Graduate and professional students can now apply for federal Graduate/Professional PLUS Loans to help finance their college education. This loan helps qualifying students pay the difference between the financial aid already received – from scholarships, grants and student loans – and the cost of attendance.

Eligibility Requirements

To be eligible for a Graduate/Professional PLUS Loan, you must:
      • Be a U.S. citizen or an eligible noncitizen and have a social security number.
      • Be enrolled in a graduate or professional program.
      • Complete the Free Application for Federal Student Aid (FAFSA).
      • Already have applied for the maximum annual amounts for which you qualify in federal subsidized and unsubsidized Stafford student loans.
      • Meet credit eligibility requirements -- no debts 90 days or more delinquent and no defaulted student loans, wage garnishment, bankruptcy or foreclosure in the past 5 years.

Loan Limits

There are no set annual or aggregate limits for Graduate/Professional PLUS Loans.

You may borrow up to the full cost of attendance, minus any other financial aid received (including subsidized and unsubsidized loans, scholarships and fellowships).

You may have to pay an origination fee of up to 3 percent and a federal default fee of up to 1 percent.

Repaying a Graduate/Professional PLUS Loan

Your first payment will be due 60 days after the loan is fully disbursed. Generally, this will be while you are still in school. There is no grace period.

You may request an in-school deferment as long as you are enrolled in at least a half-time status. Keep in mind, your Graduate/Professional PLUS Loan accrues interest while in deferment status and the interest will be capitalized unless arrangements are made with the lender to pay interest quarterly.

You must apply separately for an in-school deferment on your Graduate/Professional PLUS Loan, even if you have already received in-school deferments on FFEL subsidized or unsubsidized loans. If you choose to have an in-school deferment, your loan will become due 45 days after the deferment end date.

You will have up to 10 years to repay the Graduate/Professional PLUS Loan and a choice of four repayment options.

How to Apply

To apply, you must submit the FAFSA and complete either the Federal PLUS Master Promissory Note, available from your college financial aid office or lender, or HESC's electronic Master Promissory Note (e-MPN).