All About a Grad PLUS Loan

Eligible graduate and professional students can apply for Direct PLUS Loans from the U.S. Department of Education through schools in the Direct Loan Program. As a result, we provide Parent PLUS Loans.

When given to a graduate or professional student, a Direct PLUS Loan is often referred to as a grad PLUS loan. Wish to apply? Applying for a graduate PLUS loan is done through the online application.

Not all colleges have the same application process for PLUS loans, although most need online submission. Be aware that the Free Application for Federal Student Aid (FAFSA®) must be completed before a PLUS loan may be applied for.

Can I get a PLUS loan after graduating?

A graduate PLUS loan requires you to have a high school diploma or equivalent. Be enrolled as a full-time student in a graduate or professional degree or certificate program at a qualifying institution; lack a negative credit history (unless you fulfill other eligibility standards), and reach the minimum academic standards needed to receive federal student aid.

How much money can I get?

Cost of attendance (as decided by the institution) minus other financial aid equals the maximum PLUS loan amount you can borrow. How soon must I start paying back my loan Payments are deferred until six months after you graduate, leave school, or drop below half-time enrollment.

Interest continues to build up on your loan balance when payments are deferred for any reason. When payments are due, you can either pay the accrued interest or let it be capitalized (added to your loan principal sum). If you have a loan, the servicing company will send you a reminder when your first payment is due.

Applicants will undergo a credit check as part of the application process. Graduate PLUS loans are available even to those with poor credit through the following two channels Finding an endorsement without a negative credit record. For a graduate PLUS loan, an endorser is a cosigner who also guarantees repayment in the event of default. Proving to the U.S. Department of Education that you've experienced a credit setback due to mitigating circumstances, Credit counseling for PLUS loan borrowers is required regardless of which option you choose.

How do I go about requesting a Graduate PLUS Loan?

Use the online application to apply for a Direct PLUS Loan as a graduate or professional student. You must apply for a Direct PLUS Loan online at most colleges, although there may be exceptions. You may find a directory of Direct Loan Program colleges and universities here. Selecting a school from the list will reveal whether or not that institution has a unique application procedure. If this is the case, you should contact the school's financial aid office to learn more about applying for a graduate PLUS loan.

Remember that the Free Application for Federal Student Aid (FAFSA) must be submitted before you may apply for a PLUS loan for graduate school.

What else do I need to do to get my loan?

To receive a PLUS loan, you must also attend admission counseling if you have never gotten one before. Contact the school's financial assistance office to learn more about the admissions counseling process.

Is there a fee associated with this loan aside from interest?

Every Direct PLUS Loan has a loan fee attached to it. Each loan distribution is reduced by the loan fee, which is a fixed percentage of the total loan amount; as seen in the table below, the proportion shifts based on the timing of the initial loan disbursement.

Your tuition, fees, room and board, and other school charges shall be paid in full before any remaining money from your graduate PLUS loan will be applied to your account. If you have leftover loan funds, your institution will make them available to you for any remaining qualified educational costs. Learn more about available resources here.

What steps should I take next when my loan funds have been dispersed?

Salary-driven repayment plans, which calculate your monthly payment based on your income and family size, are only one of the flexible repayment alternatives accessible to borrowers. To learn more about your repayment choices, contact your loan servicer. Your loan payback schedule can be anywhere from ten to twenty-five years long. Check out what choices you have for making repayments.

Yes. You can cancel your loan entirely or part at any moment before the funds are dispersed by notifying the school. There are grace periods after loan disbursement, during which you can opt-out of all or part of the loan. Cancellation policies and timelines will be outlined in detail in your promissory note and any supplementary materials provided by the institution.