William D. Ford Federal Direct Grad/Professional PLUS

Eligibility Criteria

  1. Enrolled at least half-time
  2. Not in default on another student loan
  3. U.S. citizen or eligible non-citizen
  4. Maintaining Satisfactory Academic Progress
  5. Good credit standing
  6. Parents cannot borrow on graduate/professional student's behalf

Amounts and Selection Process

Student may borrow up to the total cost of education minus financial aid with no aggregate maximum.

Terms

For the 2020-21 academic year, the interest rate will be a fixed rate of 5.30 percent. Interest accrues while the student is in school. Students may choose to make quarterly interest and principal payments or have the loan deferred and interest capitalized once at the time of repayment. Standard repayment period is 10 years. A net 4.236 percent processing fee is deducted from the loan proceeds when funds are disbursed. For loans in which the first disbursement is on or after October 1, 2020, the origination fee will be 4.228 percent. 

Repayment begins six months after the last date of half-time enrollment.

Application Process

  1. File the Free Application for Federal Student Aid (FAFSA).
  2. Remove any active credit bureau freezes before applying.
  3. Apply online at studentaid.gov/plusapp. Log in with your FSA ID username and password and start the Direct PLUS Loan Application for Graduate/Professional Students. An immediate credit decision will be provided.
  4. If approved, you will be directed to complete the Grad PLUS Master Promissory Note (MPN). If the MPN is not completed at the time of approval go to studentaid.gov/mpn to complete it. First time Grad PLUS borrowers will also be required to complete Entrance Counseling for Direct PLUS Loans.
  5. Loans approved after documenting extenuating circumstances or by obtaining an endorser will require completion of PLUS Loan Credit Counseling through studentaid.gov.

Renewal Process

Award is renewed only if eligibility requirements continue to be met and the FAFSA is filed and the online PLUS application are completed each year. Students will be required to complete entrance counseling and an MPN if these steps were not previously submitted at Marquette.