Federal Direct Graduate PLUS Loan
The Federal Direct Graduate PLUS Loan is available through the Direct Loan Program to help graduate students pay for their education. However, Direct Graduate PLUS Loans should only be used after exhausting your maximum annual Direct Loan eligibility. Graduate students must first borrow the annual Direct Loan maximum limit of $20,500 before receiving a Direct Graduate PLUS Loan.
Direct Graduate PLUS Loans are not based on financial need but may not exceed the total cost of attendance less any other financial aid. At Ole Miss graduate students who have filed the Free Application for Federal Student Aid (FAFSA) may apply regardless of their income, assets, or those of any dependent children.
In addition to having completed a FAFSA and first exhausting the $20,500 in annual Direct Loan eligibility, a graduate student must be enrolled in school at least half-time and must maintain Satisfactory Academic Progress. The Office of Financial Aid determines the amount of Direct Graduate PLUS Loan eligibility in accordance with federal requirements.
Adverse Credit Conditions include but are not limited to:
Eligibility for the Direct Graduate PLUS Loan depends on a modest credit check that determines if the graduate student has what is termed an â€śadverse credit history".
Graduate students may borrow up to their total cost of attendance less other financial aid received such as grants and scholarships. On the graduate studentâ€™s financial aid award package this is listed as an â€śestimated Credit based Loan,â€ť which will show you how much could potentially be applied for to be borrowed. The total cost of attendance is determined by the Office of Financial Aid based on an average cost for tuition, books, room and board, travel, and miscellaneous expenses for the academic year. It is important that each individual to fully understand how a Direct Graduate PLUS Loan will impact them financially. Most financial experts advise that one should not incur debt (excluding mortgage debt) that results in total monthly payments (debt-to-income ratio) exceeding 20% of your monthly gross income.
The interest rate is fixed at 7.9%.
For all Direct PLUS and Graduate PLUS loans made between July 1, 2012 and June 30, 2013, the origination fee will be 4.00% of the principal loan amount. Â
(2013-2014 Fall/Spring available June 1, 2013)