Graduate PLUS Loan
A Graduate PLUS Loan allows graduate students to borrow up to the financial aid cost of attendance less any other financial aid received.
Requirements
To qualify you must be one of the following:
- A U.S. citizen
- A U.S. national
- A U.S. permanent resident
- A citizen of the Freely Associated States: the Federated State of Micronesia and the Republics of Palau and the Marshall Islands
- An eligible noncitizen (PDF)
Students must be enrolled at least half time to be considered for this loan. The Department of Education's Direct Loan Servicing Center is the holder of this loan when a student goes into repayment.
Interest and Repayment
While the student is attending school, the interest accumulates on this
loan. The student must either pay the interest on this loan quarterly
to the Direct Loan Servicing Center or you let the interest accumulate
and capitalize. Capitalized interest makes the loan payback more expensive
over time.
No payment on the principal balance of the loan is necessary so long as the student remains at least half-time status (five or more hours for graduate students).
The interest rate is fixed at 7.9 percent. Yearly loan amounts the student may borrow depend on the student's program and credit hours enrolled per semester.
Credit Check
A credit check is necessary to determine if the loan can be approved from the U.S. Department of Education. The Financial Aid & Scholarships Office does not see the student's credit report or FICO scores. Our office only receives a "yes" or "no" notice regarding the application status of the loan from the Department of Education.
The credit check with the Department of Education is only good for only 90 days. If the student decides he or she has not borrowed enough later in the semester, another credit check may be necessary.
Re-application
Once you sign and complete a master promissory note (MPN) online with the U.S. Department of Education,you do not need to complete another MPN as long as you attend UNLV. You will, however, need to complete the Graduate PLUS Loan Origination Worksheet (PDF) each year if you want to continue receiving a Graduate PLUS loan in the future and activate your financial aid awards.
A student may use any creditworthy co-signer if he or she believes the likelihood of loan approval may increase. Unlike the undergraduate Parent PLUS loan, if the graduate student's PLUS loan is declined by the Department of Education, the graduate student may not borrow additional unsubsidized loan funds in his or her name.
To Get Credit
Before the proceeds of this loan will credit to your cashiering account, you must complete the following:
- An Entrance Loan Counseling session
The entrance loan counseling session has mandated consumer rights and responsibilities information from the U.S. Department of Education about your loan.
- The Master Promissory Note
The master promissory note is a legal document where you affirm to pay back your loan in the future. The student will use the same four-digit PIN he or she used in signing the online FAFSA application for both processes.
Once you complete these steps, you do not need to complete these processes again each year.
An example to determine how much a graduate student may borrow in a graduate PLUS loan if necessary:
| Tuition & fees | $5,000 |
| Non-resident fee | $10,000 |
| Books | $1,000 |
| Room & board | $5,500 |
| Transportation | $1,000 |
| Miscellaneous | $1,500 |
| Total | $24,000 |
| $24,000 | (COA) |
| - $8,500 | subsidized loan |
| - $12,000 | unsubsidized loan |
| = $3,500 | up to potential PLUS loan borrowing by the graduate student |
| Loan Type | Fixed Interest Rate |
|---|---|
| Subsidized | 6.0% |
| Unsubsidized | 6.0% |
| Perkins | 5.0% |
| Parent PLUS | 7.9% |
| Graduate PLUS | 7.9% |
| Loan Type | Interest Accumulates? |
|---|---|
| Subsidized | No |
| Unsubsidized | Yes |
| Perkins | No |
| Parent PLUS | Yes |
| Graduate PLUS | Yes |
