The Grad PLUS Program is designed to help graduate or professional students pay the cost of their education expenses. This loan fills the gap between the cost of education and the funding received through Federal Direct Loans and other financial aid including graduate assistantship waivers and fellowships.
Students must be enrolled at least half time and maintain satisfactory academic progress in order to be eligible. Eligibility for a Graduate PLUS loan is based on a student's creditworthiness and not on financial need. Students with insufficient credit can apply with an endorser. For PLUS loans made to graduate students that are first disbursed on or after July 1, 2008, the student has the option of beginning repayment on the Graduate PLUS loan either 60 days after the loan is fully disbursed or wait until six months after the student ceases to be enrolled on at least a half-time basis.
In order for funds to be available for payment purposes, applications should be submitted by:
Interest Rates for loans disbursed from July 1, 2015 - June 30, 2016:
|Loan Type||Borrower||Interest Rate*||Origination Fee*||Grace Period||Deferment||Repayment|
|Graduate PLUS||Graduate Student enrolled at least half-time||6.84% Fixed||
4.292% (if first disbursed between July 1, 2015 and September 30, 2015)
4.272% (if first disbursed between October 1, 2015 and June 30, 2016)
|There is no grace period for PLUS loans||You may receive a deferment if the student is enrolled at least half-time in a degree-seeking program of study.||Repayment begins 60 days after you have received the last installment for the loan period.|
You may borrow up to the cost of attendance minus any other financial aid that the student is receiving for each academic year.