Graduate Students

Types of Graduate Aid:
Grants and Scholarships | Student Employment | Financing Options

Graduate/Professional PLUS Loan

Graduate/Professional PLUS loans are available to credit-worthy graduate students who are enrolled at least half time (4 credit-hours or more per quarter/semester) regardless of need. Commercial lenders who participate in the Federal Family Education Loan Program (FFELP) make these loans. Students must fill out the FAFSA and be awarded their full Federal Stafford loan eligibility before applying for the PLUS loan. The student is the borrower of a Grad/Prof PLUS loan, not a parent.

Eligibility is determined by the lender after performing a credit check on the borrower. If a student is denied a PLUS Loan because of adverse credit, the student may choose to apply with a credit-worthy co-borrower or work with the lender on the credit issue.

For loans taken out during the 2008-2009 school year, the Graduate PLUS loan interest rate is fixed at 8.5%. A 3% origination fee will be taken out of each loan before the funds are disbursed to the school and possibly a 1% guarantor fee. Borrowers begin repaying principle and interest sixty days after graduating or dropping below half-time enrollment. The standard repayment period is 10 years but can be as long as 30 years. Information regarding disbursement and repayment will be mailed to the address the student provides on the Master Promissory Note (MPN.)

Students may to borrow up to the total budgeted cost of attendance less all other financial aid. All funds are divided evenly across anticipated terms of enrollment, excluding Summer.

To compare the Graduate PLUS loan to the other loan programs offered to graduate students, please visit our page on private education loans.

How to Apply | Recommended Lenders