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Direct Grad PLUS Loan

When determining how to pay for your education, it may be necessary to supplement your other financial aid with education loans.  Direct Stafford Loans, subsidized and unsubsidized, are the student's first choice in borrowing. Once you have reached your annual Direct Stafford Loan limit, you can apply for additional funds from the Graduate PLUS Loan (a federal loan for students in a graduate program at 7.21% interest). Or, you may want to consider an Alternative (Private) Student Loan, as some lenders now have fixed interest rate options. (Variable interest rates may change. Fixed interest rates do not change.) It is important to compare interest rates and origination fees, as well as deferment and repayment options before choosing a loan. To assist you in comparing federal and private loans, we have included a Comparison Tool for you to use.

FIT participates in the William D Ford Federal Direct Loan Program. Under the Federal Direct Loan Program, the funds for the Graduate PLUS Loan come directly from the Federal Department of Education. Students enrolled in any of our Graduate programs must first apply for their full Stafford Loan eligibility before consideration.

What needs to be in place in order to apply for Graduate PLUS Loan?

  • You must be a U.S. citizen or an eligible non-citizen
  • You must be admitted in a graduate degree program
  • Your FAFSA must be completed for that school year. You will need a PIN to complete the FAFSA electronically.

How do I apply to receive a Graduate PLUS Loan?

  • The first step  in the application process is to download, complete and submit the Request for Federal Direct Graduate PLUS Loan and Consent to Obtain Credit Report.
  • You must pass a credit check. Student must enroll in at least 6 credit hours per term in a degree program in order to be eligible.
  • If this is your first Graduate PLUS Loan, you must also complete the following at: www.studentloans.gov 
    • An Entrance Counseling session - choose I am completing entrance counseling in order to receive loans as a graduate or professional student.
    • A Graduate PLUS Master Promissory Note (MPN)

How do I determine the amount for which I may be eligible?

Students can determine the amount for which they may be eligible by accessing MyFIT.

  • Go to FIT Applicant or Student tab
  • Under Financial Aid Resources, click on Check My FIT Financial Aid Application Status
  • Click on My Overall Status of Financial Aid
  • On the drop down choose the Academic Year
The full annual limit that a Graduate student can borrow for the PLUS loan is the difference between a student's cost of attendance (COA) and all other financial aid awarded (including Stafford loans) to the student. The applicant is subject to a credit check from the Department of Education. The student does not have to apply for the entire amount.

You will not be able to complete a Master Promissory Note until your loan request has been received by the Department of Education. Repayment is at a fixed rate of 7.9% interest starting 60 days after the loan is disbursed with a repayment term of 10 years. Repayment can be deferred upon request.


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