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.

 

Lender

Federal Government

Interest Rate

Fixed at 7.9% for loans received after July 1, 2006

Interest Free in School

No

Credit Check

Yes

4%

1.5%

Annual Maximum

Student cost of attendance minus other financial aid awarded

Cumulative Maximum

None

Grace Period

None

Loan Deferment

Loan payments are automatically deferred while the student is attending school at least half-time.

Standard Repayment Period

Up to 10 years (additional repayment options beyond 10 years are available)

Minimum Payment

$50 per month

Additional information is available on the Federal Student Aid web site.