Graduate PLUS Loans
Graduate (Grad) PLUS Loans are available to students pursuing a graduate degree.
They are designed to help meet educational costs in circumstances where borrowing the federal Direct Unsubsidized Loan alone is not sufficient. The maximum that you can borrow is the total cost of attendance minus all other financial aid awarded. Loan repayment can be deferred until you graduate or begin attending less than half time.
2022-23 Loan Information
Interest rates vary annually, with the rate fixed for the lifetime of the loan borrowed each year. For loans received between July 1, 2022 and June 30, 2023, the interest rate is 7.54%. The Department of Education also charges a loan origination fee that is deducted from your loan at the time of disbursement. The loan origination fee varies every year; for loans borrowed between October 1, 2020 and September 30, 2023, the rate is 4.228%.
Note: In response to the COVID-19 emergency relief period, the interest rate on all Direct Loans has been temporarily set at 0% until at least August 31, 2022. Once the COVID-19 emergency relief period ends, the rates as described in this announcement will be in effect for loans first disbursed on or after July 1, 2022.
To be eligible for a Grad PLUS loan, you must:
- Meet basic federal eligibility criteria.
- File a FAFSA for the appropriate award year.
- Be enrolled at least half-time (4+ credits).
- Submit all required To-Do list documentation on your My Cal Poly Portal before applicable deadlines.
- Meet Financial Aid Satisfactory Academic Progress.
- Have a favorable credit history or a cosigner with a favorable credit history.
Receiving Your Loan
- This loan is not automatically awarded. Notify the Financial Aid Office of your interest in the loan by either by sending an email, speaking with a Financial Aid Counselor, or submitting a written request in person at the Financial Aid Office counter.
- Complete the Grad PLUS application. Before taking out your loan, take the time to read your rights and responsibilities.
- All new approved Grad PLUS Loan borrowers are required to complete Entrance Counseling online before receiving their first loan disbursement. Prompt completion will prevent funding delays. Cal Poly electronically receives notification that you've completed it and will remove the requirement from your To-Do List.
- Students who are denied the Grad PLUS Loan due to an adverse credit history may still qualify with a credit-worthy co-signer.
More information on Grad PLUS Loans
The Federal Government provides more information about Grad PLUS Loans.