Graduate PLUS Loan

Students should not complete a request for a Federal Direct Graduate PLUS Loan, which will include credit check authorization, and/or a Federal Direct PLUS Master Promissory Note (MPN) prior to May. If completed prior to May, the required credit check may expire and funds will not disburse.

The GradPLUS Loan request and MPN can be found at studentaid.gov. You will need your FSA ID to e-sign the note.

Interest Rate and Fees

The Federal Direct Loan program sets interest rates on an annual basis, and the assigned interest rate at disbursement is fixed for the life of the loan. Interest rates are fixed by the US Department of Education based on a rate formula that uses the “high yield of the ten-year Treasury Bill rate sold at the prior to June 1 plus factor (add-ins) points.” Rates are capped and cannot exceed the cap regardless of formula results. Interest rates are set in June for loans disbursed on or after July 1. The chart below shows 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 Graduate PLUS loans have a fixed interest rate of 7.54% for loans disbursed between July 1, 2022 and June 30, 2023.  All Federal Direct GradPLUS Loans are charged a 4.228% origination fee from October 1, 2020 to September 30, 2023.  

The Request for a Federal Direct GradPLUS loan and GradPLUS MPN can be found at studentaid.gov. You will need your FSA ID to e-sign the note. A Request for a Federal Direct GradPLUS loan must be submitted each academic year. New students and those who have not previously borrowed must complete the MPN for a GradPLUS Loan. If you have borrowed previously on your own credit at Widener Law Commonwealth in the graduate program, you should not need to complete another MPN.

We encourage use of the Financial Aid Offer Handout, to determine your GradPLUS eligibility and tuition balance before you complete the application/MPN.

Requested Loan Amount

All students are charged tuition based on a per credit rate. Please refer to the Guide to Fees and Payment to determine your program’s tuition charge. Requesting the maximum allowed by Widener Law Commonwealth and your cost of attendance may result in a loan too large for your needs. The more you borrow now, the higher your loan repayment amount will be upon graduation.

Please be aware the application provides only three options when you request a loan amount:

• the maximum allowed by Widener Law Commonwealth and your personal cost of attendance or
• a student requested loan amount or
• unknown – students indicating this status will be contacted by the Financial Aid Office prior to certifying a loan amount.

If you request a loan amount and intend it to be a one semester only loan, you should indicate “one term” loan period on your application. If you need to make adjustments to your loan period or amount, please contact the Financial Aid Office.