What is it?
A long-term, credit-based, federal education loan with a fixed interest rate in the student’s name.
Who can apply?
A student enrolled in school at least half-time per term working toward a degree; must be making satisfactory academic progress and not be in default on an education loan. The student must be a U.S. citizen or an eligible non-citizen.
Students must pass a credit check but may apply with a qualified co-borrower. It is recommended that students should apply first for the Federal Direct Unsubsidized Loan.
How much can I borrow?
The annual limit is the Cost of Education minus all other financial aid, including other loans. A student needs to reapply each academic year online and through the Financial Aid Office.
Is there a fee?
The Federal government charges Graduate Plus borrowers an Origination Fee which is deducted before the loan proceeds pay into the student's account.
When does payment begin?
The first payment on a Direct Graduate PLUS Loan is due within 60 days after the loan is fully disbursed. There is no grace period for Direct Graduate PLUS Loans.
Students can postpone payments if enrolled on at least a half-time basis until graduation. Usually,the Servicer will automatically grant an in-school deferment based on data reported by PTS to the Department of Education showing enrollment. The Servicer will notify the studentof the deferment and of the option to cancel the deferment and begin making payments on the loan. Generally, the in-school deferment on the loan will remain continuously in effect until graduation or drop below half-time enrollment status.
The first payment will be due within 45 days after the deferment end date. If unable to make payments on the Direct Graduate PLUS Loan,the borrower may request a forbearance that will allow the borrower to temporarily postpone payments. To request a forbearance, contact the Servicer.
Interest is charged on a Direct PLUS Loan beginning on the date of the first loan disbursement, and it continues to be charged during periods of deferment or forbearance. The student may pay the interest as it accrues. The Direct Graduate PLUS Loans can be consloidated with other eligible student loans into a single consolidation loan.>
How do I apply?
Graduate Plus borrowers must complete the FAFSA. If selected for Verification, the school will mail further instructions to the student.
Students must submit a PTS Graduate Plus Loan Request Form to the Financial Aid Office
Students should visit www.StudentLoans.gov to complete:
the Federal Graduate Plus Application for the credit-check
the Federal Graduate PLUS Master Promissory Note and
the Graduate PLUS Entrance Counseling Session.