Since private educational loans generally have higher interest rates than Federal Direct Unsubsidized Loans, we recommend that you first consider borrowing a Federal Direct Unsubsidized Loan if you are a U.S. Citizen or U.S. Permanent Resident. International students have other private loan options, which can be found by visiting Credit-Based Loans Available to International Students.
If you need to borrow additional funding to help cover educational costs, we advise choosing only one credit-based loan option. This will simplify repayment in the future. You can opt to use any lender of your choice, whether they are listed here or in other University material. Please remember, unlike Federal Direct Unsubsidized Loans, private educational loans and the Federal Graduate PLUS Loan are credit-based. For more information on credit-based loans available to graduate students, including the Federal Graduate PLUS loan and a sample of other private lenders, please visit Credit-Based Loans.
Graduate Federal Direct PLUS Loan
U.S. citizens and U.S. Permanent Residents apply for a Graduate Federal Direct PLUS Loan initially on their own signature without a co-signer. Students unable to meet the credit criteria may be able to borrow with a creditworthy co-signer or “endorser.” International students cannot apply.
The interest rate for a Graduate Federal Direct PLUS Loan disbursed on or after July 1, 2024 and before July 1, 2025 is 9.08%. The interest rate for a PLUS loan disbursed on or after July 1, 2025 and before July 1, 2026 is 8.94%. The loan fee for a Graduate Federal Direct PLUS Loan that have their first disbursement on or after October 1, 2020 and before October 1, 2025 is 4.228%.
To apply:
- Complete a Free Application for Federal Student Aid (FAFSA). Boston University’s Title IV school code is 002130.
- Complete a Graduate Student Master Promissory Note (MPN) if you are a first-time borrower or if you have not borrowed a Federal Direct Loan within the last five years.
- Complete the Graduate Student Entrance Counseling if you are a first-time borrower. Federal regulations require you to complete Entrance Counseling before your loan funds can be credited to your student account.
- Submit a Graduate PLUS Loan Request using your FSA ID login.