Federal Direct Graduate PLUS Loan
A separate loan application is required for the Federal Direct Graduate PLUS loan.
Students in need of additional financial aid resources may apply for the Federal Direct Graduate PLUS Loan. Students may borrow an amount up to the Cost of Attendance minus all other financial aid. Federal Direct Graduate PLUS Loans are credit based, therefore it is required that the applicants be credit worthy. The interest rate is fixed at 7.9%. Federal Direct Graduate PLUS Loans have no loan aggregate. The student has the option of paying the interest monthly or quarterly or allowing it to accrue while in school. Repayment begins six months after graduation or when the borrower falls below a half-time status. Federal law requires both entrance and exit counseling for this loan.
Approximate Monthly Federal Direct
Graduate PLUS Loan Repayment Schedule
|
Assume 7.9% Interest Rate |
||
|
Debt |
Monthly Payment |
Total Paid |
|
$ 30,000 |
$ 378 |
$ 45,300 |
|
$ 60,000 |
$ 755 |
$ 90,600 |
|
$ 90,000 |
$1,133 |
$135,900 |
|
$120,000 |
$1,510 |
$181,200 |
Assumptions: - 10-year repayment period (120 months)
- No payment incentives