Federal Direct Graduate PLUS Loan
Federal Direct Graduate PLUS Loan Benefits
- a guaranteed source of funding for student loans
- low fixed interest rate at 7.9%
- low and flexible monthly payments
- an extended payment period for educational costs
Who May Apply
Graduate students that are enrolled at least half-time in a degree-seeking program are eligible to apply for a Federal Direct Graduate PLUS Loan. Students enrolled in certificate, non degree or credential programs do not qualify for the Federal Direct Graduate PLUS Loan.
Interest Rates and Terms
Interest is fixed at 7.9%. There is no grace period for a Federal Direct Graduate PLUS Loan. Interest begins to accrue immediately after the first disbursement of the Federal Direct Graduate PLUS Loan. Repayment of both principal and interest begins within 60 days after the final disbursement of the loan. The Federal Direct Loan program offers deferment and forbearance options. Federal Direct Graduate PLUS loan borrowers can contact the Direct Loan Servicing Center at (800) 848-0979 for information on delaying repayment.
Maximum Amount
Student borrowers may borrow up to the cost of attendance minus other financial aid that has been awarded.
Fees
4.204% Loan Origination Fee
Enrollment Requirements
Students must be continuously enrolled half-time or more in a degree-seeking program to receive the loan. If the student drops below half-time at any time during the loan period, s/he will not be eligible for the loan proceeds.
Disbursement of Loan Proceeds
Upon approval, the U.S. Department of Education will send the Federal Direct Graduate PLUS Loan funds directly to Santa Clara University through the Electronic Funds Transfer (EFT) process. The funds will be credited to the student's account. All loans are issued in one disbursement per quarter beginning in the fall. The second disbursement will arrive at the beginning of the winter quarter for an academic year loan and the final disbursement will arrive at the beginning of the spring quarter.
How To Apply for a Federal Direct Graduate PLUS Loan
- Complete the Free Application for Federal Student Aid (FAFSA).
- Complete the Federal Graduate Direct PLUS Loan Application, Master Promissory Note (MPN) and entrance counseling tutorial online at http://studentloans.gov.
- A Federal Student Aid PIN is required to apply for the Federal Graduate Direct PLUS Loan online. If you have already completed the FAFSA, you already have a Federal Student Aid PIN and you must use your Federal Student Aid PIN on the Web site to apply for the loan. Do not apply for a new Federal Student Aid PIN.
You will receive the results of your credit check immediately during the application process online. If you are denied a Federal Direct Graduate PLUS Loan due to credit issues, you have the following options:
- You may be approved with an endorser (co-signer)
- You may appeal the credit decision directly with the Direct Loan Department online at http://studentloans.gov or by calling (800) 557-7394.
Translate