Graduate PLUS - Loans for Graduate Students
About the Graduate PLUS Loan
The Deficit Reduction Act of 2005 has modified the PLUS program (formerly a federal loan for parents) to allow graduate students to borrow under this federal program as well.
Who may borrow?
- This program is for students in graduate level programs only. You must be enrolled at least half time to receive the loan.
Is the FAFSA (Free Application for Federal Student Aid) required?
- Yes, you must file the FAFSA to be considered.
- Our office must determine what Stafford Student Loan(s) you are eligible for before you may borrow under the Graduate PLUS program. This means that many in-state graduate students, or students with graduate assistantships, will have their costs covered fully with Stafford Loan and may not need to use the Graduate PLUS.
How much may I borrow?
- The loan limit for each year is the annual cost of education (the "budget") minus other financial assistance.
How do I apply?
For 1'st time borrowers of FEDERAL DIRECT STUDENT LOANS
... Follow these 3 electronic steps to receive your loan money.
Complete these requirements as soon as you are awarded a loan.
Waiting for the beginning of the semester can delay your loan.
STEP 1: Complete and return a CMU Graduate/Professional
Student PLUS Loan Application Form
- (If you have not already done so.)
http://financialaid.cmich.edu/forms/gradplus08.pdf
- (If you have not already done so.)
http://financialaid.cmich.edu/forms/gradplus08.pdf
-
STEP 2: Complete a Federal Electronic Master Promissory Note!
- Go to the Federal Electronic Promissory Note Web Site at:
http://dlenote.ed.gov (you will need to use your
Federal
PIN). At the Direct Loans website you will want to select
the link "Complete New MPN for Student Loans" located near the bottom of the page.
You will be prompted to Click OK if you are taking out a loan for your own education. Next select the button for
Graduate PLUS - Federal Direct Loans available to any eligible graduate/professional student.
- Go to the Federal Electronic Promissory Note Web Site at:
http://dlenote.ed.gov (you will need to use your
Federal
PIN). At the Direct Loans website you will want to select
the link "Complete New MPN for Student Loans" located near the bottom of the page.
You will be prompted to Click OK if you are taking out a loan for your own education. Next select the button for
Graduate PLUS - Federal Direct Loans available to any eligible graduate/professional student.
-
STEP 3: Complete Direct Loan Entrance Counseling at: http://www.dl.ed.gov
- All first-time Federal Direct Stafford Loan borrowers MUST complete an online entrance orientation session before their loan funds can be disbursed. Look for this banner when you get to the Direct Loan servicing web site:
