Federal Graduate PLUS Loans
Federal Direct Graduate PLUS Loans are available for credit-worthy students, who are U.S. citizens, not in default on a prior student loan and who don't owe a refund on a federal grant. Should a student be denied a PLUS loan due to adverse credit history, the federal government will mail a packet outlining the process for obtaining a credit-worthy endorser.
Students wishing to apply for a Federal Graduate PLUS loan will submit their information directly to the Graduate Financial Aid office to request a credit check be performed. The University does not participate with the online credit check process performed at www.studentloans.gov.
Rates and Fees
- The interest rate on a Federal Direct PLUS Loan is fixed at 7.9%
- A fee will be deducted at the time of disbursement
- Loans first disbursed prior to July 1, 2012, are charged a 2.5% (.975) fee
- Loans first disbursed after July 1, 2012, are charged a 4.0% (.96) fee
- Loan fees are taken out of the loan proceeds therefore, it is important to add these fees "on top of your loan" when applying in order to calculate the actual net proceeds received.
Application Process:
In order to apply for a Federal Graduate PLUS loan, you MUST complete the following three steps BEFORE we can certify and disburse your loan:
- Download and complete a Quinnipiac University Graduate PLUS Loan Request Sheet (Adobe PDF) - This form is REQUIRED for ALL Graduate PLUS Loan applicants and must be completed BEFORE we can process your loan.
a. Once our office has received the Loan Request we will submit your information to the Department of Education, who will proces a credit check.
b. In order to determine your requested Graduate PLUS loan amount, simply take the amount you wish to borrow and divide it by the disbursement fee (.975 or .96). For example, if you need to pay $10,000 for the year, the amount you will need to borrow is $10,257 ($10,000/.975=$10,257). The government will deduct 2.5% from this amount ($10,257) and you will receive $10,000 (2.5% off the top of $10,257=$257 leaving a net amount received of $10,000).
- Complete a Federal Direct Graduate PLUS Loan MPN (Master Promissory Note) - This form is the actual loan application, it is required by the federal government and is a legal binding contract outlining all of the terms and conditions of your Federal PLUS Loan.
- Complete the Required Entrance Loan Counseling for Graduate PLUS Loan Borrowers - This online counseling (quiz) is required by the federal government for borrowers to understand their rights and responsibilities when taking out a Graduate PLUS loan.