Graduate Federal Direct Plus Loans
The Federal Graduate PLUS Loan can be used to borrow funds up to your Cost of Attendance, minus Federal Stafford Loans or other assistance you have received.
Graduate PLUS loans typically have better terms and more flexible eligibility criteria than private alternative loans. Maximum loan fees and repayment interest rates are set by federal regulations. For Direct Graduate PLUS loans first disbursed October 1, 2015 to September 30, 2016, the origination fee is 4.272%. For Direct Graduate PLUS loans first disbursed October 1, 2016 to September 30, 2017, the origination fee is 4.276%. These fees are deducted from your loan proceeds at the time of disbursement. For Direct Graduate PLUS loans first disbursed July 1, 2015 to June 30, 2016, the interest rate is fixed at 6.84%. For Direct Graduate PLUS loans first disbursed July 1, 2016 to June 30, 2017, the interest rate is fixed at 6.31%.
Your Graduate PLUS Loan will be placed into deferment while you are enrolled at least half-time and for an additional six months after you cease to be enrolled at least half-time. If your loan is deferred, interest will accrue on the loan during the deferment. You may choose to pay the accrued interest or allow the interest to capitalize when the deferment period ends. Your loan servicer will notify you when your first payment is due.You will need to contact your loan servicer to see if the deferment applies.
Before a Graduate PLUS Loan can be processed you must complete the Free Application for Federal Student Aid (FAFSA). A FAFSA may be completed online.
Steps for processing Graduate PLUS Loans.
Step 1: Determine How Much You Need to Borrow
Determine how much you need to borrow and complete the Graduate PLUS Authorization Form. Submit the form to the Office of Financial Support and Scholarships for processing. Contact our office with questions on how to complete the form. Keep in mind that you will be responsible for repayment of this loan.
Direct Graduate PLUS Authorization Forms
Step 2: Credit Decision
A Graduate PLUS borrower must not have an adverse credit history so your information will be submitted to the Direct Loan Origination Center for a credit decision. A Graduate PLUS applicant who is determined to have an adverse credit history may still receive a Graduate PLUS Loan if he or she obtains an endorser who does not have an adverse credit history.
Step 3: Complete Your Loan Documents
If you have previously signed a Master Promissory Note (MPN) for a Federal Direct Graduate PLUS Loan, a new promissory note for the upcoming academic year is not required; the MPN you signed previously is still valid and in effect.
If you are a first-time Federal Direct Grad PLUS borrower, you will need to complete an MPN. The MPN is a promissory note that can be used to make one or more loans for one or more academic years (up to 10 years). The electronic version of the MPN allows you to complete, sign and obtain a copy of your MPN over the web using your U.S. Department of Education issued FSA ID. Please access the Department of Education's Student Loans website and complete a Master Promissory Note for Graduate PLUS Loans.
UNO's Office of Financial Support and Scholarships will be notified once you have completed this process. This notification must be received before we can disburse your Federal Direct Graduate PLUS Loan to your consolidated billing account.
If you are a first-time Federal Direct Graduate PLUS Loan borrower at UNO you must complete Entrance Counseling. Please visit the Department of Education's Student Loans website and complete Graduate Entrance Counseling.
If you are determined to have an adverse credit history and you successfully appeal an adverse credit history or obtain an endorser, you must complete PLUS Counseling prior to the Federal Direct Graduate PLUS Loan being disbursed. PLUS Counseling is an online informational session for PLUS borrowers. Once the PLUS Counseling session is completed, applicants will be provided a financial summary that includes loan balances, income expenses, and repayment plan details based on information provided during the counseling session. If PLUS Counseling is required, we will receive the results of your completion of PLUS Counseling electronically.
Please Note: If your enrollment during fall semester drops below half-time status (four credit hours for graduate students) it will cause the spring disbursement of your academic year Graduate Federal Direct Graduate PLUS Loan to be canceled.