The Federal Direct Grad PLUS Loan is a fixed rate student loan guaranteed by the U.S. Government. Graduate students are eligible for this loan in addition to a Federal Unsubsidized Direct Loan up to the cost of attendance. This is a credit based loan.
The Graduate Student is the borrower and must be enrolled at least half-time in a graduate-level program.
Borrower must be a US Citizen.
Borrower cannot be 90 days or more delinquent on the repayment of any debt or the subject of a default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment, or write-off of a Title IV debt during the last five years.
This is a non-need-based loan. Students may borrow up to the cost of attendance minus other financial assistance.
There is a 4.288% origination fee. Fees will change for loans disbursed starting October 1, 2014. When calculating your out-of-pocket, add on the 4.288% fee to what you will need to borrow as that will be deducted from each Federal Direct Grad PLUS Loan disbursement.
The interest rate on the Federal Graduate PLUS Student Loan is fixed at 7.21% and starts as soon as it is disbursed. Payments may be paid periodically or the interest will be capitalized.
A Federal Direct Grad PLUS Loan enters repayment once the loan is fully disbursed. However, a Federal Grad PLUS loan will be placed into deferment while students are enrolled at least half-time and for an additional six months after they cease to be enrolled at least half-time. Half-time status in the graduate programs at BVU is 3 credit hours in a semester.
Go to studentloans.gov and complete the online Direct Loan Entrance Counseling and the Master Promissory Note.
Borrowers must complete the Free Application for Federal Student Aid (FAFSA).
Exit Counseling is required when students graduate or drop below half-time.