Federal Direct Graduate and Veterinary Medicine PLUS Loan

Graduate and Professional (including Veterinary Medicine) students may borrow a Federal Direct Graduate and Veterinary Medicine PLUS Loan to help pay for their education. The loan is used to cover education expenses not already covered by their financial aid offer, up to the cost of attendance.

How to Apply

1. Complete the FAFSA.
2. Complete the Federal Direct Graduate PLUS Loan Application.
   • To apply for a loan for the fall 2022 and/or spring 2023 semester(s), select 2022-2023 for the award year.
     • Loan applications received with loan period August 2022-May 2023 will be split evenly between the fall and spring semesters.
3. Complete the Master Promissory Note (MPN).
4. First-time Graduate PLUS borrowers must complete Entrance Counseling.
5. Please allow 7-10 business days for the loan to be added to your Financial Aid Offer (viewable on AccessPlus).

Qualified Borrowing Amounts

The student may borrow up to the amount of the Cost of Attendance minus any other financial aid.

Requirements

• The student must complete a FAFSA to apply for the Direct Graduate PLUS Loan
• The student must borrow the maximum amount for the year from their Federal Direct Unsubsidized Loan before they can receive a Graduate PLUS Loan
• The Direct Graduate PLUS Loan is subject to a credit analysis. In the event of adverse credit, you will be presented with the following options to choose from.
  • Appeal the credit decision with Federal Student Aid.
    • Borrower must complete PLUS Credit Counseling
    • Borrower must complete a new Master Promissory Note each time a Direct Graduate PLUS Loan is borrowed
  • Use an endorser (endorser must pass credit check)
    • Your endorser will need to create their own FSA ID to endorse your loan.
    • Borrower must complete PLUS Credit Counseling
    • Borrower must complete a new Master Promissory Note each time a Direct Graduate PLUS Loan is borrowed
  • Not pursue the Graduate PLUS Loan
  • Undecided
    • If you select this option, your loan will not be processed until you contact us about pursuing one of the above options.

Repayment

• No payments are required while the student is enrolled at least half-time.
• Monthly repayment begins six months after the student graduates or ceases to be enrolled at least half-time.
• Interest begins accruing when the loan is disbursed. Information on current interest rates and loan origination fees.
• No penalty for early repayment. Students are encouraged to make interest payments while enrolled to help reduce their overall indebtedness.