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The Ohio State University
The Federal Direct Graduate PLUS Loan is a federal loan available to graduate and graduate/professional students based on educational costs. This loan, in combination with other aid, cannot exceed educational costs as determined by Ohio State.
Students may apply for the Graduate PLUS loan if they are enrolled at least half time in a graduate program or in one of the graduate/professional programs (Dentistry, Law, Medicine, Optometry, PharmD, or Veterinary Medicine). Non-degree and Continuing Education (CEd) students are not eligible for the Graduate PLUS loan. Student borrowers must be U.S. citizens or eligible non-citizens, meet all other requirements listed as Student Rights and Responsibilities, and pass a required credit check. They must also have applied for their annual maximum eligibility under the Federal Direct Subsidized and Unsubsidized Loan Program.
If you file the FAFSA, you will automatically be considered for the Graduate PLUS Loan as a part of your financial aid package. To complete the application process once you are awarded, you must complete the Graduate PLUS Application and return it to the financial aid administrator in your college.
This award is contingent upon a credit check completed by the Department of Education. In addition, you must also sign a separate Graduate PLUS Master Promissory Note (MPN), which is available at studentloans.gov (sign in to manage your Direct Loan). If a Graduate PLUS loan was disbursed to you at Ohio State since 2008 a new MPN is not required.
All first-time borrowers are required to complete the online Graduate PLUS Entrance Counseling at studentloans.gov before disbursement of an approved loan will occur.
The maximum Graduate PLUS Loan you may borrow per academic year is equal to your cost of attendance minus other financial aid (including Federal Direct Subsidized and/or Federal Direct Unsubsidized Loans for which you are eligible). There is no aggregate maximum loan limit for the Graduate PLUS Loan.
Your eligibility for a Graduate PLUS will be reduced accordingly if you borrow a private loan through an outside banking institution.
The Graduate PLUS Loan is a fixed-rate loan with a 7.9% interest rate. Interest begins accruing from the time of disbursement. A 4% origination fee will be deducted from each disbursement. Repayment begins within 60 days after the date of the final disbursement. In-school deferment is available provided you remain enrolled at least half time in an eligible program.
For more information about borrowing limits, repayment plans, and interest rates, go to the U.S. Department of Education's web page about PLUS Loans for graduate and graduate/professional students at studentaid.ed.gov.
You have the right to cancel all or part of your federal loan disbursement within 14 days of official notification that loan funds have credited to your university account, or before the first day of classes, whichever occurs last. See complete loan cancellation procedures..
A credit check is required of the borrower each time a Graduate PLUS Loan is requested. Ohio State will be notified of the results of the credit check. You will also receive notification from the federal processor.
In order to receive a Graduate PLUS Loan award, you must complete the application and promissory note procedures listed above.
An electronic Master Promissory Note is available at the electronic MPN website. You will need to have your Personal Identification Number (PIN).
After completion of your online entrance counseling session and receipt of the Electronic Master Promissory Note, Ohio State will disburse the funds to your account provided you are enrolled at least half time.
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