Grad PLUS Loans
Graduate PLUS Loans are credit-based loans provided through the Department of Education for students in Graduate (master or doctorate level) programs. Because the Grad PLUS loan has a higher interest rate than the regular Federal Direct Unsubsidized Loan, it is only advisable to apply for this loan if you have reached your Graduate Aggregate Loan Limit of $138,500. After completing your FAFSA, there are three steps to request and apply for a Graduate PLUS Loan:
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From the www.studentaid.gov website, click on the “PLUS Loans” under the Grans and Loans heading. There is a strong possibility that you will need to apply for this loan with a co-signer. Select "Learn More" under the "I am a Graduate or Professional Student" section & follow the prompts to apply for the loan.
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If approved for the Graduate PLUS Loan, you will then need to complete a PLUS Loan Master Promissory Note (MPN). From the www.studentaid.gov website, click on “Master Promissory Note (MPN)" under Grants and Loans.
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You will also need to complete the PLUS Credit Counseling, available on the www.studentaid.gov website. Click on "PLUS Loan Credit Counseling" under Grants and Loans.
If approved for a Graduate PLUS Loan, you can be awarded up to your Cost of Attendance as calculated by the Financial Aid Office.