How do I apply for the Federal Direct Grad PLUS Loan?
If you were not initially offered a Grad PLUS Loan in your award summary, you may follow the steps in this video to submit a request for
the loan.
How much can I borrow in the Federal Direct Grad PLUS loan?
The amount you may borrow in the Federal Direct Grad PLUS is up to cost of attendance minus all other aid. Information about your
cost of attendance and your eligibility may be found in the Federal Direct Grad PLUS loan acceptance panels in Campus Connect.
Are there other eligibility requirements?
Yes, the Federal Direct Grad PLUS loan is a credit-based loan and it must be approved by the Federal Direct Loan Servicing Center.
By accepting the offered Grad PLUS Loan in Campus Connect, you are authorizing transmission of your loan to the Direct Loan
Servicing Center. As part of the application process, Direct Loan Serving will conduct a mandatory credit check at this time.
Can I reduce the amount?
Yes, you do not need to accept the entire loan amount offered. When accepting your Federal Direct Grad PLUS loan you will have the
option to reduce the amount listed. The amount reduced will be divided evenly across your terms of enrollment.
What is the interest rate?
Federal student loan interest rates are tied to the financial markets. Interest rates will be determined each spring for new loans being
made for the upcoming award year, which runs from July 1 to the following June 30. Each loan will have a fixed interest rate for the
life of the loan. Please see the Federal Student Aid website for information on federal student loan interest rates.
When does interest begin to accrue?
Interest begins to accrue after the loan is fully disbursed to your student account.
When does the loan go into repayment, and can I defer repayment?
You may be eligible to defer your payments as long as you maintain at least half-time enrollment in a degree-seeking program.
If you defer your Federal Direct Grad PLUS Loan, repayment begins immediately after graduation or if you withdraw or drop below half-
time enrollment. There is no grace period prior to entering repayment on the Grad PLUS Loan.
After I accept my loans, will I need to do anything else?
If this is your first time receiving a Grad PLUS loan, you will need to log-in to Federal Student Aid using your Federal Student Aid ID* to:
• Complete Entrance Counseling, a tool to ensure you understand your obligation to repay the loan; and
• Sign a PLUS Master Promissory Note (MPN), agreeing to the terms of the loan.
How will DePaul know that I have completed my loan requirements?
DePaul will be notified electronically, usually within three business days that you have completed the Entrance Counseling and MPN.
Is the Federal Direct Grad PLUS subject to a lifetime maximum?
While there are no set aggregate limits on the Federal Direct Grad PLUS loan, the Office of Financial Aid reserves the right to review a
student's situation, including overall student loan debt, and to limit or refuse certification of future federal student loans as determined
appropriate on a case-by-case basis. This could include a consideration of aggregate loan debt, enrollment history, borrowing history,
and other factors as appropriate. The authority for this review is granted by Section 479A(c) of the Higher Education Act, as amended
(HEA), and the Direct Loan Program regulations at 34 CFR 685.301(a)(8).
Students have the right to appeal a decision to limit or refuse certification of future borrowing. All appeals should be in writing, and
should include the following:
• Your name and student ID
• Your current academic program
• Your remaining degree requirements and the anticipated cost to complete your degree
• Your anticipated graduation date
• A projection of your future employment and debt management plans, and your rationale for increasing your student loan debt.
Please visit the Federal Student Aid website for additional information on the Federal Direct Grad PLUS Loan program, interest rate
and repayment options.
