PLUS Loan for Graduate
A Federal Direct Graduate PLUS loan is an unsubsidized loan available to graduate
Who can apply for a Graduate PLUS loan
- You must attend at least half-time (6 hours)
- You must have good credit history. (If you have weak credit you may be eligible with
a credit-worthy co-borrower or by documenting extenuating circumstances)
- You must complete the FAFSA
PLUS Counseling is required if the U.S. Department of Education(DOE) has informed
you that you have an adverse credit history and you have obtained an endorser or documented
to the satisfaction of the U.S. DOE that there are extenuating circumstances related
to your adverse credit history. To complete PLUS Counseling, log in at studentloans.gov and click Complete Counseling, and then select PLUS Counseling.
How is the PLUS loan repaid?
- Repayment begins 6 months after you fall below a half-time enrollment status.
- The repayment term is up to 10 years
- There is no grace period. Interest starts when the first disbursement is made
How much can you borrow with your PLUS loan?
With a PLUS loan, you can borrow up to the cost of attendance minus any other financial
|Federal Direct Loan Interest Rates by Disbursement Dates
||First Disbursed between July 1, 2015 and June 30, 2016
|Direct Subsidized and Unsubsidized Loans (for Undergraduate Students)
||Fixed at 4.29%
|Direct Unsubsidized Loans (for Graduate or Professional Students)
||Fixed at 5.84%
|Direct PLUS Loans (Parents and Graduate or Professional Students)
||Fixed at 6.84%
Origination fee of 4.272%
In addition to charging interest, PLUS loans also charge a 4.272% origination fee.
The fee comes out of the first funds you receive from your loan. Please double check
all fees and interest charges at www.studentloans.gov.
Applying for a Direct Graduate PLUS Loan is a four-step process
- Complete the Free Application for Federal Student Aid (FAFSA)
- Complete a Federal Direct Graduate PLUS Loan Application online at studentloans.gov. The U.S. Department of Education will complete a credit check. UHCL will receive
your online application and credit decision within a week.
- Complete Direct Graduate PLUS Loan entrance counseling (link is www.studentloans.gov)
- Complete the Direct PLUS Master Promissory Note (MPN) after being notified by our
office to do so
After your Grad PLUS Loan is approved, we’ll ask you to complete the Federal Direct
PLUS Loan Master Promissory Note. The MPN acts as a contract between you and the U.S.
Department of Education. By signing the MPN, you promise to repay the amount loaned
and agree to other important terms of the loan. You must complete the MPN so we can
apply the funds to your account. You can sign the MPN online at www.studentloans.gov.
Receiving your money
Your loan money will be applied to your student account. We deduct tuition, fees and/or
other balances. If there’s anything left over we refund it to you according to your
Higher One refund preference.