PLUS Loans for Graduate Students can be used to pay for educational expenses not satisfied by other federal aid.
Eligible Borrowers
Individuals eligible for Graduate PLUS Loans include graduate or professional students that are U.S. citizens or eligible non-citizens enrolled at least half-time in a qualifying program. Borrowers with an adverse credit history may require an endorser with a strong credit background in order to be approved.
Loan Limits
Borrowers can qualify for up to the school’s total cost of attendance remaining after all other financial aid is subtracted.
Repayment Terms
For loans disbursed on or after July 1, 2008:
- Borrowers with loans disbursed before 7/1/2008 must enter repayment following the borrower’s graduation, withdrawal, or after the borrower drops to less than half-time enrollment. Borrowers with loans disbursed after 7/1/2008 enter repayment 6 months following the borrower’s graduation, withdrawal, or after the borrower drops to less than half-time enrollment.
- Upon entering repayment, loans are set to a Standard 10 year repayment term. Borrowers can switch to an alternative repayment plan if necessary.
- In some circumstances, the borrower can qualify for a deferment where loan payments are postponed for a period of time. During deferment, interest will continue to accrue.
- A borrower may be able to request a forbearance to temporarily stop payments. During forbearance, interest will continue to accrue, and any unpaid interest may be capitalized.
- There are no prepayment penalties for borrowers who choose to pay off their loans ahead of time.
Current Interest Rate
| Direct PLUS Loans first disbursed on or after 7/1/2013 and before 7/1/2014 | 6.41% |
| Direct PLUS Loans first disbursed on or after 7/1/2014 and before 7/1/2015 | 7.21% |