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	7.9% fixed rate
Fees	origination fee of 4.0%
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.

If you need funds beyond the Direct Loan maximum of $44,942, apply for the Direct Plus loan.

Step 1: File a 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: 08-Nov-2012