Federal Direct Grad PLUS Loan

Grad PLUS Loans are federal loans that graduate and professional students with good credit history may borrow to help pay educational expenses.

Borrowing & Interest Rates

You may borrow up to the total of the Estimated Cost of Attendance minus resources and other financial aid. The interest rate on loans borrowed between July 1, 2024 and June 30, 2025 is 9.08%. The interest rate on loans borrowed between July 1, 2023 and June 30, 2024 is 8.05%. Interest is charged on the loan from the time the loan funds are disbursed until it is paid in full. The loan origination fee for loans borrowed between October 1, 2020 and September 30, 2024 is 4.228%, and is deducted from your loan at the time of disbursement.

How to Apply

To apply for a Grad PLUS Loan, you must complete the FAFSA and be enrolled for at least 6 credit hours per semester. Additionally, you’ll be required to sign up for a Grad PLUS Master Promissory Note and Complete Entrance Counseling for Graduate Students session.

Credit Check

You must also submit to a credit check by the U.S. Department of Education. You authorize the credit check when you agree to the Financial Aid Notification Terms and Conditions.

You can’t be 90 days or more delinquent on the repayment of any debt or the subject of a default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment, or write-off of a Title IV debt during the last 5 years.

The Direct Loan Processor will notify you and our office of the result of the credit check. If credit is approved, loan funds will be disbursed and applied to tuition, fees, and other university charges.


If a Grad PLUS Loan disbursement generates a refund, the refunded amount will be deposited into your bank account. Authorizing direct deposit of refunds gives you the quickest access to your funds.


Repayment begins within 60 days of the final loan disbursement during the academic year. Principal and interest payments may be deferred if you meet deferment requirements. Your Federal Direct Grad PLUS Loan will be automatically deferred if you’re enrolled at least half time in a degree-seeking program.

To learn more about available deferments and how to apply for deferment status, contact your loan servicer. Contact information for your loan servicer is available in the National Student Loan Data System.

Comparing Loans

You’re encouraged to research the interest rates, credit check requirements, conditions, terms, and repayment of Grad PLUS Loans with that of private alternative loans. Following are some general differences:

  • The credit check for the Grad PLUS Loan won’t be as stringent as that of most private and alternative loans, which often look at debt to income ratio.
  • Grad PLUS Loans can be consolidated with other Federal Direct Loans (subsidized or unsubsidized), allowing students to have only one payment after graduation. Private and alternative loans can’t be consolidated with federal loans.
  • Grad PLUS Loan interest rates tend to be lower than many private and alternative loans.
  • The Grad PLUS Loan has different requirements regarding deferment during in-school and summer terms.