Loans – Federal Direct PLUS Loans for Graduate Students
The Federal Direct PLUS Loan is a low-interest loan designed to provide graduate students with additional funds for college. The maximum eligibility amount per academic year is the school’s estimated cost of attendance minus other student financial aid. The interest rate on the PLUS Loan for Graduate students is 6.31%. The U.S. Department of Education will withhold an origination fee of 4.276% of the total loan amount for loans first disbursed after October 1, 2016 and before October 1, 2017.
In order for us to certify your Direct PLUS loan, you must complete a three-step process:
- Complete a Grad PLUS Loan Application with the Federal Department of Education.
Please remember that the Grad PLUS loan is credit-based and that you have to have your loan approved. Please go to www.studentloans.gov, login using your FSA ID #, and click on “Request PLUS Loan” to begin the application process. You must indicate the amount to be borrowed; do not indicate maximum.
- Complete a Grad PLUS MPN. If the credit is approved, you will be instructed to complete the MPN online.
* If you have previously borrowed at Warren Wilson College, you will not need to complete a new MPN.
- Complete Grad PLUS Entrance Counseling with Direct Loan Servicing. This is a twenty-minute online tutorial specifically designed to acquaint first-time Direct PLUS borrowers with their rights and responsibilities for this educational loan.
* If you have previously borrowed at Warren Wilson College, you will not need to complete entrance counseling with Direct Loan Servicing.