Federal Graduate PLUS Loan

Terms and conditions of the federal Graduate PLUS Loan include:

• Annual maximum for the Federal Grad PLUS is the Cost of Attendance less other Estimated Financial Aid. There currently is no aggregate maximum on this loan.
• Available to U.S. citizens or permanent residents
• Fixed interest rate of 7.9%
• The interest on the Graduate PLUS loan is paid by the student and not the federal government.
• Interest begins to accrue when the funds are disbursed to the student. Student may choose to make regular interest payments while in school, or have the interest capitalized at repayment
• The Federal Direct Graduate PLUS Loan has a 4% origination fee and also offers a 1.5% rebate on the origination fee - resulting in a net fee of 2.5%, which will be deducted from the gross amount of the loan borrowed. Once you enter repayment, if you make your first 12 monthly payments on time, the rebate becomes permanent. If you fail to make 12 on-time monthly payments; however, a charge for the initial rebate will be added to the outstanding balance of the loan.
• Maximum loan amount equals cost of attendance minus Stafford loans, Perkins loans, and any scholarships.
• Repayment begins 90 days after the final disbursement, but students qualify for an in-school deferment as long as you are enrolled at least half-time.
• Depending on the loan limit, the maximum repayment period can last up to 25 years if the loan is not consolidated with other federal loans. If the loan is consolidated with other federal loans, the repayment can extend up to 30 years depending on loan limit.

Terms and conditions are subject to change according to federal law.