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 Federal Direct Unsubsidized Student Loans for graduate students have a fixed interest rate of 5.28%. The interest rate for the Federal Direct GradPLUS Loan program is a fixed rate of 6.28%. These rates are valid from July 1, 2021-June 30, 2022). There are origination fees for each loan program. The origination fee for the Federal Direct Unsubsidized Student Loan for graduate students is 1.057%. The origination fee for the GradPLUS Loan program for graduate students is 4.228%. These origination fees are deducted from the loan proceeds prior to loan disbursement. 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:

  • The on-line requirements for the GradPLUS Loan include the Master Promissory Note, Graduate Entrance Loan Counseling and the Annual Student Loan Acknowledgement.  GradPLUS borrowers complete these requirements on-line at:  https://studentaid.gov .  The steps include the following:

    • Sign in on https://studentaid.gov using the student borrower’s Federal Student Aid (FSA) username and password. 

    • 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.

    • 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.

    • Click the Complete Aid Process link.  Click Complete Annual Student Loan Acknowledgement.  This is a new requirement that all federal loan borrowers must complete each academic year. 

  • Complete and return the Federal Direct Graduate PLUS Loan Request form to the Financial Aid Office.

 

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:

  1. 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.
  2. 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.

 

The Graduate PLUS Loan Request form must be complete and legible in order to be processed.  Applications must be completed in blue or black ink only.