Graduate/Professional students who are first-time borrowers of the Federal Direct PLUS Loan, must complete an electronic Master Promissory Note (MPN) and on-line Entrance Loan Counseling to receive the funds. In most cases, the student will be required to complete the MPN and entrance counseling session only once during their years in college. Each year students will need to accept their loan(s) on the Financial Aid To Do List page in MyUI.
Obtain information regarding loan deferment, grace periods, and repayment plans from the Federal Student Aid website.
Lender: Federal Government
Interest Rate:
- Fixed at 8.05% for loans disbursed July 1, 2023 - June 30, 2024
- Fixed at 7.54% for loans disbursed July 1, 2022 - June 30, 2023
- Fixed at 6.28% for loans disbursed July 1, 2021 - June 30, 2022
Interest Free in School: No
Credit Check: Yes
Loan Fee:
- 4.228% for loans disbursed October 1, 2020 - September 30, 2024
- 4.236% for loans disbursed October 1, 2019 - September 30, 2020
Annual Maximum: Student cost of attendance minus other financial aid offered
Cumulative Maximum: None