Federal Grad PLUS loans

A graduate student may apply for a Federal PLUS loan to assist with educational expenses. The federal government is the lender.

Eligibility requirements

  • You must have a FAFSA on file with Wayne State University.
  • You must be enrolled at least half time and meet the federal student eligibility requirements for financial aid.

How to apply for a PLUS loan

Complete the Graduate PLUS Loan application every time you want to borrow:

Login at studentaid.gov with your FSA ID to start the online application.​

A loan fee will be deducted prior to disbursement. Please consider this when you are planning your yearly budget.

Only new borrowers also need to complete the following:

Direct Graduate PLUS Entrance Loan Counseling  
Direct Graduate PLUS Loan Master Promissory Note (MPN)

Requesting an increase or decrease

Login at studentaid.gov with your FSA ID.​ 

PLUS loan limits 

The academic year limit on a Graduate PLUS loan is equal to your cost of attendance minus all other financial aid, including scholarships.

  • Loans will be processed for the fall/winter period. If you need a loan for a specific term, complete the PLUS Loan revision form available on our forms page.

PLUS interest rate and loan fee

  • Loans first disbursed 7/1/2020 - 6/30/2021 will have a fixed interest rate of 5.30%.
  • The loan fee for loans first disbursed on or after 10/1/2019 and before 10/1/2020 is 4.236%.
  • The loan fee for loans first disbursed on or after 10/1/2020 and before 10/1/2021 is 4.228%.

PLUS repayment

Your loan accrues interest from the time it is disbursed. You must begin payments when you cease to be enrolled at least half-time.

PLUS denial options

PLUS applicants will receive a credit decision when the application is completed. The credit decision will include information for applicants who receive a credit denial with instructions to appeal or apply with an endorser.

If you are denied a loan

Loan reporting

Federal loan information is submitted to the National Student Loan Data System (NSLDS), and will be accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system.