PLUS Loans for Graduate or Professional Students
Graduate or professional students are eligible to borrow under the PLUS loan Program up to their cost of attendance minus other estimated financial assistance in Direct Loan programs. Lender must obtain credit report to determine whether borrower has an adverse credit history. An applicant who is determined to have an adverse credit history may receive a Federal PLUS Loan only if he or she obtains an endorser, who does not have an adverse credit history.
The repayment period for Federal PLUS Loan made to graduate or professional student begins on the date of final disbursement of loan and first payment is due within 60 days after the date the loan is fully disbursed. However, borrower may receive a deferment while enrolled at least on a half-time basis at an eligible school. Upon dropping to less than half-time, borrower is not entitled to a grace period and must begin repaying the loan.
- Applicants for these loans are required to complete the Free Application for Federal Student Aid (FAFSA). They also must have applied for their annual loan maximum eligibility under the Federal Unsubsidized Stafford Loan Program before applying for a Graduate/Professional PLUS loan.
Effective July 1, 2008 first-time graduate and professional student Direct PLUS Loan borrowers who receive Direct PLUS Loans first disbursed on or after July 1, 2008 are required to complete Entrance Counseling.
Graduate Plus Data Sheet (fillable)