Federal Direct Graduate PLUS loans are loans that graduate students can borrow to help pay for their educational expenses, as long as the student is
an eligible, independent
student enrolled at least half time (four graduate hours).
The Federal Direct Graduate PLUS Loan can be used to borrow funds up
to your Cost of Attendance, minus
Federal Stafford Loans and/or other assistance
you have received.
Graduate PLUS loans typically have better terms and more flexible eligibility criteria than private alternative loans. Maximum loan fees and repayment interest rates are set by federal regulations. Graduate PLUS loans are subject to a maximum 3% origination fee and 1% default fee. These fees are deducted from your loan proceeds at the time of disbursement. Also, the maximum repayment interest rate is set at an 7.9% fixed rate.
The repayment period for a Federal Direct PLUS Loan made to a graduate or professional student begins on the date of the final disbursement of the loan, and the first payment is due within 60 days
after the date the loan is fully disbursed. A graduate or professional Federal PLUS Loan borrower may receive a deferment while he or she is enrolled in at least a half-time basis at an eligible school.
YOU will need to contact your lender to see if the deferment applies. Deferments are not automatic and will require that you submit the proper request.
At UNO, we require completion of the Free Application for Federal Student Aid (FAFSA) before a Graduate PLUS Loan can be processed. A FAFSA
may be completed online at: www.fafsa.ed.gov
To apply for a Direct Loan Graduate PLUS Loan for the 2012-2013 academic year form, click here
. If you prefer, you may stop by the Financial Aid Office to pick up the Authorization Form, or you may contact our office at 402.554.2327 and request that we mail the form out to you.