The Federal Direct Graduate PLUS Loan
The Federal Direct Graduate PLUS loan program is designed to help graduate and professional students pay for their educational expenses. You must be enrolled in at least half-time status in order to be eligible for the PLUS loan program.
The interest rate for PLUS loans disbursed on or after July 1, 2016 and on or before June 30, 2017 will be 6.31%. There is a 4.272% origination fee that will be deducted by the U.S. Department of Education from the total of your loan before it is disbursed to your student account.
How to Apply
If you are interested in borrowing a PLUS loan, the first thing you must do is complete the Free Application for Federal Student Aid (FAFSA). Once your FAFSA is completed, please apply for a PLUS loan directly at www.studentloans.gov. You will need the PIN number that you used to sign your FAFSA in order to access the PLUS loan application. If you cannot locate your PIN number, please visit the Student Aid PIN Web site.
Beginning March 29, 2015, applicants with adverse credit history may be eligible for a PLUS loan if they have extenuating circumstances or are able to obtain an endorser for the loan. These applicants will be required to complete special PLUS Loan counseling. This counseling is separate from the PLUS loan entrance counseling that is required for all Graduate Plus Loan borrowers. UMUC cannot disburse loan monies to a student with this new requirement until we have receive confirmation of its completion.
If approved, the Department of Education will notify UMUC of your loan status electronically, at which time UMUC will determine if you meet any additional eligibility requirements. You will receive a notification via e-mail when the PLUS loan is available for viewing on MyUMUC.
Please note that students must borrow up to their full eligibility of an Unsubsidized Stafford Loan before a PLUS loan can be added to your account.
First-time Graduate PLUS borrowers are required to complete Grad PLUS Entrance Counseling, but will only need to complete this once.
Master Promissory Note (MPN)
First-time Grad PLUS borrowers are required to complete a Grad PLUS MPN. You will only need to complete this once, unless your loan is approved with an endorser. Endorsed loan borrowers must complete a new MPN for each new endorsed loan. Complete your MPN.
Although your PLUS loan payments will remain deferred while you are enrolled in at least half-time status at UMUC, you are welcome to begin repayment at any time. If you drop below half-time status or withdraw from the university, your loan may go into repayment immediately.
For more information about repayment, please visit the Department of Education’s Web site regarding repayment.
Additional Information on Borrowing
If you need additional information about the terms and conditions of borrowing a PLUS loan, please visit the Department of Education's Web site. You can also call the Federal Student Aid Information Center at 1-800-4FEDAID (1-800-433-3243).