Federal Graduate (PLUS) Loan
The Federal Graduate PLUS Loan Program is similar to Federal Direct Parent Loans. The loans are credit based. As of July 1, 2024, the interest rate for the Federal Graduate PLUS Loan will be 9.08 percent. To be considered for a Graduate PLUS Loan, students must first apply with a FAFSA to determine eligibility for the Federal Unsubsidized Student Loan Program. This loan is not based on financial need. The student must show creditworthiness, and interest is charged while the student attends school. Principal and interest repayment begins within 60 days of the date that the student is no longer enrolled at least half time.
To apply for a Graduate PLUS Loan, a student must complete the Federal Graduate Loan Request Form online at studentaid.gov. The student must log in to access the request process using his or her FAFSA login information.
If the student is approved for the loan, s/he must complete the following two online processes.
Borrowers who choose to appeal/challenge the credit decision, and are approved, will be required to complete additional PLUS credit counseling before the school can disburse any funds on his/her behalf. PLUS counseling can be completed at studentaid.gov.