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Office of Financial Aid

Understanding Your Award Letter

Direct Graduate PLUS Loans

Direct Graduate PLUS loans have a fixed interest rate of 7.9% for loans with a first disbursement after July 1, 2006. The interest is not subsidized while the student is in school. A 4% origination fee is deducted from each disbursement with an upfront interest rebate of 1.5% (net 2.5%).

Students may choose to defer payments on a Direct Graduate PLUS loan until 6 months after they graduate or drop to less than half-time enrollment. Accruing interest could either be paid by the student borrower monthly or quarterly, or be capitalized quarterly. The repayment term is up to 10 years.

Eligibility for the Direct Graduate PLUS loan depends on a modest credit check that determines whether the student has an adverse credit history. An adverse credit history is defined as being more than 90 days late on any debt or having any Title IV debt (including a debt due to grant overpayment) within the past five years subjected to default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment, or write-off.


Graduate PLUS Application: Please complete the Graduate PLUS application and forward it to the Financial Aid office as soon as possible.