Federal Graduate PLUS Loans
Federal Direct Graduate PLUS Loan
Graduate students are able to borrow from the Federal Direct Graduate PLUS Loan Program. Borrower must be credit-approved and may require an endorser. The 2014-15 interest rate is 7.21% fixed. There is a loan fee of 4% of the principal amount charged for each Federal Direct PLUS Loan that you borrow. The fee and rebate will be applied before the funds are disbursed to the school. Students must make their first 12 consecutive payments on time in order to retain this up-front rebate. Loan fees are outlined in the Disclosure Statement that the borrow receives from the U.S. Department of Education.
Direct Loan Entrance Counseling
- Direct Loan Entrance Counseling - First time Direct PLUS Loan borrowers are required to complete entrance counseling.
Note: It is not wise to borrow from both a private loan program and the Grad PLUS program. By doing so you will have two monthly payments to different lenders. Please review loan information on both types of programs before making a decision.
Loan Exit Counseling
Students who graduate or withdraw must complete loan exit counseling.