Federal Direct PLUS Loan for Graduate Students
Federal Direct PLUS Loan for Graduate Students is a federal loan program provided to assist with remaining educational costs after the maximum Federal Subsidized and Unsubsidized Direct loans have been applied. Applicants must first file a FAFSA and must not have an adverse credit history. Otherwise, you must obtain a co-signer who does not have an adverse credit history.
The Federal Direct PLUS Loan for Graduate Students interest rate is fixed at 7.9%. A 4% origination fee is deducted by the government from each loan disbursement. As an incentive to encourage timely repayment of the PLUS Loan for Graduate Students, a 1.5% rebate is offered at the time of disbursement. If a borrower makes all of the first 12 monthly payments on time, the borrower can keep the rebate for the life of the loan.
To apply for the Direct PLUS Loan for Graduate Students, you must:
- Complete a Federal Direct Graduate PLUS Application and Mater Promissory Note(MPN)-Click here for instructions
- Complete the Graduate PLUS Entrance Interview online
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