Federal Direct Graduate PLUS Loan Program
The Federal Direct Graduate PLUS Loan program allows graduate students who do not have an adverse credit history to borrow up to the full cost of attendance, less other financial aid received, including the Direct Unsubsidized Loan.
The interest is fixed at 8.05 percent for loans disbursed between July 1, 2023 and June 30, 2024. Interest rates are established each year for Grad PLUS Loans. The interest rate established for each loan is fixed and will apply for the life of the loan. Interest accrual begins on the date of the first disbursement; the first payment is due within 60 days after the final disbursement or students may defer payment while they are enrolled at least half-time. Direct PLUS Loans, where the first disbursement is on or after October 1, 2021, carry a 4.228 percent federal origination fee. Net proceeds will equal approximately 95.772% of the loan amount.
Apply for a Federal Direct Graduate PLUS Loan
Colleges determine eligibility for the Direct Unsubsidized Loan before determining any remaining eligibility for a Direct Graduate PLUS Loan. Therefore, students should wait until their Direct Unsubsidized Loan program eligibility has been determined before applying for the Direct Grad PLUS Loan.
Upon receipt of the email confirming that a Direct Unsubsidized Loan has been processed, students who are interested in borrowing additional funds through the Direct Grad PLUS Program should contact the office of graduate financial aid via email (gradfinancialaid@loyola.edu) to request their Grad PLUS Loan eligibility. Students will receive an email response indicating their maximum eligibility and the Grad PLUS Loan application procedures.
Visit the Federal Student Aid website to learn more about applying to the Direct Graduate PLUS Loan.
Student Loan Processing Deadline
The proceeds of student loans (federal and private) must be disbursed to Loyola University Maryland and credited to a student's account no later than May 1. Therefore, all loan application procedures, including completion of the loan promissory note and final approval, should be completed at least two weeks prior to the May 1 processing deadline.
Notification
Your Grad PLUS loan application will be processed after it is received by the office of financial aid. If there are any issues or questions regarding your application, an email will be sent to your Loyola email account. Otherwise, no formal notification that your Grad PLUS loan was processed will be sent to you. Instead, you may view your Grad PLUS loan via Self Service, Loyola’s online administrative access system. Depending on the time of year you submit your application, the minimum timeframe for processing Grad PLUS loans is three days and the maximum is four weeks.
For new borrowers, instructions on how to sign your Grad PLUS Master Promissory note and complete Entrance Counseling will be an option on the StudentAid.gov website.
MPN (Master Promissory Note)
All borrowers are required to sign the MPN (Master Promissory Note) prior to any deposit of loan proceeds.
Entrance Counseling
All first-time borrowers must complete Entrance Counseling before loan proceeds can be deposited.
Loan Disbursement
The proceeds from a Direct Grad PLUS Loan are disbursed in one, two or three equal payments directly to Loyola University. Loan proceeds are deposited in the student's account upon confirmation that an electronic Direct Grad PLUS Loan master promissory note and online Entrance Counseling has been completed. Students who have borrowed through the Direct Grad PLUS Loan Program in the past and have an active master promissory note on file are not required to complete a new promissory note.
Direct Loan Refund Policy
Loan proceeds that result in a credit balance will be available by check within the latter of 14 days after the first day of the enrollment period or 14 days after the loan proceed deposit occurs.
Right to Cancel
Federal regulations require colleges and universities to notify student loan borrowers of their right to cancel all or a portion of their loan or loan disbursement. No action is required on your part unless you wish to reduce or cancel your loan(s). Requests must be made in writing and should be sent via email directly to the office of graduate financial aid at gradfinancialaid@loyola.edu. You must include the borrower's full name, student ID number, and the name of the loan and the amount to be reduced or cancelled. If the cancellation results in a balance due on your student account, payment will be required immediately.