Federal Direct PLUS Loan for Graduate and Graduate/Professional Students
Federal Direct Graduate PLUS Loan is a federal loan available to graduate and graduate/professional students based on educational costs. This loan, in combination with other aid, cannot exceed educational costs as determined by Ohio State.
Eligibility Criteria
Students may apply for the Graduate PLUS loan if they are enrolled at least half time in a graduate program or in one of the graduate/professional programs (Dentistry, Law, Medicine, Optometry, PharmD, or Veterinary Medicine). Student borrowers must be U.S. citizens or eligible non-citizens, meet all other requirements listed as Student Rights and Responsibilities, and pass a required credit check. They must also have applied for their annual maximum eligibility under the Federal Direct Subsidized and Unsubsidized Loan Program.
Application Process
Dentistry, Law, Medicine, Optometry, PharmD, and Veterinary Medicine Students:
If you file the FAFSA or Renewal FAFSA, you will automatically be considered for the Graduate PLUS Loan as a part of your financial aid package. To complete the application process once you are awarded, you must complete the Graduate PLUS Application at sfa.osu.edu/forms/award/GradPLUS.pdf and return it to the financial aid administrator in your college.
This award is contingent upon a credit check completed by the Department of Education. In addition, you must also sign a separate Graduate PLUS Master Promissory Note (MPN), which is available at https://dlenote.ed.gov/empn/index.jsp (choose the option "Complete New MPN for Student Loan"). If a Graduate PLUS loan was disbursed to you at Ohio State in 2008-2009 a new MPN is not required.
All first-time borrowers are required to complete the online Graduate Plus Entrance Counseling at www.dl.ed.gov before disbursement of an approved loan will occur.
Graduate Students:
To apply for the Graduate PLUS Loan, file the FAFSA or Renewal FAFSA for the current award year, then complete the Graduate PLUS Application at sfa.osu.edu/forms/award/GradPLUS.pdf. Submit the form to the Student Consolidated Service Center at 320 Lincoln Tower or to your regional campus financial aid office.
Once you are awarded, the approval is contingent upon a credit check completed by the Department of Education. In addition, you must also sign a separate Graduate PLUS Master Promissory Note (MPN), which is available at https://dlenote.ed.gov/empn/index.jsp (choose the option "Complete New MPN for Student Loan"). If a Graduate PLUS Loan was disbursed to you at Ohio State in 2008-2009, neither a new MPN nor another entrance counseling is required.
All first-time borrowers are required to complete the online Graduate Plus Entrance Counseling at www.dl.ed.gov before disbursement of an approved loan will occur.
Borrowing Limits
The maximum Graduate PLUS Loan you may borrow per academic year is equal to your cost of attendance minus other financial aid (including Federal Direct Subsidized and/or Federal Direct Unsubsidized Loans for which you are eligible). There is no aggregate maximum loan limit for the Graduate PLUS Loan.
Your eligibility for a Graduate PLUS will be reduced accordingly if you borrow a private loan through an outside banking institution.
Repayment Terms
The Graduate PLUS Loan is a fixed-rate loan with a 7.9% interest rate. Interest begins accruing from the time of disbursement. A 4% origination fee will be deducted from each disbursement. Repayment begins within 60 days after the date of the final disbursement. In-school deferment is available provided you remain enrolled at least half time in an eligible program. Repayment begins immediately if at any point you are not enrolled at least half time. For more information on repayment, visit the Direct Loan website at www.dl.ed.gov.
For more information about borrowing limits, repayment plans, and interest rates, go to the U.S. Department of Education's web page about PLUS Loans for graduate and graduate/professional students at studentaid.ed.gov.
Loan Cancellation
You have the right to cancel all or part of your federal loan disbursement within 14 days of official notification. See complete loan cancellation procedures.
What do I need to do to receive my award?
In order to receive a Graduate PLUS award, you must complete the application and promissory note procedures listed above. Ohio State will be notified if there is a positive result from the credit check. This process can take up to 3 weeks. Upon notice of credit approval, confirmation of your online entrance counseling session, and receipt of the Electronic Master Promissory Note, Ohio State will disburse the funds to your account provided you are enrolled at least half time.
How will my loan be issued?
According to federal regulations, your Graduate PLUS Loan must be issued in equal amounts per term within the academic term. This will mirror the disbursement of your Federal Direct Stafford Loan(s).
return to top
