Federal Direct Graduate PLUS Loan

First time Federal Direct Graduate PLUS Loan borrowers must complete the Federal Direct Graduate Loan Entrance Counseling online at StudentAid.gov. (This is not required if you completed the Stafford Loan Entrance Counseling during Step 1 when applying for the Federal Direct Stafford Loan, and selected that you are a Graduate student as this is a combined Stafford/Grad PLUS Entrance Counseling session.) The average Hamline Graduate student Stafford and Graduate PLUS loan debt is $31,518. You may use the Loan Simulator on studentaid.gov to determine your estimated loan payments.  

4. OPTIONAL: Annual Student Loan Acknowledgement

The Annual Student Loan Acknowledgement (studentaid.gov) is for student and parent borrowers who are accepting Federal Subsidized/Unsubsidized Loans, PLUS Loans for Parents, or PLUS Loans for Graduate/Professional Students. It will take around 10 minutes to complete the Acknowledgement. It is a good idea for all students to complete. Within the Annual Student Loan Acknowledgement, borrowers are able to view how much they currently owe in loans, their progress towards aggregate loan and grant limits (if applicable), and have access to content surrounding smart borrowing, interest rates, and payments. In order to fill out the Acknowledgement, you will need your Verified FSA ID.

If this is your first time accepting a federal student loan, you are acknowledging that you understand your responsibility to repay your loan. You will also need to know the School Name, the Degree Name, and the Field of Academic Program.

If you already have existing federal student loans, you are acknowledging that you understand how much you owe and how much more you can borrow.

Repayment begins within 60 days after the full amount borrowed for a school year has been disbursed, though you may request that repayment be deferred while you are in school at least half-time.

Federal Direct Graduate PLUS loan borrowers have up to ten years to repay their Federal Direct Graduate PLUS Loan(s). The minimum monthly payment for a Federal Direct Graduate PLUS Loan on a standard repayment plan is $50 per month. With recent passing of legislation, interest paid on Federal Direct Graduate PLUS Loans may be tax deductible. Consult with your tax advisor for more details. Information regarding repayment may be found online on studentaid.gov and all repayment questions should be directed to your loan servicer. A letter identifying the loan servicer is mailed from Direct Loans upon the first disbursement. Loan servicer information is also available within seven to 10 days from the first disbursement on studentaid.gov using the student borrower’s information and FSA ID and Password.

Federal Direct Graduate PLUS Loan are eligible for Federal Loan Consolidation.

Federal Direct Graduate PLUS Loan are canceled in the event of your death or permanent and total disability.

Studentaid.gov is the US Department of Education's central database for student aid. This site can help you keep track of all the federal financial aid you have received in your lifetime.

The loan calculator on finaid.org can quickly help you figure out what your monthly payments will look like. Keep in mind that federal loans default to a 10-year repayment plan. You can use StudentAid.gov to help you find your loan totals and interest rates.