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You are responsible for repaying these funds according to the information contained in the promissory note. More information about repayment options, including loan consolidation, interest rates, monthly payments, deferment, forbearance, and cancellation, or to defer repayment of loans for service, may be found on the U.S. Department of Education’s website at studentaid.gov.
This is an education loan for parents of undergraduate students. The parent is the sole borrower, not the student. The Direct PLUS Loan has a fixed interest rate of 5.30%. There is also a 4.236% origination (upfront) fee that is deducted by the government from each loan disbursement. The origination fee may be included in the amount borrowed. To determine the gross amount to borrow, including the fee, divide the amount you need to cover your costs for the year by .9576.
The student must file the FAFSA in order for the parent to borrow the PLUS Loan.
Do not apply prior to receiving your financial aid offer to be sure of the amount you need to borrow. In addition, the credit history check will expire 180 days after completing the application. The Financial Aid Office will not begin processing PLUS Loans until July 2020.
To apply, the parent borrower should:
*PLEASE NOTE: You must complete the aid application process before you will receive a financial aid offer. Please contact our office if you do not plan to file the FAFSA, firstname.lastname@example.org.
If the parent is denied the Direct PLUS Loan, you (the student) are eligible to borrow additional funds through the Unsubsidized Direct Loan program ($4,000 per year for freshmen and sophomores and $5,000 per year for juniors and seniors). You must complete the BIF if you would like to borrow these funds. No additional Direct Loan funds will be processed without a completed BIF on file.
No Subsidized Loan Eligibility for Graduate and Professional Students
The Federal Direct Graduate PLUS is a federal loan for graduate students enrolled at a minimum of 4.5 credits per semester. It offers excellent repayment terms and a fixed interest rate of 5.30%. There is also a 4.248% origination fee that is deducted by the government from each loan disbursement. The origination fee may be included in the amount borrowed. To determine the gross amount to borrow including the fee, divide the amount you need to cover your costs for the year by .9575.
Students who choose to borrow through the Graduate PLUS Loan should do so after reviewing the financial aid offer, which is mailed in early July. By waiting until the aid offer is received, you'll know the total amount needed to cover annual expenses. The Financial Aid Office recommends applying for the full year rather than on a per-semester basis. By doing so, you will only have to complete the application (credit check) per academic year.
Interest on Graduate PLUS Loans begins accruing after the first disbursement. After the loan is fully disbursed, your federal loan servicer will automatically add an in-school deferment and a 6-month post-enrollment deferment. Interest is NOT capitalized until the end of the post-enrollment deferment period.
To apply, please go to studentaid.gov and log in using your FSA ID and password (the same one you used to sign the FAFSA). Click the In School tab and then apply for a PLUS Loan for Graduate School. If you are a first-time graduate PLUS borrower, you must also complete the Master Promissory Note (MPN) and Entrance Counseling. The Financial Aid Office will be notified electronically. In addition to completing the steps at studentaid.gov, you must also complete the Borrowing Intention Form included with your financial aid offer and return it to the Financial Aid Office.