Graduate PLUS Loans
Graduate PLUS loans are federally sponsored loans for students attending graduate school.
- Fixed interest rate 7.21% as of 7/1/2014
- Credit-based loan
- Covers up to the cost of attendance (cost of attendance takes into account tuition, room and board, books and supplies, travel, personal, and loan fees)
- Students should apply for a Federal Direct Stafford Loan prior to requesting a Graduate PLUS Loan
To be eligible, loan applicant must:
- Be a United States citizen or permanent resident
- Have been accepted into a degree program
- Plan to attend at least half-time (6 or more credits) each semester
- Be making satisfactory academic process
- Have no drug convictions
- Be within the maximum borrowing limit of $138,500
- Have no prior default
Please read carefully—failure to meet any of these requirements could lead to the cancellation of a Graduate PLUS Loan. To be eligible:
- Students are required to be meeting satisfactory academic performance according to departmental guidelines (please contact your department to learn more about academic standing) AND satisfactory academic progress (SAP) for federal financial aid purposes.
- Student must be registered for at least 6 credits (two classes) per semester
- Online students: If you withdraw from classes you must have logged on a minimum of 10 days to be actively engaged. Following withdrawal we will review your logon activity and if it fails to meet the minimum standard you run the risk of losing your Direct Loans. To be absolutely clear, the 10-day minimum logon requirement is involved when students withdraw from all classes or fall below 6 credits.
- Student cannot receive federal financial aid for a previously taken course that was paid for by a federal loan
How do I apply for a Graduate PLUS Loan?
There are four components for a Graduate PLUS Loan Application:
1. Free Application for Federal Student Aid (FAFSA)
- Must be completed online and submitted each academic year
- Federal School Code for Boston University: 002130
2. Entrance Counseling for Grad PLUS Loan
- Must be completed online (select Graduate PLUS Loan), and is required to be completed by first-time borrowers from Boston University
3. Master Promissory Note
- May be completed online (select Graduate Plus Loan)
- Can be used for one or more academic years (up to ten years)
4. Loan Request Form
- Complete and fax the forms to the Metropolitan College Graduate Financial Aid office at 617-353-4190:
Any extra funds resulting from a federal loan will automatically be refunded to you in the form of a check. The refund will appear on the student link as a Title IV Refund.
Students can also submit an online refund request, to set up direct deposit.
If you do not receive your check two weeks after the disbursement of your loan, please contact Student Accounting Services at 617-353-2264.