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.
|Interest Rate||6.31 fixed. (7-1-16 to 6-30-17)|
|Interest||This loan is unsubsidized. The borrower is responsible for all interest that accrues. Interest will be capitalized.|
|Fee/Rebate||Fee: 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.|
|Completion Requirements||PLUS loan borrowers must:
|Credit Worthiness||The borrower or endorser must not have an adverse credit history (a credit check will be done).|
|Annual Loan Limit||Up to the Cost of Attendance, minus other financial aid and resources.