Direct Graduate PLUS Loans

William D. Ford Federal PLUS Loan for Undergraduate and Graduate Students

The William D. Ford Federal Direct PLUS Loan is a federal loan that allows the parents undergraduate and graduate student to borrow funds to help meet educational expenses.

  • LIKE DIRECT SUBSIDIZED AND UNSUBSIDIZED LOANS, THE FEDERAL GOVERNMENT SUPPLIES THE FUNDS.
  • UNLIKE DIRECT SUBSIDIZED AND UNSUBSIDIZED LOANS, YOUR PLUS LOAN ELIGIBILITY IS BASED ON YOUR (THE PARENT AND/OR ENDORSER CREDIT.

Note: In order to be eligible for the PLUS loan, you should have already accepted any Federal Direct Subsidized and Unsubsidized loans offered to you for the year. The Direct Subsidized and Unsubsidized loans offer a better interest rate and repayment provisions.

 

TermsDetails
Repayment
  • REPAYMENT BEGINS WITHIN 60 DAYS AFTER THE LOAN IS FULLY DISBURSED. THERE IS NO GRACE PERIOD FOR DIRECT PLUS LOANS.
  • WHILE YOU ARE ENROLLED IN SCHOOL ON AT LEAST A HALF-TIME BASIS, YOUR PARENT IS ELIGIBLE FOR AN IN-SCHOOL DEFERMENT THAT ALLOWS YOU TO POSTPONE PAYMENTS ON YOUR DIRECT PLUS LOAN UNTIL YOU GRADUATE OR DROP BELOW HALF-TIME.
  • AT THSU ALL STUDENTS ARE EXPECTED TO ENROLL FOR 17 CREDIT HOURS EACH TRI-SEMESTER. ANY CREDIT HOURS BELOW 12 CREDITS, WILL BE CONSIDERED LESS THAN HALF-TIME.
  • INTEREST WILL CONTINUE TO ACCRUE WHILE THE LOAN IS IN DEFERMENT.
  • Interest Rate6.31 fixed. (7-1-16 to 6-30-17)
    InterestThis loan is unsubsidized. The borrower is responsible for all interest that accrues. Interest will be capitalized.
    Fee/RebateFee: The U.S. Department of Education charges a loan fee of 4.276% of the principal amount of each Direct PLUS Loan. This fee is deducted proportionately from each loan disbursement.
    Grace PeriodNone
    Completion RequirementsPLUS loan borrowers must:

  • ACCEPT THE LOAN
  • COMPLETE THE PLUS MASTER PROMISSORY NOTE (MPN)
  • COMPLETE STUDENT LOAN ENTRANCE COUNSELING FOR PARENT BORROWER.
  • Credit WorthinessThe borrower or endorser must not have an adverse credit history (a credit check will be done).
    Annual Loan LimitUp to the Cost of Attendance, minus other financial aid and resources.