Students may apply for a Direct Graduate PLUS Loan or complete a Direct GradPLUS Master Promissory Note (MPN) as soon as April 1, 2018. As part of the application process, you will authorize a credit check. This loan is credit-based. It is based on credit history, not credit score or debt to income. Note: The credit check may expire and funds may not be disbursed if the application is completed prior to April 1 without an additional credit check
The GradPLUS loan application and MPN can be found at studentloans.gov. You will need your FSA User ID and password to e-sign the note.
Interest Rate and Fees
The interest rate assigned at the disbursement of funds is set by the Federal Direct Loan Program on an annual basis and is fixed for the life of the loan.
Interest rates are set in June for loans disbursed on or after July 1. The rates are fixed by the Department of Education based on a rate formula that uses the high yield of the 10-year US Treasury bill rate sold at the “prior to June 1 plus factor (add-ins) points.” Regardless of the formula results, interest rates are capped and cannot exceed the cap. The chart below shows the rate formulas and caps.