Federal Direct PLUS Loans for Graduate Students | Financial Aid

This program is available to students enrolled at least half-time (three credits). Students must exhaust their Federal Direct Loan before they borrow a Graduate PLUS loan. Graduate PLUS borrowers may borrow up to the cost of attendance minus other financial aid. Graduate PLUS borrowers are subject to credit review; however, a Graduate PLUS applicant who has an adverse credit history may be able to obtain the loan with an endorser.

Loan details

• 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 8.94% for loans first disbursed between July 1, 2025 and June 30, 2026. Fixed rate of 9.08% for loans first disbursed between July 1, 2024 and June 30, 2025.

Fees:

• 4.228% is deducted from the loan proceeds for loans first disbursed after Oct. 1, 2020 and before Oct. 1, 2026. For example, on a $10,000 PLUS loan, $423 will be kept as a loan fee and therefore $9,577 will be credited to student's account when it is disbursed to the school.

Applying for a Federal Direct Graduate PLUS Loan

1. Complete the Free Application for Federal Student Aid (FAFSA) at studentaid.gov/fafsa
2. Student must be meeting Satisfactory Academic Progress (SAP) Standards.
3. Student cannot be in default on a Federal Student Loan or owe an overpayment on a Federal Student loan or grant.
4. Complete the Graduate PLUS Request Process at studentaid.gov. You will need to login to this site by clicking the blue "Log In" button.
5. First time borrowers at Carroll need to complete Graduate Entrance Counseling at studentaid.gov. Make sure to select the correct counseling for a Graduate or Professional Student.
6. Complete the Grad PLUS MPN (Master Promissory Note) at studentaid.gov. You will need to login to this site by clicking the blue "Log In" button.
7. If you are approved, the funds will be disbursed directly to the school and credited to your Business Office account.