Federal Grad PLUS Loan
A graduate student may apply for a Federal PLUS loan to assist with educational expenses. The federal government is the lender.
See below for credit criteria.
You must have a FAFSA on file with Wayne State University.
You must be enrolled at least half time and meet the federal student eligibility requirements for financial aid.
Borrowing can be costly. We recommend you consider borrowing only if you have exhausted all other options.
Only borrow what you need. Make a personal budget to help keep your debt within manageable limits.
How to Apply for a PLUS Loan
1. Complete the Graduate PLUS Loan Application:
Login at studentloans.gov with your FSA ID to start the online application.
A loan fee of 4.27% will be deducted prior to disbursement. Please see the "PLUS Interest Rate and Loan Fee" section below.
2. New borrowers must also complete the following online at studentloans.gov:
Requesting an increase or decrease
Request a change in a PLUS loan amount by indicating a new total loan amount at studentloans.gov.
You must be enrolled at least halftime to be eligible for the Federal Grad PLUS Loan.
|Fall or Winter||Halftime||Full-Time|
|JD Student||5-9 credits||10+ credits|
|LLM student||4-7 credits||8+ credits|
During the spring/summer semester enrollment a JD student, must be enrolled for 3 credit hours and an LLM student for 1 credit hour to be considered half time.
PLUS Loan Limits
The academic year limit on a Grad PLUS Loan is equal to your cost of attendance minus all other financial aid, including scholarships.
Loans will be processed for the fall/winter period.
PLUS Interest Rate and Loan Fee
- Loans first disbursed 7/1/2015 - 6/30/2016 will have a fixed interest rate of 6.84%
- Loans first disbursed 7/1/2016 - 6/30/2017 will have a fixed interest rate of 6.31%.
- The loan fee for loans first disbursed on or after 10/1/2015 and before 10/1/2016 is 4.272%.
- The loan fee for loans first disbursed on or after 10/1/2016 and before 10/1/2017 is 4.276%.
Repayment on the loan starts 60 days after the loan is fully disbursed. However, graduate students may obtain an in-school deferment if you are enrolled at least half-time.
- It is important to note that once you cease to be enrolled at least half-time there is no grace period for a Graduate PLUS Loan. For deferment options, please contact the loan servicer or visit the Federal Student Aid website.
The Federal Grad PLUS Loan can be consolidated with other federal loans after graduation.
Refer to the Federal Student Aid Q & A for further information regarding Direct PLUS Loans for Graduate and Professional Students.
Visit our Loan Repayment Web page for additional information on your loan repayment options..
The Federal Direct Loan Servicer will perform a credit check to ensure the borrower meets federally established credit criteria. In order to qualify, you must not have any of the following items on your credit report:
Any current delinquency of 90 days or more
Any of the following items within the preceding five years of the date of the credit report: Default, Bankruptcy, Discharge, Foreclosure, Repossession, Tax Lien, Wage Garnishment, Write-off of a Title IV Debt, Open Collection
Credit approval is valid for 3 months. Your credit is evaluated every time you request a new loan unless you have had a credit decision within the preceding 3 months.
Credit Denial Options
Information will be given to Direct PLUS Loan applicants who receive a credit denial that will include instructions to appeal or apply with an endorser.
Apply with an endorser
Appeal the denial
Correct any invalid information on your credit report that may have led to the denial
A PLUS loan applicant may qualify for a PLUS loan based on extenuating circumstances, if the applicant
Has been or is delinquent for 180 days or less on mortgage loan payments, or on medical bill payments for the applicant or the applicant’s family, and
Does not otherwise have an adverse credit history
You may be able to fix an adverse credit item such as the delinquency by making a payment and bringing the delinquency to less than 90 days.
With a discharge or collection item, you may be able to obtain a “settled in full” status if you reach a satisfactory payment arrangement. If you are able to fix an item, it is no longer considered in the credit evaluation and it may result in your credit being approved.
Applicant Services for PLUS Loan Borrowers
800-557-7394 8 am to 8 pm (ET), Monday thru Friday
877-461-7010 Telecommunication Device for the Deaf (TDD)
PLUS Loan Borrowers can contact Applicant Services for:
- Credit Appeal Overrides
- Endorser Application Questions