Direct Graduate Plus Loan
Graduate / Law students can use the Federal Direct Graduate PLUS Loan Program to help pay for educationally-related costs, including, but not limited to, tuition, fees, room/board, books, and miscellaneous personal expenses. The Graduate Plus (GPLUS) loan is administered by the U.S. Department of Education and approval is based on the absence of adverse credit within the last five years, not credit worthiness. The U.S. Department of Education will run a credit check and notify Student Financial Services of the credit decision.
- Must file the FAFSA
- Not based on financial need
- After the FAFSA has been completed an aid determined, you can apply for the Grad PLUS Loan.
- You must complete the application AND the Master Promissory Note.
- Must be at least half-time
- Graduate: 5+ hours fall or spring, 5+ hours in the summer
- Law: 6+ hours fall or spring, 6+ hours in the summer
- Eligibility must be determined and the loan originated before the end of the academic period for which the loan is being requested.
Click here to apply for the Grad PLUS Loan.
- You will need your FSA ID to apply (this is the same ID used to sign into your FAFSA account).
- New Graduate Plus borrowers may complete and sign an electronic GPLUS Master Promissory Note (MPN) at the completion of the application process or later on the same website.
- The GPLUS MPN is similar to the Direct Unsubsidized Loan MPN including its use for multiple loans for the same borrower.
- The GPLUS MPN is valid for ten years and is a separate MPN from the Direct Unsubsidized Loan.
You may still borrow funds if someone agrees to endorse the loan (promises to repay the loan if you fail to do so) or if you successfully appeal the decision by documenting extenuating circumstances.
- This process is handled between you and the federal government’s loan servicer. Please click here for more information.
- If the GPLUS loan is denied and later approved with an endorser, the GPLUS MPN cannot be used for multiple GPLUS loans. A new GPLUS MPN must be completed and is only good for the academic year or term the endorsed loan was approved for by the U.S. Department of Education.
- If the GPLUS loan is denied and later approved with a credit appeal, a new GPLUS MPN is not required. PLUS credit counseling must be completed at https://studentaid.gov/ for GPLUS loans approved with an endorser or credit appeal.
Interest Rates / Fees
The current interest rate for a GPLUS loan is determined each June for new loans being processed for the upcoming award year, which runs from July 1 to the following June 30. The fixed interest rate will be for the life of the loan. Interest begins accruing at the time of disbursement.
The government will deduct an origination (processing) fee from each GPLUS loan disbursement. Refer to https://studentaid.gov/understand-aid/types/loans/interest-rates for the actual interest rate and origination fee for your GPLUS loan.
First-time Graduate PLUS borrower?
Prior to receiving the first GPLUS loan disbursement, borrowers are required to electronically accept the award(s) on the TU Portal. Then, the borrow must also complete the following at https://studentaid.gov.
- Apply: Students must apply for a Graduate PLUS Loan at https://studentaid.gov.
- Entrance Counseling: This is a one time session detailing the rights and responsibilities for the borrower.
- Note: PLUS credit counseling is not Entrance Counseling and does not fulfill the Entrance Counseling requirement for first-time graduate/law students. Therefore, it is possible a graduate/law student could complete two different counseling sessions.
- Master Promissory Note: This must be electronically signed by the borrower. It is then valid for ten years. This is retained and updated by the loan servicer throughout your education at The University of Tulsa.
All of the above must be completed before funds are received at TU.
- A GPLUS loan is made in two equal disbursements for a two-semester loan. At least one-half of the loan period must elapse before the second disbursement can be released.
- The GPLUS loan will credit the student’s Bursar account no earlier than the first day of class each semester. A disbursement funds letter will be emailed to the student’s TU email address when funds credit. Loan funds that exceed student charges will be refunded to the student.
A student has the right to cancel all or any portion of the loan within 14 days of the loan crediting the student’s Bursar account.
Repayment on the GPLUS loan begins six months after the student ceases to be enrolled at least half-time. Exit counseling is required upon leaving the university. Refer to https://studentaid.gov/manage-loans/repayment/plans for repayment plans.
All federal loans a student applies for will be submitted to the National Student Loan Data System (NSLDS) and will be accessible by guarantee agencies, lenders, loan servicers, and schools determined to be authorized users of the data system.