Federal Direct PLUS (Graduate/Professional Student) Loan

 

Graduate/Professional students who are first-time borrowers of the Federal Direct PLUS Loan, must complete an electronic Master Promissory Note (MPN) and on-line Entrance Loan Counseling to receive the funds. In most cases, the student will be required to complete the MPN and entrance counseling session only once during their years in college.

Obtain information regarding loan deferment, grace periods, and repayment plans from the Federal Student Aid web site.

Lender

Federal Government

Interest Rate

Fixed at 7.9% for loans disbursed July 1, 2006 - June 30, 2013

Fixed at 6.41% for loans disbursed July 1, 2013 - June 30, 2014

Interest Rate Cap

10.50% for loans disbursed on or after July 1, 2013

Interest Free in School

No

Credit Check

Yes

4% for loans disbursed on or prior to June 30, 2013

4.204% for loans disbursed on or after July 1, 2013

Annual Maximum

Student cost of attendance minus other financial aid awarded

Cumulative Maximum

None