Who it's for
Graduate PLUS loans are for graduate and professional students who want a low-cost loan backed by the federal government.
Am I eligible for a Graduate PLUS loan?
You’re eligible for a Graduate PLUS loan if you:
Are a creditworthy graduate or professional student
Are enrolled at least half time in a degree program
Have a valid Social Security number and are a U.S. citizen or eligible permanent resident
Is there a maximum amount I can borrow?
Yes, the maximum Graduate PLUS loan amount is equal to the cost of attendance, as determined by the school, minus any other financial aid you may be receiving.
What will my loan interest rate be?
With a PLUS loan your interest rate is set at a fixed rate of 8.5%1 on loans disbursed on or after July 1, 2006 for loans made until June 30, 2009, as set by the federal government.
When can I expect to receive my loan?
Before you can receive your loan, make sure to check with your school’s financial aid administrator to ensure your loan eligibility is certified. Funds for Graduate PLUS loans are disbursed in two payments on the dates requested by your school.
For more information on disbursement dates, check with your school’s financial aid department.
What do I need to know about repayment of my loan?
Payments of principal and interest begin within 60 days of final loan disbursement
Payment may be deferred while graduate student is enrolled at least half-time in a degree program. Otherwise, repayment of principal and interest will begin within 60 days of final disbursement
Your maximum repayment term is 10 years2
There is a $50 minimum monthly loan payment
There is no penalty for early repayment
What else do I need to know?
Please note that the federal government deducts a 3% origination fee from your loan proceeds. In addition, unless the guarantor waives your default fee, a 1% default fee will be deducted from your loan.
Apply today for a Graduate PLUS loan and get a conditional credit decision within minutes.
How do I apply?
You can also download an application and mail it to us
Note: Applying via mail takes 10 additional days to process your application.
