General Federal Direct PLUS Loan Information
View the Department of Education's Direct Loan Basics for Students brochure
- Federal loan program for graduate students
- Must be enrolled at least half time
- Approval based upon credit check
- Interest starts accruing at the time of disbursement
- No repayment required while enrolled at least half time
- Standard repayment is 10 years
Annual Maximum - Up to student's cost of attendance minus other financial aid
Interest Rate - Fixed rate of 7.21% for loans between July 1, 2014 and June 30, 2015. Fixed rate of 6.41% for loans between July 1, 2013 and June 30, 2014
- 4.292% is deducted from the loan proceeds for loans first disbursed after October 1, 2014 and before October 1, 2015. For example, on a $8,000 PLUS loan, $343 will be kept as a loan fee and therefore $7,657 will be credited to students account when it is disbursed to the school.
- 4.288% is deducted from the loan proceeds for loans first disbursed after December 1, 2013 and before October 1, 2014. For example, on a $8,000 PLUS loan, $343 will be kept as a loan fee and therefore $7,657 will be credited to students account when it is disbursed to the school.
Applying for a Federal Direct Graduate PLUS Loan
- Complete the Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov
- First time borrowers at Carroll need to complete Graduate Entrance Counseling at studentloans.gov
- Complete the Graduate PLUS Request Process at studentloans.gov. You will need to login to this site by clicking the green "Sign In" button located in the Manage My Direct Loan box in the upper left of the page. Next click 'Request PLUS Loan' then select 'Graduate PLUS' as the loan type.
- If you are approved, the funds will be disbursed directly to the school and credited to your Business Office account.