Federal Grad PLUS Loans
A Graduate PLUS loan allows a graduate student with a good credit history to borrow money to pay educational expenses. The federal government is the lender.
What are the eligibility requirements?
- 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.
How do I apply?
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Complete the Graduate PLUS Loan Application:
Login with your FAFSA PIN to start the online application.
The loan fee will increase to 4% for loans disbursed after July 1, 2012. Please consider this when you are planning your yearly budget.
- New borrowers must also complete the following online at studentloans.gov:
How much can I borrow?
The yearly limit on a Graduate 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. If you need a loan for a specific term, complete the PLUS Loan Revision Form available on our Forms page.
What is the interest rate and loan fee?
The current interest rate on a Graduate PLUS loan is 7.9%.
A loan fee of 2.5% will be deducted from the loan proceeds prior to disbursement. Effective July 1, 2012, the loan fee will increase to 4%.
When does repayment start?
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.