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How do I Apply for a Grad Plus Loan?

The average yearly tuition for in-state public graduate school programs is $30,000 a year, and tuition for private grad programs average 30 percent more a year. In many cases, prospective grad students must secure loans to cover their educational expenses.

The federal government offers the Grad Plus Loan for eligible students seeking graduate and professional degrees. The Grad Plus Loan has a fixed interest rate of 7.9 percent. The loan pays for the total cost of your graduate education (for example, tuition, room and board) minus any other financial aid you receive.

Instructions

- 1
  Make sure you don't have an adverse credit history. Factors contributing to an adverse credit history include being more than 90 days late on a payment, loan defaults and bankruptcy. If you do have adverse credit, apply for the loan using a co-signer who has good credit.
- 2
  Fill out a Federal Application for Federal Student Aid (FAFSA). Complete the application process online by visiting the FAFSA website. Have your Social Security number, driver's license, tax returns, bank statements and any investment documents available before filling out the application.
- 3
  Ensure that your school determines your maximum eligibility for Direct Subsidized and Unsubsidized Stafford Loans. Everyone who files a FAFSA application is eligible for one of these loans. If the subsidized/unsubsidized loan does not cover the total cost of your education, the Grad Plus Loan will cover the remaining expenses.
- 4
  Complete the Direct PLUS Loan application and Master Promissory Note (MPN). The MPN is an agreement you make promising that you will repay the loan. Complete these forms online at the Federal Student Aid website.

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