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. 

Loan Terms 

The current interest rate is 6.41%. There is a 4.288% 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

Eligibility

Through the application process, the U.S. Department of Education will determine if you are a credit eligible borrower. Once a determination of your eligibility is made, they will let you know if you have been approved or denied for a PLUS loan. 

If approved, the Department of Education will electronically inform UMUC of your loan status 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 in  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. You 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.

Repayment

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).