Graduate PLUS loans are part of the Federal Direct Loan Program.
For: Graduate students enrolled at least half time and who do not have an adverse credit history.
Loan Amounts: Students may borrow up to the cost of attendance minus any other financial aid received. The total education cost may include tuition, living allowance, books and supplies, and transportation. Graduate students must use their Federal Direct Unsubsidized loan eligibility prior to applying for a Federal Direct Graduate PLUS loan.
Interest Rates and Loan Fees:
Federal Graduate PLUS loans first disbursed on or after July 1, 2017 through June 30, 2018 have an interest rate fixed at 7.00%, with interest beginning to accrue upon disbursement.
Federal Graduate PLUS loans first disbursed on or after July 1, 2018 through June 30, 2019 have an interest rate fixed at 7.60%, with interest beginning to accrue upon disbursement.
The interest rate cap is 10.5%.
Federal Graduate PLUS loans first disbursed on or after October 1, 2017 and before October 1, 2018 have a 4.264% loan fee.
Federal Graduate PLUS loans first disbursed on or after October 1, 2018 and before October 1, 2019 have a 4.248% loan fee.
Loan fees are retained by the federal government to reduce the cost of supporting these low interest loans.
The U.S. Department of Education is responsible for all Graduate PLUS Loan credit decisions. Graduate PLUS Loan borrowers are required to pass a simplified credit check, meaning that the U.S. Department of Education is not looking for a certain credit score or for an extensive credit history, but simply the absence of an adverse credit history. Students can view the status of their application by logging in to https://studentloans.gov/myDirectLoan/index.action or by calling Federal Direct Loans at 1-800-557-7394. Effective March 29, 2015 credit decisions remain valid for 180 days.
The following will cause a Graduate PLUS Loan to be denied:
Students will receive an immediate response of an approved or denied application upon electronic completion as well as the loan reference number, which is needed if the student wishes to pursue an endorser. The Walden University Office of Financial Aid will be notified electronically of the credit decision only if the application was completed electronically. Applications are not approved or denied based on the dollar amount requested; therefore, students should NOT complete additional applications once a denied decision is rendered by the Department of Education. Approval for the Graduate Plus loan is specific to the individual loan. It is possible to be approved for one loan and denied at a later date for a new loan. Once the loan application is denied, the student must either find an endorser or appeal the credit decision by documenting extenuating circumstances.
The Office of Financial Aid has no control or influence on the credit decision rendered by the U.S. Department of Education. Any and all correspondence regarding credit appeals and endorsers must be sent to the U.S. Department of Education.
Denied students still have two options to obtain the Graduate PLUS Loan:
Steps to be taken by the endorser—These MUST be completed electronically; paper addendums will not be accepted:
Do you have questions about financial aid? If you haven’t yet applied to Walden, please contact an enrollment advisor at 855-646-5286 in the United States. If you are a current student, please contact a financial aid advisor at email@example.com or call 1-800-WALDENU (1-800-925-3368).