PLUS Loans - Graduate or Professional Students
Graduate or professional students are now eligible to borrow under the PLUS Loan Program up to their cost of attendance minus other estimated financial assistance. The terms and conditions applicable to Parent PLUS Loans also apply to Graduate/Professional PLUS Loans. These requirements include: a determination that the applicant does not have an adverse credit history, first repayment due within 60 days of the date of the last disbursement of loan, a fixed interest rate of 7.9 percent in the Direct Loan Program. Applicants for these loans are required to complete the Free Application for Federal Student Aid (FAFSA). They also must have applied for their annual loan maximum eligibility under the Federal Unsubsidized Loan Program before applying for a Graduate/Professional PLUS Loan.
TO APPLY..
If you would like to apply for Graduate PLUS Loan, complete the Graduate PLUS Loan Application Form (below) and return it to your office. If you are a first time borrower you must also complete the Grad Entrance Counseling and the Graduate PLUS Master Promissory Note (MPN).
- Graduate PLUS Loan Application
The Graduate PLUS Loan Application process will access your credit history to determine whether your loan will be approved or denied. If the loan is approved, first time borrowers must also follow the online instructions to complete the Entrance Counseling and Graduate PLUS Master Promissory Note.
- Graduate PLUS Entrance Counseling
You will need to sign electronically using your federal Personal Identification Number (PIN), which can be obtained by visiting the U.S. Department of Education PIN Site. When you have the PIN number go to StudentLoans.gov and sign in. Once you begin the Entrance Counseling, you will choose the option to indicate you are a graduate/professional student.
The Graduate PLUS Entrance Counseling requirement applies only to first time Graduate PLUS borrowers for PLUS loans disbursed after July 1, 2008. If you have previously borrowed a Graduate PLUS Loan at ISU, you do not need to complete entrance counseling again. - Graduate PLUS Master Promissory Note (MPN),
required for the first time Graduate PLUS Loan borrowers at ISU, is the legal document you must sign agreeing to pay back your
loan. Complete and sign the Federal Graduate PLUS Loan MPN electronically at StudentLoans.gov using your federal Personal Identification Number
(PIN). To obtain the PIN (or a duplicate), visit the U.S. Department of Education
PIN site.
Even if you have previously borrowed a Graduate PLUS Loan at ISU, you will need to complete the
ISU Grad PLUS Loan application form annually. Credit checks are completed each year of application.
As a graduate student seeking financial aid, you may face situations unique from those that undergraduate and applied technology students encounter.
Examples of those unique situations include:
Repayment/Deferment..
The repayment period for a Direct Plus Loan begins when the loan is fully disbursed, and the first payment is due 60 days after the final disbursement. However, you may defer repayment while you are enrolled at least half-time. To learn more about repayment plans, go to the Repayment Information page of Federal Student Aid on the Web.
Exit Counseling...
Students must complete Exit Counseling when dropping below 5 graduate credits or upon graduation.