Federal Direct PLUS for Graduate and Professional Degree Students

The Federal Direct PLUS Loan for Graduate and Professional Degree Students
Graduate and professional degree students who are enrolled at least half-time per semester are now eligible to borrow under the PLUS Loan Program up to their cost of education minus other estimated financial assistance.

Requirements (the terms and conditions applicable to the Parent PLUS Loan also applies to Graduate PLUS Loans).

• The loan applicant does not have an adverse credit history.
• Repayment begins on the date of the last disbursement of the loan.
• A fixed interest rate of 7.9 percent in the Direct Loan program.
• Required to complete the Free Application for Federal Student Aid (FAFSA).
• Must apply first for their annual maximum Direct Stafford Loan limit before applying for the Graduate and Professional PLUS Loan.
• Complete the entrance counseling online if you you are a graduate or professional student who has not received prior PLUS Loans through the Direct Lending Program. Graduate and Professional PLUS Loan online counseling is effective for Graduate PLUS Loans first disbursed on or after July 1, 2008.

PLUS funds are sent directly to NIU. Any overpayments will be refunded to the student by the Bursar's Office.

How to Apply

Graduate or professional students are required to complete the Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov.

Students must complete a Direct Graduate PLUS Loan application and master promissory noteand select "complete new MPN for Student Loans." Students will be required to pass a credit check.

Repayment

Repayment of principal and interest amounts begin 60 days after the loan is disbursed. Contact the Direct Loan Servicing Center for repayment options at www.dl.ed.gov.