Federal Direct Graduate PLUS Loan

Graduate PLUS Loans

Graduate PLUS Loans are available to eligible graduate and professional students up to the cost of attendance, minus other financial assistance.

Eligibility Requirements

  • Must be enrolled in at least 3 credits as a matriculated graduate student in a graduate or professional program.
  • Must meet all general eligibility requirements for Federal Student Aid.
  • Must not have an adverse credit history, which includes:
    • Bankruptcy
    • Foreclosure
    • Tax liens
    • Default determination
    • One or more debts that are 90 days or more delinquent, in collection, or charged off within the last two years, with a total balance over $2,085.

2024-25 Graduate PLUS Loan Processing Timeline

  • Application Opens: May 15, 2024
  • Loan Approval Viewable on BU BRAIN: Mid-June
  • MPN and Entrance Counseling Viewable: Mid-July (Note: Disbursement occurs only after all requirements are satisfied; credit check is valid for 180 days.)

How to Apply for a Graduate PLUS Loan

  1. Complete the Free Application for Federal Student Aid (FAFSA) and receive your financial aid offer. Accept all Direct Unsubsidized Student Loans before applying for Graduate PLUS Loans.
  2. Start the PLUS Application:
    • Sign in with your FSA ID and password.
    • Select "Start PLUS Application Process," then choose "Graduate PLUS."
    • Complete the form to receive an instant credit check.

Application Outcomes

If Approved:

  • First-time borrowers must complete a PLUS Master Promissory Note (MPN) and Entrance Counseling.
  • Notification of approval will be sent to Binghamton University within 2-3 business days.

If Denied: Two options will be presented:

  • Provide an Endorser: The endorser must pass a credit check and sign a promissory note. An email with the Loan Reference ID will be sent to complete the process.
  • Credit Appeal: If you have extenuating circumstances, a documentation package will be sent for you to submit an appeal.
  • Additional online credit counseling may be required.

Terms and Repayment Information

  • Interest Rate: Fixed at 9.08% (effective July 1, 2024).
  • Origination Fee: 4.228% deducted from each disbursement (applicable for loans disbursed between Oct. 1, 2020, and Oct. 1, 2025).
  • Repayment Begins: Six months after graduation, leaving school, or dropping below half-time enrollment.
  • Interest Accrual: Interest will accrue during periods when payments are not required. Borrowers can either pay the interest as it accrues or allow it to capitalize (added to the loan principal).

Your loan servicer will notify you when your first payment is due.