GradPLUS Loan
Federal Direct Student Loan Payment Pause Extended Through Dec. 31, 2022
The payment pause includes a suspension of loan payments, a 0% interest rate, and stopped collections on defaulted loans.
Students may apply for a Direct Graduate PLUS Loan or complete a Direct GradPLUS Master Promissory Note (MPN) as soon as May 1, 2023. As part of the application process, you will authorize a credit check. This loan is credit-based. It is based on credit history, not credit score or debt to income. Note: The credit check may expire and funds may not be disbursed if the application is completed prior to April 1 without an additional credit check.
The GradPLUS loan application and MPN can be found at https://studentaid.gov/. You will need your FSA User ID and password to e-sign the note.
Interest Rate and Fees
The interest rate assigned at the disbursement of funds is set by the Federal Direct Loan Program on an annual basis and is fixed for the life of the loan.
Interest rates are set in June for loans disbursed on or after July 1. The rates are fixed by the Department of Education based on a rate formula that uses the high yield of the 10-year US Treasury bill rate sold at the “prior to June 1 plus factor (add-ins) points.” Regardless of the formula results, interest rates are capped and cannot exceed the cap. The chart below shows the rate formulas and caps.
| Loan Type | Rate Formula | Cap |
| Undergraduate Subsidized/Unsubsidized Loans | T-bill + 2.05% | 8.25% |
| Graduate Unsubsidized Loans | T-bill +3.60% | 9.50% |
| PLUS Loans (Graduate and Parent) | T-bill + 4.60% | 10.50% |
Parent PLUS and GradPLUS loans have a fixed interest rate of 7.54% for loans disbursed between July 1, 2022 and June 30, 2023. An origination fee of 4.228% will be charged by the Department of Education at disbursement prior to October 1, 2023. Origination fees and interest rates may change due to congressional action.
Application Process
Go to https://studentaid.gov , Select "Loans and Grants" , then “PLUS Loans: GradPLUS and PLUS. You will need your FSA User ID and password to login.
If you need to complete a Master Promissory Note, (on the same menu)Select “Master Promissory Note”. Under "Complete a Master Promissory Note" , select "GradPLUS MPN." Choose “I’m a Graduate/Professional Student”, and select "GradPLUS MPN."
For each academic year, an application must be completed for a Federal Direct GradPLUS loan. New Students and those who have not previously borrowed must complete an MPN for the GradPLUS loan. Students who have previously borrowed on their own credit in the graduate program at Delaware Law should not need to complete another MPN.
Tuition is based on a per credit rate: requesting the maximum loan allowed by Delaware Law’s cost of attendance schedule may result in a loan too large for your needs. Please refer to the Guide to Fees and Payment to determine your program’s tuition charge.
The more you borrow now, the higher your loan repayment upon graduation.
Requested Loan Amount
Please be aware that the application provides only the following three options when requesting a loan:
- Maximum amount allowed by Delaware Law and your personal cost of attendance
- Student requested amount
- Unknown amount (Students indicating this status are contacted by the Financial Aid Office prior to certifying a loan amount.)
If you request a loan and intend it to be a one-semester-only loan, you should indicate one-term loan period on your application. If you need to adjust your loan period or loan amount, please contact the Enrollment Services Office (Bursar/Financial Aid) at delawarelawfinaid@widener.edu or 302-477-2272.