PLUS Loans- Graduate or Professional Students

Graduate or professional students are now eligible to borrow under the PLUS Loan Program up to their cost of attendance minus other estimated financial assistance.

The terms and conditions applicable to Parent PLUS Loans also apply to Graduate/Professional PLUS Loans. These requirements include:

• a determination that the applicant does not have an adverse credit history
• repayment beginning on the date of the last disbursement of the loan
• a fixed interest rate.

Applicants for PLUS loans are required to complete the Free Application for Federal Student Aid (FAFSA). They also must have applied for their annual loan maximum eligibility under the Federal Unsubsidized Stafford Loan Program before applying for a Graduate/Professional PLUS Loan.

PLUS Loan Plain Language Disclosure Information is available for students to review.

Graduate/professional students will only be eligible for Unsubsidized student loans after July 1, 2012.

Be aware that awarding for summer session financial aid is unique from fall and spring semesters.

Learn more about PLUS Loans for Graduate or Professional Students

To apply for Graduate/Professional PLUS Loans:

If you would like to apply for Graduate PLUS Loan:

1. Complete the Graduate PLUS Loan Application Form and return it to the Financial Aid office.
   • 2024-2025 Graduate Student PLUS Loan Application
2. If you are a first time Graduate PLUS borrower and your loan is approved, you must also complete:
   • You will need to sign electronically using your FSA ID. If you have lost your login credentials or do not have an FSA ID, you will need to create an FSA ID.
   • When you have the FSA ID number, sign in.
   • Once you begin the Entrance Counseling, you will choose the option to indicate you are a graduate/professional student.
   • Proof of completion will be received by the ISU Financial Aid Office in mid-July.
   • If you have completed Entrance Counseling and your Promissory Note but the requirement is marked incomplete on MyISU, this will change in mid-July when proof of completion is received by our office.
   • If you have previously borrowed a Graduate PLUS Loan at ISU, you do not need to complete entrance counseling again.
   • The Graduate PLUS MPN is the legal document you must sign agreeing to pay back your loan.
   • Complete and sign the Federal Graduate PLUS Loan MPN electronically using your federal FSA ID.
   • Proof of completion will be received by ISU Financial Aid Office in mid July.
     • If you have completed Entrance Counseling and your Promissory Note but the requirement is marked incomplete on MyISU, this will change in mid-July when proof of completion is received by our office.
   • Graduate PLUS Entrance Counseling
   • Graduate PLUS Master Promissory Note (MPN)

Even if you have previously borrowed a Graduate PLUS Loan at ISU, you will need to complete the ISU Graduate PLUS Loan application form annually. Credit checks are completed each year of application.

Annual Maximum

The actual amount a student receives for an academic year may be less than the maximum annual amounts shown below.

Graduate and Professional Student Unsubsidized Loans

• Graduate/professional students are only eligible for unsubsidized student loans after July 1, 2012.
  • Up to $20,500

Direct Loan Limits include subsidized and unsubsidized amounts borrowed in the same school year (aggregate maximum).

Aggregate Maximum

• Graduate and Professional Students:
  • $138,500

Repayment/Deferment

The repayment period for a Direct Plus Loan begins when the loan is fully disbursed, and the first payment is due 60 days after the final disbursement.

However, you may defer repayment while you are enrolled at least half-time (5 graduate credits). To learn more about repayment plans, go to the repayment Information page of Federal Student Aid on the Web.

Exit Counseling

Students must complete Exit Couseling when dropping below 5 graduate credits or upon graduation.

Adverse Credit and Requirements