Federal Direct Graduate PLUS Loans
General Information and How to Apply
The Hawai‘i Pacific University Office of Financial Aid is committed to assisting you with funding your education. The Federal Graduate PLUS Loan (Grad PLUS Loan) enables eligible graduate students with good credit histories to borrow funds in addition to their Stafford loans up to their Cost of Attendance. Although we do not encourage unnecessary borrowing, we want to make you aware of this option to assist with your financing.
Apply for a Direct Graduate PLUS Loan
For a PLUS Loan, you must complete a Direct PLUS Loan Application and Master Promissory Note (MPN). Please sign in to studentloans.gov with your student information and student PIN code.
Step 1: Complete the Graduate PLUS loan application.
Select “Request PLUS Loan” from the options on the left hand side of the screen. Select the “Graduate PLUS” option and complete all of steps 1 – 4 of the application process.
Step 2: Complete the Graduate PLUS loans Master Promissory Note (MPN).
Select “Complete MPN” from the options on the left hand side of your screen. Select “Graduate PLUS” and complete all of steps 1 – 4 of the MPN process. The Graduate PLUS loan MPN is a legal document in which you promise to repay the loan and any accrued interest and fees to the Department. It also explains the terms and conditions of the loan. In most cases, one MPN can be used for Graduate PLUS loans that you receive over several years of study, although a separate Loan Request must be filed for each school year.
Information on credit approval and a complete Grad PLUS MPN are electronically sent to HPU for certification and disbursement.
Terms and Conditions
The terms and conditions for PLUS Loans for graduate and professional students include the following:
- a determination that you (the applicant) do not have an adverse credit history; and
- a fixed interest rate of 7.9% for Direct PLUS Loans.
You (the student applicant) are also required to complete the Free Application for Federal Student Aid (FAFSASM). In addition, before you can receive a PLUS Loan, your school must have determined your maximum eligibility for Stafford Loans.
Amount to Borrow
The maximum PLUS Loan amount you can borrow is your cost of attendance (determined by the school) minus any other financial assistance you will receive.
Interest Rates and Fees
The interest rate for Direct Graduate PLUS Loans is currently fixed rate of 7.9%. There is a fee of 4% of the loan amount, deducted proportionately each time a loan disbursement is made.
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. If your Direct PLUS Loan was first disbursed on or after July 1, 2008, you may also defer repayment for an additional six months after you cease to be enrolled at least half-time.
There are several repayment plans that are designed to meet the different needs of individual borrowers. Generally, you'll have 10 to 25 years to repay your loan, depending on the repayment plan that you choose.