Federal Graduate PLUS Loan

Overview

Graduate and professional students can borrow under the PLUS Loan Program. The terms and conditions applicable to Parent PLUS Loans also apply to Graduate PLUS loans. You may borrow up to your cost of attendance (determined by your graduate or professional school) minus other financial aid including other loans. Like the Parent PLUS loan, the same federal credit requirements apply. The student must meet other criteria as well. Repayment begins within 60 days after the loan is fully disbursed. If you are still enrolled at least half-time you can qualify for an In-School Deferment to defer making payments. Contact your school or your servicer once the final year's disbursement is made to request the deferment. However, most lenders will automatically put the loan in deferment for you, but it is still better to double check. The loan carries a fixed rate of 8.5% for FFEL loans and 7.9% for Direct loans. The standard repayment term is 10 years, but can be up to 25 years depending on if the borrower is eligible for the extended repayment plan.

In order to receive a Graduate PLUS Loan, you must first complete the Free Application for Federal Student Aid (FAFSA) and must apply for the maximum annual limit of Stafford Loan.