Federal Direct PLUS Loan for Graduate & Professional Students (Vet Med)

Graduate Students & Professional Students, such as Vet Med students, are now eligible to borrow from the Federal Direct PLUS Loan program for their educational costs. The PLUS Loan Information Sheet (Application) for Graduate Students & Vet Med Students is now available. The Direct PLUS Loan Master Promissory Note for Graduate Students & Vet Med Students can now be signed online at https://dlenote.ed.gov/empn/StudentLoanSelector.jsp.


Additional PLUS Loan information:

• A student must complete a FAFSA to apply for the Direct PLUS Loan.
• This loan is subject to credit analysis. If you fail the credit analysis, you can still borrow this loan with a credit worthy co-signer.
• Students may borrow from a Direct PLUS Loan up to the Cost of Attendance (COA), which Iowa State refers to as the "Student Budget"; minus any other financial aid.
• Students must borrow their maximum amounts for the aid year in the Stafford Subsidized and Unsubsidized Loans before they can receive a Direct PLUS Loan.
• The Federal Direct PLUS Loan interest rate is a fixed rate of 7.9%. There is a 4% origination fee that is deducted proportionally from each loan disbursement. Direct Loans currently offers a 1.5% rebate on this origination fee, so your fee at disbursement is 2.5%. If you fail to make 12 on time monthly payments, you lose this rebate and your origination fee goes back to 4%.
• PLUS Loan funds are generally disbursed in two payments over the course of an academic year; Spring semester and Fall semester.
• The Direct PLUS Loan for Graduate Students & Professional Students can be deferred if the student is enrolled on at least a half-time basis.