Graduate PLUS Loans
Graduate PLUS loans are available to all graduate and professional students. This federal loan offers a low, fixed interest rate and deferred payments while you are enrolled at least half-time.
There are no set loan limits. You can borrow up to the cost of education minus other financial aid received.
Students Save
- Save 0.25% off the rate with automatic payments1
Note: Interest rate reduction benefit goes into effect at the time of repayment. Repayment begins 6 months after you graduate, leave school or drop below half-time status. Benefit is for loans first disbursed on/after November 1, 2008.
Students Benefit
- 8.50% fixed rate
- 10-year repayment term
- 15-day grace period after payment due date
- Alternative repayment plans available, including graduated and income-sensitive plans
Eligibility
- School's financial aid office determines eligibility
- Must be enrolled at least half-time
- Must meet credit criteria
Fees
- 1% insurance fee2
- 3% origination fee
Disbursement
- Loan funds are sent to the school at the beginning of each semester.
- The insurance and origination fees are withheld from each disbursement.
Repayment
Deferment of payments3
- Students must be enrolled at least half-time.
- After dropping below half-time status, there is a 6-month grace period.
- Monthly payments begin after the grace period ends.
Making payments
- Interest accrues while payments are deferred.
- Payments can be made anytime without penalty.
- You will receive quarterly interest statements.
1To be eligible for the interest rate reduction for automatic payments, you must be signed up for automatic payments through Great Lakes Educational Loan Services. If at any time automatic payments are stopped or the loan is not in repayment status, the rate discount will not be applied. UW Credit Union reserves the right to modify or discontinue benefits at its discretion and without notice.
2The insurance fee, also known as the default fee, is charged by the agency that guarantees your loan. Great Lakes Higher Education Guaranty Corporation is the guarantor for all our federal student loans. The fee is used by the guaranty agency in the event of a borrower's default, death, or disability.
3Grad PLUS loan being deferred based on the student's enrollment status is new as of July 1, 2008.
