Federal Direct Graduate PLUS Loan
IMPORTANT: Accepting the Graduate PLUS Loan on CougarNet will NOT disburse funds to the student's account. The student borrower MUST complete an application at StudentLoans.gov.
Graduate PLUS Loans are offered to graduate/professional students to help pay for educational expenses not covered by other financial aid. A credit check is performed during the application process and approval of the loan is based on the applicant's creditworthiness. The maximum Graduate PLUS Loan amount you can borrow is the Cost of Attendance minus all other financial aid received. The Cost of Attendance may be found on your award letter on CougarNet. It is important that you only borrow what you need for educational expenses.
How to Apply
To receive a Graduate PLUS Loan, the student must first complete the FAFSA. The student must then complete a Graduate PLUS application by logging in with their FSA ID at StudentLoans.gov. The credit check is valid for 180 days. Any additional applications during that time will use the same credit information to make a decision on your eligibility. All first-time Graduate PLUS Loan borrowers must also complete a Master Promissory Note (MPN) at StudentLoans.gov.
If the student is seeking a Graduate PLUS Loan for summer, even if the student has completed an application for fall/spring, a separate application is required for summer term.
To receive the Graduate PLUS Loan, the student must be enrolled at least half-time (Credit Hour Requirement for Financial Aid) and maintain Satisfactory Academic Progress.
Can I Still Receive a Graduate PLUS Loan if I Have an Adverse Credit History?
If the student has an adverse credit history, the student may still receive a Graduate PLUS Loan through one of these two options:
- Obtain an endorser: An endorser is someone who is creditworthy and agrees to repay the Graduate PLUS Loan if the student does not make payments. The potential endorser must complete an Endorser Addendum. For borrowers whose application is approved based on an endorser, a new MPN must be completed with each application.
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Appeal denied credit decision: Documenting, to the satisfaction of the U.S. Department of Education, that there are extenuating circumstances relating to the student's adverse credit history may make the student eligible to receive a Graduate PLUS Loan.
All applicants whose Graduate PLUS Loans are approved based on these two options must complete PLUS Counseling with each application.
Loan Fees
There is a loan origination fee on all Graduate PLUS Loans. The fee is a percentage of the loan amount and is deducted from each loan disbursement. The percentage varies depending on when the loan is first disbursed.
Current Graduate PLUS Loan Interest Rates
How Will I Receive My Graduate PLUS Loan?
SIUE will first apply loan funds to the student’s account to pay for tuition, fees, room and board, and other school charges. Any excess funds will be disbursed to the student by the Office of the Bursar.
When Will Repayment Begin?
Repayment will vary based on the repayment plan chosen at the time of application. Carefully review your repayment options when applying.
