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 2016-17 interest rate is 6.31 percent fixed. There is a loan fee of 4 percent 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.