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 Stafford Loan before they borrow a Graduate PLUS loan. Graduate PLUS borrowers may borrow up to the cost of attendance minus other financial aid. Graudate 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.
- 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 7.08% for loans between July 1, 2019 and June 30, 2020. Fixed rate of 7.60% for loans between July 1, 2018 and June 30, 2019.
- 4.248% is deducted from the loan proceeds for loans first disbursed after Oct. 1, 2018 and before Oct. 1, 2019. For example, on a $10,000 PLUS loan, $425 will be kept as a loan fee and therefore $9,575 will be credited to student's account when it is disbursed to the school.
- 4.236% is deducted from the loan proceeds for loans first disbursed after Oct. 1, 2019 and before Oct. 1, 2020. For example, on a $10,000 PLUS loan, $426 will be kept as a loan fee and therefore $9,574 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.