Graduate and professional students can apply for a Federal Graduate PLUS Loan.  Students who have exhausted their Federal Stafford Loans or who seek additional funding may apply for this loan.  This loan is better than alternative/private loans which have variable interest rates.  Eligible credit-worthy students can borrow up to the cost of education minus other aid received.  For a Grad PLUS Loan, the student is the borrower, as opposed to the undergraduate PLUS Loan where the borrower is the parent of the student. 

The interest rate on the loan is fixed at 8.5%.  An origination fee and Federal Default Fee may be deducted from your loan before it is disbursed.  The net amount of the disbursement varies between 96% and 97% of the gross amount accepted.  You may want to factor in an allowance for this fee when determining the amount to request.  Usually, no payments are required while in school due to in-school deferment.  Repayment begins when you cease to be enrolled at least half-time.  You can consolidate your existing Stafford Loans with the Grad PLUS Loan; interest rates are based on the weighed average of these loans.  If you are denied based on adverse credit, you may obtain a credit-worthy endorser who is secondarily responsible for the loan. 

Renewal borrowers, students with an outstanding balance on a previous student loan, may choose to retain their current lender or select a new lender.  In general, we encourage students to use one lender for all student loans to avoid confusion in repayment.  However, you may select a new lender if you have not been satisfied with the service you have received or prefer the options, services, and/or benefits of another lender.  Please remember that it is your responsibility and right to select your student loan lender.

First-time Grad PLUS Loan borrowers must complete Grad PLUS Loan Entrance Counseling here.