Federal Graduate PLUS Loan

Who Can Borrow

Graduate students can borrow a federal Graduate PLUS Loan to help pay for their educational expenses as long as they:

  • Have already applied for their annual federal Direct Student Loans
  • Are matriculated in a master’s or PhD program; certificate programs are excluded
  • Are enrolled at least half time (at least six credit hours per term)

How it works

  • Credit approval is required to receive the PLUS loan.
  • Students can borrow up to the cost of attendance minus any financial aid already awarded.
  • The interest rate for the 2020-2021 academic year is 5.30% as of July 1, 2020.
  • There is an origination fee of 4.236% prior to October 1 (the fee changes to 4.228% after October 1, 2020).

When to apply

Students should not apply any earlier than 90 days before the start of the term for which the loan is needed. Credit approvals are only viable for that amount of time. If the loan is applied for too early, the credit approval will become invalid and you will need to submit a new PLUS online application for processing. Please also factor in time for the Financial Aid Office to review your submitted FAFSA, which must occur before your Graduate PLUS application can be processed.

How to apply

  • Submit the Graduate PLUS application.
  • Click the blue ‘Log In’ button to complete the PLUS Request Process.
  • Students must have a federal PIN and must have already submitted a FAFSA to submit a Graduate PLUS application.
  • If needed, please see the ‘Apply for PIN’ link under ‘Tools and Resources.’ on that site.

What’s next

Once the application is submitted online, we will be notified electronically regarding the amount requested and whether the loan was approved or denied. Please note that the loan amount requested is assumed to be for the entire academic year. The PLUS loan will be set up evenly across all the terms in which you are enrolled at least half time during the academic year. The total of your PLUS loan and other financial aid cannot exceed the cost of attendance for each eligible term. If your needs change after the PLUS loan application is submitted, please contact your financial aid counselor and detail any required updates.