Grad PLUS Loans

Grad PLUS Loans

Federal Direct PLUS Loan for Graduate Students

The Federal Direct PLUS Loan is a federal loan program. A student can borrow up to the school-determined cost of attendance minus other financial aid each year through the PLUS Loan program.

Payments on the principal of the PLUS Loan can be deferred while the student is enrolled at least half time. Unlike the Stafford Loan, the PLUS Loan does not have a grace period after the student stops attending school. It is likely, however, that the student will qualify for a deferment or forbearance to temporarily relieve him of his payment responsibility at that time. The federal government requires that in order to qualify for a federal student loan, a student must:

  • be a U.S. citizen or Permanent Resident.
  • be pursuing a degree in an accredited program in an eligible institution.
  • be enrolled in that program half-time or more.
  • not be in default on a prior federal loan.
  • have no recent federal drug convictions.
  • if male and born after 1959, have registered for the draft.

The Direct PLUS Loan has a fixed interest rate of 7.9%.

The PLUS Loan requires a credit check. A borrower with adverse credit will not be able to receive a PLUS Loan without a credit-worthy endorser. Adverse credit is defined as having one or more of the following:

  • Currently 90 days or more delinquent on repayment of any debt
  • Have had debt discharged in bankruptcy during the past 5 years
  • Evidence of a default, foreclosure, tax lien, repossession, wage garnishment, or write-off of a Title IV (federal student aid) debt during the past 5 years

4.0% fees will be deducted from the gross amount of the loan borrowed (with a 1.5% rebate if first 12 monthly payments are made on time). Because of this fee, the actual PLUS Loan amount applied to your University account will be lower than that listed on your award notice.

How to apply for a Federal Direct Grad PLUS Loan for 2012-13:
Complete the Federal Direct Grad PLUS Loan Master Promissory Note

  • Visit
  • Sign in
  • Select “Complete Master Promissory Note”
  • Select “Graduate PLUS” and press “continue”
  • Enter all requested information
  • Select “Hofstra University” (there is not a separate option for the Law School) as your school and press continue
  • Follow on-screen instructions the rest of the way through the e-sign/MPN process

Both the MPN and the Loan Request Form must be completed in order for your Grad PLUS Loan to be processed.