Loan before borrowing any PLUS.

• Federal Direct Grad PLUS Loans are available to any domestic graduate students who are enrolled at least half-time in a degree-granting program.
• Graduate borrowers may borrow up to the Cost of Attendance minus any aid received, but must meet eligibility criteria set by the Department of Education. These include passing a credit review and having a US address
• The 2017-2018 Grad PLUS Loan Interest Rate is 6.31%.
• For any loan processed prior to October 1, 2017, there is a 4.276% origination fee assessed on the loan amount borrowed. This means that the amount that appears on the student account will be less than the amount borrowed.
• Make sure to complete a Grad PLUS Loan Master Promissory Note and Entrance Counseling on studentloans.gov.

These items are valid for ten years after completion and you should not have to complete them again for any new loan request.

* Note that your loan eligibility may change if you receive any funding from other sources, including departmental funding or stipends. If you are receiving any funds in addition to loans, please report them to our office. If you receive funding during the year, we may reduce your loans accordingly.

* We will also update your loan eligibility based on your enrollment. If you reduce your credits, we may have to reduce your loans correspondingly, as your cost of attendance is based on your enrollment.

* Students can estimate post-graduation monthly loan repayment using the Repayment Estimator

* Student Financial Services offers some items to consider when weighing borrowing a Grad PLUS loan as compared to a private loan on their website