Federal Direct Graduate Plus Loan Description

We are pleased to introduce the federal direct Graduate PLUS loan. Now graduate students with an acceptable credit history may borrow PLUS loan proceeds up to their cost of attendance. The interest rate for the 2008-2009 aid year is a fixed rate of 7.9%.

Graduate PLUS Application Process

1. Upon acceptance of the Graduate PLUS loan, our office will proceed with a federal credit check.
2. Upon completion of the federal credit check, you will be notified of the outcome by the federal processor and the office of Student Financial Aid. Credit checks for the academic year begin in late June.
3. If the Graduate Federal Direct PLUS loan is approved, a Master Promissory Note (MPN) must be signed. This can be done with a paper note or an electronic note.

a. In order to complete the electronic MPN, a federal PIN number is required. You can acquire a pin at the PIN website. Your PIN will be e-mailed to you within 1 to 3 days. If you did not provide an e-mail address, you will receive a paper PIN via the US Postal Service in 7 to 10 days.

b. Using the PIN number you have received, go to the MPN website and read the instructions. Then, click on the blue “Proceed to PIN Site Registration” button and enter your information. Once the note has been completed, our office will retrieve the information and continue processing the loan. This can be done at any time.

c. If you do not complete an electronic MPN, a paper MPN will be sent to you. Complete one copy of the MPN and return it to Student Financial Aid Services.

Loan proceeds are split between two semesters. The first half will be used to pay student expenses as soon as possible on or after the first day of the fall semester. The second half will pay expenses for the spring semester.

How Much Can I Borrow?

A common question for students who wish to pursue a Graduate Federal Direct PLUS loan is, “how much can I borrow?” To answer this question, a brief description of how we determine eligibility will help.

We encourage all Graduate Federal Direct PLUS loan borrowers to review their education-related costs and to borrow only that amount that will help ensure their success.