The Federal Direct Graduate PLUS Loan is a loan program for graduate/professional students to supplement the Federal Direct Unsubsidized Student Loan. Graduate/professional students are encouraged to borrow their maximum eligibility in the Federal Direct Unsubsidized Student Loan first. The interest rate & origination fees for the Federal Direct Unsubsidized Student Loan are lower than the Federal Direct Graduate PLUS Loan. You can view the interest rates & origination fees at https://studentaid.gov/understand-aid/types/loans/interest-rates. The maximum amount a student may borrow each year is the estimated cost of attendance less other financial assistance. A valid FAFSA must be filed each year a Grad PLUS Loan is requested.
Graduate PLUS Loan requirements are as follows:
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The on-line requirements for the GradPLUS Loan include the Online Application, Master Promissory Note, and Graduate Entrance Loan Counseling. GradPLUS borrowers complete these requirements on-line at: https://studentaid.gov. The steps include the following:
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Sign in on https://studentaid.gov using the student borrower's Federal Student Aid (FSA) username and password.
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Click the Complete Aid Process link. Click Complete a Master Promissory Note (MPN), MPN for Graduate/Professional Students. If the student previously borrowed a GradPLUS Loan (without an endorser), they do not need to complete a new MPN.
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Click the Complete Aid Process link. Click Complete Entrance Counseling. If the student previously borrowed a GradPLUS while attending Lander University, they do not need to complete Graduate Entrance Counseling again.
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Grad PLUS Loans are credit-based loans. If you have an adverse credit history, you may still be able to receive a GradPLUS loan through one of two options:
- Obtaining an endorser who does not have an adverse credit history. An endorser is someone who agrees to repay the Direct Graduate PLUS Loan if you do not repay it.
- Documenting to the satisfaction of the U.S. Department of Education that there are extenuating circumstances relating to your adverse credit history. You can call the Student Loan Support Center at 1-800-557-7394 to discuss these circumstances.