What are Federal Direct Grad PLUS Loans?
Federal Direct Grad PLUS Loans enable Graduate and Professional students with good credit history to borrow additional funds if they are enrolled at least half-time (4.5 hours). Direct Grad PLUS loan eligibility is not based on financial need, so these loans are made regardless of income level. The borrower must pass a credit check to be eligible.
How much can be Borrowed?
A graduate or professional student may borrow up to the cost of attendance less other financial aid received such as grants, scholarships and student loans. The total cost of attendance is determined by the Office of Financial Aid based on an average cost for tuition, fees, books, room and board, travel, and miscellaneous expenses. Students must exhaust all Federal Direct Subsidized/Unsubsidized Student Loan eligibility before a Grad PLUS can be awarded. All students must complete Entrance Counseling and a Master Promissory Note at www.studentloans.gov before a Direct Grad PLUS loan can be disbursed.
What are the Interest Rates?
The Interest Rate for a Grad PLUS Loan is a fixed rate of 7.9%
How to Obtain a Federal Direct Grad PLUS Loan
- Complete the Free Application for Federal Student Aid (FAFSA).
- Login to www.studentloans.gov with your Federal Student Aid Pin Number.
- Click "Start PLUS Application" and complete the Graduate PLUS application.
- If approved for a Graduate PLUS Loan, the loan information will be sent to the University for processing.
- Once awarded a Graduate PLUS Loan, the Financial Aid & Scholarships office will send the student an email notification to the student A-state email account. The student will then need to login to Banner Self-Service through mycampus.astate.edu to accept the loan.
- Complete the Graduate PLUS Promissory Note at www.studentloans.gov
- Complete the Entrance Counseling at www.studentloans.gov
For additional information about Grad PLUS Loans, go to www.studentaid.ed.gov.