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Your to-do list

As a grad student, you have a lot to accomplish.

  • Apply for financial aid
  • Keep an eye on GoWMU
  • Check out Grad PLUS loan
  • Find an assistantship
  • Cheer on the Broncos

Federal Direct Graduate PLUS Loan

This is a federally funded, non need-based loan for graduate students only. An additional application is required. Read on for details.


  • Federally funded
  • Non need-based
  • Graduate student is the borrower
  • The fixed interest rate for loans in the deferment or six-month grace period is as follows:
    • 6.84 percent for loans disbursed July 1, 2015 to June 30, 2016.
    • 7.21 percent for loans disbursed July 1, 2014 to June 30, 2015.
    • 6.41 percent for loans disbursed July 1, 2013 to June 30, 2014.
      • Effective July 1, 2013 - Interest rates are adjusted yearly based on the 10-year U.S. Treasury note index rate. The interest rate cap for graduate PLUS loans is 10.5 percent.
    • 7.9 percent for loans first disbursed July 1, 2006 to June 30, 2012.
  • 4.292 percent loan origination fee; no interest rate rebate.
  • Awarded by WMU as Federal Graduate PLUS on award notice.
  • Awarded up to cost of attendance minus other financial aid received.
  • This is a loan you are responsible to repay to the U.S. Department of Education.
  • Complete the student financial aid adjustment form if you wish to cancel or reduce a loan that has not been disbursed to your WMU account. If the loan has already disbursed, you must complete the student financial aid adjustment form within 30 days of the date of disbursement. Please note: canceling or reducing a disbursed loan may result in a balance due on your WMU account.
  • After you have accepted your federal graduate PLUS, you will receive a "Federal Loan Disclosure Statement" from the Direct Loan Servicing Center.
  • The Disclosure Statement identifies anticipated disbursement dates, gross and net disbursement amounts, and loan fee amounts for all your Graduate PLUS Loans for the academic year.


  • Graduate students only
  • Independent student
  • Must be enrolled at least half-time
  • Completed federal graduate PLUS loan application required
  • Completed federal graduate PLUS master promissory note (MPN) Loan Entrance Counseling Off Site Link required for first-time borrowers
  • First-time borrowers must complete online loan entrance counseling Loan Entrance Counseling Off Site Link.
  • Graduate student borrower must meet credit worthiness standards (if denied credit, will be notified by Direct Loan Servicing Center.)
  • Borrower may appeal extenuating circumstances, or obtain an endorser. See federal graduate PLUS loan information sheet on the federal graduate PLUS application for details.
  • Award eligibility based upon EFC, cost of attendance, enrollment and other resources
  • Award will be canceled if enrolled less than half-time
  • Award may be adjusted or canceled if there is a change to EFC, cost of attendance, enrollment or additional resources
  • Must be making SAP


  • Interest begins accruing upon disbursement
  • Repayment of principal and interest begins 60 days after loan is fully disbursed.
  • For sample repayment amounts, see federal loan repayment fact sheet
  • Payments will be made to the U.S. Department of Education (holder of the loan)
  • Payments will automatically be deferred if you are enrolled at least half-time. 
  • For detailed information about repayment and loan consolidation, go to Loan Entrance Counseling Off Site Link
  • The interest rate for a consolidation loan is the weighted average of the interest rates on the loans being consolidated and is fixed for the life of the loan.
  • It is important that you maintain a "very important papers file" and keep copies of your award notices, MPN, Borrower's Rights and Responsibilities and the Loan Disclosure Statement in one place as they provide the details of your loans, and your rights and responsibilities as a student loan borrower.

Contact information


Updated: 08/12/2013 9:46 AM

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Student Financial Aid
1903 W Michigan Ave
Western Michigan University
Kalamazoo MI 49008-5337 USA
269 387-6000