Apply For Federal Direct Graduate PLUS Loan
Federal Direct Graduate PLUS Loan Application Process:
The maximum amount that students are allowed to borrow through a Graduate PLUS Loan is the total cost of attendance minus financial aid (including other federal student loans). The Direct Graduate PLUS loan interest rate for the 2015-2016 academic year is fixed at 6.84%. These are the required steps to obtain a Direct Graduate PLUS loan:
- Student must file a 2015-2016 FAFSA online at www.fafsa.gov.
- Student borrower must complete a credit check online at www.studentloans.gov.
- Go to www.studentloans.gov and sign in using the student borrower’s Federal Student Aid PIN (from pin.ed.gov)
- Click the “Request PLUS Loan” link on the left side of the screen under the “PLUS Loan Process” heading
- Select “Graduate PLUS” for your loan type and complete your credit check
- Once all steps have been completed, the borrower will receive instant notification regarding approval/denial.
- If approved, the student borrower must complete their MPN and Entrance Counseling at www.studentloans.gov.
- Note: If you are borrowing Stafford loans and completed Entrance Counseling before applying for the PLUS loan, you are only required to complete your Graduate PLUS MPN.
- The student borrower must complete a Direct Graduate PLUS Loan Information Form. This form can be downloaded from the Siena website at www2.siena.edu/financialaid/forms.
Once steps 1-4 have been completed, your loan funds (loan amount minus loan fees) will be electronically disbursed to your account in two installments, at the beginning of each semester.