Graduate PLUS Loans

Download an application:

2007-08 Federal Direct Graduate PLUS Loan Application (for Fall 2007 through Summer 2008) or

2008-09 Federal Direct Graduate PLUS Loan Application (for Fall 2008 through Summer 2009)

ELIGIBILITY REQUIREMENTS

• U.S. Citizen or eligible non-citizen
• Enrolled in at least five units in a graduate or professional program (for example, a program that leads to a Master’s Degree or PhD program)
• Filed the 2007-2008 Free Application for Federal Student Aid (FAFSA)
• Borrowed the yearly maximum Federal Direct subsidized and unsubsidized loan ($20,500)
• Not in default on any type of a federal student loan
• Pass a U.S. Department of Education credit check. A Grad PLUS applicant who is determined to have an adverse credit history may receive the loan if he or she obtains an endorser who passes the credit check

REPAYMENT
The first payment is due within 60 days after the student has received the full amount of the loan for the year.

REPAYMENT DEFERMENT
A Grad PLUS borrower may receive a deferment while he or she is enrolled at least half-time at an eligible school. Upon dropping to less than half-time enrollment status, the borrower is not entitled to a grace period on his or her Direct Grad PLUS Loans. Note: The Direct Loan Servicing Center will automatically grant an in-school deferment on your Direct PLUS Loan based on the information reported by the Registrar’s Office at UCSC to the U.S. Department of Education. The report must include the correct Academic Completion Date (graduation date). Make sure this date is accurate since this date will be used to determine when your in-school deferment period ends.

INTEREST RATE AND OTHER COSTS
The interest rate on a Grad Plus is 7.9% for loans first disbursed on or after July 1, 2006. The loan fee on a Grad PLUS borrowers is up to 4% of the principal amount of each loan the borrower receives. Currently there is an up-front interest rebate for the loan equal to 1.5% of the principal amount of each loan the borrower receives. This effectively reduces the loan fee to 2.5% which is deducted from the loan amount.

LOAN AMOUNTS
Grad PLUS borrowers may borrow up to the cost of attendance for the period of enrollment, minus other estimated financial assistance received for that period. In general, financial assistance includes all grants, scholarships, loans (e.g. Direct Subsidized Loan and/or Direct Unsubsidized Loan), and need-based employment, such as fellowships, Teaching Assistantships, Graduate Student Research Fee Reductions, and Graduate Health Insurance Waivers - whether the assistance is awarded by UCSC or by an individual or organization outside the school.

APPLICATION PROCESS
Complete the UCSC Federal Direct Graduate PLUS Loan Application (see link at the top of the page), sign, and return it to the UCSC Financial Aid Office. Grad PLUS borrowers must also sign a Graduate PLUS eMPN.