William D. Ford Federal Direct Grad PLUS Loan
Graduate students who complete the FAFSA are eligible to apply for a William D. Ford Federal Grad PLUS Loan for the difference between their cost of attendance budget less any other financial aid they are utilizing. The Grad PLUS Loan is an unsubsidized loan. Unsubsidized means the loan accrues interest in the student's name during periods of enrollment, grace, deferrment or forbearance, as well as repayment.
- Interest rate is 7.9%
- 4% origination fee withheld by federal processer from each disbursement
- 6-month grace period between enrollment and repayment
- Credit based - may require credit worthy cosigner
Standard repayment is over ten years. Higher levels of borrowing may entitle borrower up to 25 years to repay under certain repayment options.