Student Financial Services Center

Federal Direct PLUS (Graduate) Loans

Criteria: Students must have good credit history and be enrolled at least half time in a Master's or PhD program in the semester in which the loan is received.  For a graduate student, the minimum number of billable credits to be considered half time is five.  Students must also meet the Satisfactory Progress Policy requirements.

Amount: Variable up to cost of attendance.

Interest and Fees: For loans disbursed on or after July 1, 2018:

Interest Rate: fixed at 7.595 percent

Loan origination fee: 4.248 percent of amount borrowed; the fee is deducted prior to disbursement, so the actual amount received will be less than the amount to be repaid.

Federal Servicing Centers: The US Department of Education contracts with multiple centers to provide service for the Federal Direct Loan Program.  Once the first Direct Loan is received, borrowers will be contacted by the servicer for that loan.  The loan servicer will provide regular updates on the status of the Direct Loan, and also on any subsequent Direct Loans that are received.  To confirm which center is servicing the loan, log onto the National Student Loan Data System.  To view the current servicing centers contracted by the Dept of Education, click here.

Repayment: Repayment begins six months after the student graduates, leaves school or drops below half-time enrollment.  Multiple repayment plans are available.

Exit Counseling: Borrowers of Federal Direct Loans, including Federal Direct PLUS (Graduate) Loans, are required to complete Exit Counseling when they graduate, withdraw, or otherwise cease to attend school at least half-time.

Other: For additional information, please visit the Department of Education's website and click on the Direct Loan Basics for Graduate and Professional Students.

More Information  

Michigan Technological University participates in the William D. Ford Direct PLUS Loan Program.  This program allows a graduate student to borrow directly from the U.S. Department of Education, through Michigan Tech.

To apply for a Direct PLUS Loan, please submit a completed application to Michigan Tech's Financial Aid Office.  This can be submitted electronically at

After the Financial Aid Office has received notification of your acceptance of the Direct Subsidized/Unsubsidized loan, the Direct PLUS loan will be submitted electronically to the Department of Education.  Upon receiving credit approval, a promissory note may need to be completed.  The Financial Aid Office will notify the student by email that the promissory note is available.  A Disclosure Statement will be provided indicating disbursement date(s) and repayment information.