Federal Graduate PLUS Loans are available to graduate students with a good credit history to help pay for educational expenses. A Federal Graduate PLUS Loan is a low-cost, low-interest-rate loan and the interest you pay on these loans may be tax deductible. Your eligibility for a Graduate PLUS Loan is not based on financial need or family income and assets.
You can use a Graduate PLUS Loan as a supplement to a Federal Direct Loan or as the sole loan to cover the cost of your education. There is no minimum or maximum loan amount; you can borrow as little or as much as you need (up to the cost of attendance minus financial aid).
You must be a full standing, degree bound graduate student attending at least half-time. (5 credit hours for graduates and 3 hours for the summer term)
Interest Rates and Fees
**New loan disbursed on or after October 1, 2017, will have a loan origination fee of 4.264%.**
**Due to the Sequestration of Federal Student Aid Programs, interest rate and origination fees may be subject to change.**
How Much Can I Borrow?
A common question for graduate students who wish to pursue a Federal Direct Graduate PLUS loan is, "how much can I borrow?" To answer this question, a brief description of how we determine eligibility will help.
Students who have been awarded financial aid also have a budget (Cost of Attendance-COA) as part of their award package. The student's COA represents a ceiling or cap in the total amount of financial aid our office can provide. Graduate students may borrow PLUS loan funds up to their full COA minus all other financial aid and resources.
|Cost of Attendance: This figure is for illustration purposes only||$25,000|
|Total Financial Aid: Offered aid including loans, fellowships, work-study, etc||-$20,500|
|Other Resources: Such as tuition/fees waivers, outside scholarships, etc||-$1,000|
|Remaining Grad Plus eligibility:||$3,500|
We encourage all Graduate Federal Direct PLUS loan borrowers to review costs and to borrow only that amount that will help ensure your success. If you have any questions about the Graduate PLUS loan or other financial aid matters, please call us at (316) 978-3430 or email email@example.com.
If your PLUS loan is denied due to the result of your credit review, you will receive notification from the Direct Loan Servicing. You may choose from the following options:
1. File a FAFSA online at www.fafsa.gov. Once your file is complete, the Office of Financial Aid will send you a financial aid award notice.
2. Accept any Federal Stafford Loans that are offered to you. To accept your student loans, login to myWSU and select the Financial Aid Tab, then Financial Aid Awards link.
The amount awarded is based on initial computations and our knowledge of additional resources available to you. If any changes or corrections are made to the information used in determining your financial need, the loan amount is subject to change and/or cancellation. You must report all scholarships and outside aid to our office. Adjustments will be made based upon notification of additional resources not listed on your award letter.
3.Complete a Federal Direct Graduate PLUS Loan Application online at www.studentloans.gov. You will need your FAFSA Pin number in order to log into the website.
4. If the Federal Direct Graduate PLUS loan is approved,you will need to complete a Master Promissory Note and the Graduate PLUS entrance counseling while on www.studentloans.gov.