Apply for a Direct Graduate PLUS Loan
To apply for a Direct Graduate PLUS loan online go to StudentAid.gov.
You will need a FSA ID to log in. You can use the same FSA ID you used to sign your FAFSA. If you don't have an FSA ID, apply for one online at StudentAid.gov.
Once you are logged in, you will complete the Direct Graduate PLUS loan promissory note and credit check. Walla Walla University will be notified of the results and process the loan for your student account.
Funds are applied to your student account one third per quarter. You will be notified by email when the funds have posted to your account.
If you are interested in deferment while you are in school you can find information on the Federal Student Aid website.
Direct Graduate PLUS Loan Information
This loan, from the federal government, is one of the most common ways to pay for expenses not covered by your standard financial aid award.
Cover the Total Cost of Education
The Direct Graduate PLUS Loan can be used to cover up to 100% of your total cost of education, minus other financial aid you’ve been awarded. The total amount can pay for tuition, books, food, housing, transportation, and more.
By choosing a Direct Graduate PLUS Loan you get:
- A fixed interest rate of 8.05% (for disbursed loans on or after July 1, 2023 and before July 1, 2024. There is also a loan fee that is a percentage of the loan amount and is proportionately deducted from each loan disbursement of 4.228% (Disbursements made on or after October 1, 2023 and before October 1, 2024).
- Option to defer payments while enrolled at least half-time
- Fast access to funds, most students can apply online
- No collateral requirements or income limitations
- Flexible repayment options
How to Qualify
Though eligibility for this loan is not based on household income, assets or financial need, it is determined, in part, by your personal credit history. However, many students with limited or no credit history can qualify for this loan.
Direct Graduate PLUS vs. Private Loans
With the Direct Graduate PLUS Loan, students have more options than ever. When comparing PLUS to comparable private loans, here are some key differences to consider:
Qualification – If you have limited or no credit history, it may be difficult to qualify for a private loan. With the Direct Graduate PLUS Loan, no credit history (or limited positive credit history) is normally acceptable.
Interest Rate – Although the interest rates for many private loans are currently lower than the new PLUS program, those rates are not fixed. The Prime Rate and LIBOR – on which private loan interest rates are normally based – can fluctuate dramatically over the life of the loan. Federal loans, on the other hand, come with fixed rates that make it easier for students to plan for repayment.
Fees – With the Direct Graduate PLUS program, students pay a percentage of the loan amount and it is proportionately deducted from each loan disbursement in the amount of 4.228% (disbursements made on or after October 1, 2021 and before October 1, 2022). With private loans, these fees may be lower (or much higher) depending on the borrower’s credit history and income.