Direct Grad PLUS Loan
FIT participates in the William D Ford Federal Direct Loan Program. Under the Federal Direct Loan Program, the funds for the Grad PLUS Loan come directly from the Federal Department of Education. Students enrolled in any of our graduate programs must first apply for their full Direct Stafford Loan eligibility before consideration.
Academic Year 2021 - 2022 Interest Rate
The fixed interest rate is 6.28% for Federal Direct PLUS loans disbursed between July 1, 2021 and June 30, 2022. There is also an origination fee of 4.228% (for loans disbursed before October 1, 2022) charged by the Department of Education.
- 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 an FSA ID to complete the FAFSA electronically.
- You must be enrolled in at least six credit hours per term in a degree program to maintain eligibility.
- You must first be offered your full Direct Stafford Loan eligibility before consideration for a Graduate PLUS loan.
- You must complete the Annual Student Loan Acknowledgment requirement.
1. Decide how much to borrow. You can determine your loan limits by logging in to MyFIT.
- Go to FIT Applicant or Student TAB
- Under Financial Aid Resources go to My Financial Aid Checklist
- Click on Award by Aid Year on the drop down choose the Academic Year
- Select the appropriate Academic Year.
- Click on the Award Overview Tab to you will see the total cost of attendance (COA)
The full annual limit that a graduate student can borrow for the PLUS loan is the difference between the cost of attendance (COA) and all other financial aid awarded (including Direct Stafford Loans). You do not have to apply for the whole amount.
You will be subject to a credit check from the Department of Education. NOTE: You will not receive the full amount requested due to a origination fee of 4.228% (for loans disbursed before October 1, 2022) is charged by the Department of Education.
Your loan will be placed in deferment with repayment beginning six months after you drop below six credit hours or graduate.
2. Determine the loan period. We suggest that you request the loan to cover the full academic year (August-May).
Apply for a Graduate PLUS Loan
Be sure to carefully review all information on this page before applying.
1. The Graduate borrower should log into Federal Student Aid with the their personal information and FSA ID. We suggest that the parent with the best credit history apply for the loan. If your PLUS loan is denied, you may add the other parent, or someone else, as an endorser/cosigner.
2. Under Apply for Aid, click on Apply for a Grad PLUS Loan. Read the information, view what you will need, and follow the instructions.
3. If this is your first Graduate PLUS Loan, you must also complete the following steps:
- Entrance Counseling Session
- Graduate PLUS Master Promissory Note (MPN)
- Complete an Annual Student Loan Acknowledgment
Starting in the 2022-2023 academic year, borrowers of Federal Unsubsidized and PLUS loans will be required to complete an Annual Student Loan Acknowledgment before receiving disbursements of their loan. This is an online session that allows students and parents to see how much they have borrowed, preview what their monthly payments might be, and explain concepts such as capitalization and the difference between federal and private loans. The goal is to help you understand how your loans affect your financial future.
Frequently Asked Questions
You will be notified immediately of the credit check status. You will receive an email and an updated financial aid award letter displaying the amount for which the PLUS loan has been certified.
The loan will NOT disburse until you have completed the
If your PLUS loan is denied, you have the following options:
- You may appeal the credit decision by contacting Direct Loan Originations at: (800) 557-7394 option 3.
- You may add your spouse or someone else as an endorser/cosigner. You will be sent a paper application for the endorser or the endorser can complete the endorser application online. To complete the application online, the endorser will need: the loan's reference or award ID number, which you should receive when you apply; an FSA ID; and the application at Endorse a Direct PLUS Loan.
If your appeal or endorser is approved, you must complete a new Graduate PLUS Master Promissory Note (MPN) and DIrect PLUS Loan Counseling. Both must be completed online before your loan is disbursed.
We electronically receive confirmation of your loan from the Department of Education. We determine the amount of PLUS funds for which you are eligible and send that information to the Department of Education.
If this is your first Federal Direct PLUS Loan or if you will be using an endorser/cosigner, you must complete a Graduate PLUS Master Promissory Note (MPN). If this is your first Graduate PLUS loan, you must also complete a Graduate Loan Entrance Counseling session. Both of these processes take place online. Your loan funds will not be disbursed until both requirements are met.
If your appeal or endorser is approved, you will also need to complete PLUS Loan Entrance Counseling before your loan is disbursed.
Your loan will be placed in deferment with repayment beginning six (6) months after you drop below half-time enrollment or graduate.
Federal Direct PLUS funds are sent directly to the school. Funds in excess of what you owe to FIT will be refunded to you.