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Financial Aid

DIRECT PLUS LOAN

Eligibility
  • U.S. citizen or permanent resident
  • Enrolled at least half-time in a graduate degree program
  • Not be default on a prior educational loan
  • Credit review required
Annual Limit Borrow up to the cost of attendance less other aid (including maximum Direct)
Aggregate Limits No aggregate limit
Interest Rate 6.41% fixed rate
Fees origination fee of 4.204%
Repayment

Begins 60 days after last disbursement of loan; students with enrollment status of at least half-time will be eligible for a continuing education deferment of repayment.

Same as Direct Loan

Disbursement

Twice per loan period (once in the fall and once in the spring). All funds will be applied directly to your student account to cover any University charges.  If the amount of your loan disbursement exceeds your charges, you will be issued a refund (via Direct Deposit or Total Pay Card) for the difference which you can then use to cover your living expenses.

Recommended
Deadline
June 15 or as soon after notification from the SFS Loan Office in order to receive credit on the fall bill.

Preliminary Steps For Entering Students

Step 1: Create a Penn Key and Password

Step 2: Set up Direct Deposit

Refer to the directions on the Orientation Tab of the Accepted student website for instructions.

 

DIRECT PLUS Loan Process For FIRST TIME AND CONTINUING BORROWERS

If you need funds beyond the Direct Loan maximum, apply for the Direct Plus loan.

Step 1: File a 2013-2014 FAFSA

Step 2: Login to https://studentloans.gov/myDirectLoan/index.action - your FAFSA pin is required

Step 3: Request a Direct PLUS Loan

Step 4: Complete a Direct PLUS Mater Promissory Note

Page Updated: 24-Sep-2013