Federal PLUS Loan Program

Federal Direct PLUS Loan for Graduate Students (Graduate PLUS Loan)

Effective July 1, 2006, graduate or professional students are eligible to borrow under the PLUS Loan Program. The terms and conditions applicable to Parent PLUS Loans also apply to Graduate/Professional PLUS loans. The main difference between the Graduate and Professional Student PLUS Loan and the Parent PLUS Loan is that graduate and professional students who are denied a PLUS loan because of adverse credit history will not be eligible for increased Stafford Loan limits.

Direct Graduate PLUS Loans have a fixed interest rate of 7.9%. This interest rate will not change throughout the life of your loan. Graduate PLUS borrowers have nearly all the repayment options that Direct Loan borrowers have. The exception is that the Direct Loan Income Contingent Repayment Plan is not an option for Direct PLUS Loan borrowers. Repayment begins on the date of the last disbursement of the loan and the first payment is due within 60 days after the date the loan is fully disbursed. A Graduate PLUS borrower may receive a deferment while he or she is enrolled on at least a half-time basis at an eligible school. Upon dropping to less than half-time enrollment status, the borrower is not entitled to a grace period on his or her PLUS loans.

Application Form:
Applicants for these loans are required to complete the Free Application for Federal Aid (FAFSA).

You can download a Plus loan application by clicking this link: Graduate PLUS Loan Application. Please bring completed loan application to Brooklyn College Financial aid office, for certification.

Amount:
There are no set annual or aggregate limits. You may borrow up to your full cost of attendance, minus any other financial aid you receive (including direct subsidized loans, Direct Unsubsidized loans, scholarships and certain fellowships.

Click here for additional information on PLUS Loans for graduate or professional students.