Federal Graduate PLUS Loan

Who Is the Borrower? Eligible graduate, post-graduate or professional program students. The student borrower must be a U.S. citizens or permanent residents.
Interest Rate The interest rate for loans disbursed after June 30, 2014 and prior to July 1, 2015 is 7.21%, fixed for the life of the loan.
Credit Criteria Must pass PLUS Loan credit check and must not have adverse credit history. Students unable to meet the PLUS Loan credit criteria may be able to borrow with a creditworthy “endorser”. The endorser cannot be released from the repayment obligation before the loan is repaid in full.
Fees The net loan amount disbursed is less than the amount borrowed, because of an origination fee (see your disclosure statement for the specific amount) charged by the government.
Minimum and Maximum Allowed Loans are approved from $100 up to the total annual cost of education minus any financial aid, including any Federal Stafford Student Loan.
Repayment Terms and Grace Period A 10-year standard monthly repayment of approximately $12.24 per $1,000 borrowed, with a $50 monthly minimum payment. Extended and graduated repayment plans are available. Principal and interest payments begin 60 days after the loan has been fully disbursed. No prepayment penalty.
Enrollment Status Students must be enrolled in a graduate degree program for at least 6 credits each semester. Credit must be accepted towards the degree.
Deferment Options Can defer payments while student is enrolled at least half time. During deferment period interest can be paid monthly, quarterly or capitalized quarterly.
Can Loan Be Sold? The loan will be held by the U.S. Department of Education for the life of the loan.
Other Borrower Benefits Eligible for loan consolidation under Federal Direct Consolidation Loan Program.
How to Apply

Get more information: http://studentaid.ed.gov.

To apply, complete the GraduateĀ PLUS Loan Request Form. Submit the completed form as instructed.

Contact BU Financial Assistance: finaid@bu.edu or 617-353-2965.