If you are a U.S. citizen/permanent resident and do not have "adverse credit," you may borrow the Federal Direct Graduate PLUS loan to supplement the Federal Direct Unsubsidized Stafford Loan in an amount up to the total COA less all other financial aid.
- Interest rate: fixed annually, currently 6.31% for loans disbursed between July 1, 2016 and June 30, 2017
- Origination fee: adjusted annually, currently 4.272%, deducted proportionately from each disbursement.
- Annual maximum: GradPLUS is COA less all other aid.
- Aggregate maximum: none
- At repayment, accrued interest is capitalized, i.e., becomes part of the principal amount borrowed
- One lender (the Department of Education) for borrowing and repayment
- Serviced by a Department of Education agent, not sold to a third party.
- Federal loans qualify for deferments and forbearance options as well as death and disability provisions.
- No bank or guarantor involved
- Standard repayment: ten years, unless payments are extended by loan consolidation or other repayment plan
- Consolidation with Federal Perkins Loans and Federal Direct Unsubsidized Stafford Loans: Yes, repayable over a longer time period, depending upon amount borrowed
- Early repayment penalty: None
- If you reduce your enrollment status, withdraw, or take a leave of absence from the Law School, you may enter repayment sooner.
- This loan requires a credit application.*
*All GradPLUS loan require a credit decision. Your credit will be checked after you accept the loan in Banweb when the loan file is sent to the Department of Education. It is not your credit score, but your recent credit history, which is scrutinized. You may complete the PLUS Request process at www.studentloans.gov if you would like to check your credit before the loan is transmitted. You and/or your endorser's credit report will be pulled by the Department of Education. Credit decisions are only valid for 180 days. If you apply for additional GradPLUS during the academic year but after your credit decision has expired, your credit will be checked again.