Phillips Graduate University participates in the Department of Education’s Federal Direct Loan Program. Prior to applying for the Federal Direct Graduate PLUS Loan, students must complete the Free Application for Federal Student Aid (FAFSA), be a United States citizen or eligible non-citizen, not be defaulted with any Department of Education loan, be enrolled in school at least half-time, demonstrate credit worthiness or have a credit-worthy co-signer, and have applied for the Federal Direct Stafford Unsubsidized Loan.
The Federal Direct Graduate PLUS Loan has a variable-fixed interest rate currently of 7.00%. There is no aggregate loan limit with the Federal Direct Graduate PLUS Loan, and students can borrow the difference between the cost of attendance and financial aid that was awarded to them. Students can view budget and financial aid awarded to them on their Offer of Financial Aid.
The Federal Direct Graduate PLUS loan does not have a grace period, and students go into repayment 60 days after the loan is fully disbursed. Students can contact the Department of Education for information regarding in-school deferment. A deferment may be available to students who are attending at least half-time in a degree seeking program or during internship or residency.
Borrowers are required to complete the Graduate Plus Loan application online. In addition, students must complete Entrance Counseling and a Master Promissory Note before the loan can be disbursed. Students can complete these items by following the steps below:
Go to: www.studentloans.gov
Sign in using your FAFSA PIN number
Verify your personal information
Click on: REQUEST A DIRECT PLUS LOAN
Click on: COMPLETE ENTRANCE COUNSELING
Click on: COMPLETE MASTER PROMISSORY NOTE
Select loan type: GRADUATE PLUS LOAN
Follow through until each process is complete