We recommend students utilize funding from Direct Unsubsidized Loans before seeking a Grad PLUS Loan, due to the lower interest and fee rates associated with the Direct Unsubsidized Loans.

Applying

You will submit the FAFSA, then apply through the US Department of Education.  

Loan Details

• Non-need-based aid
• This loan requires a credit check.
  • It is possible for a borrower to qualify for a PLUS loan with a bad credit score, so long as they don't have an adverse credit history (i.e., no more than 90 days late on any debt and no defaults, bankruptcies or other adverse action on any Title IV debt).
  • If denied, you can obtain an endorser and do online credit counseling to obtain approval.  You can also appeal medical bills or extenuating circumstances.
• No aggregate limit.  You may borrow up to the full cost of attendance, less other financial assistance received.
• Loan origination fee is 4.228% (deducted from each loan disbursement).
• 7/1/24 - 6/30/25 interest rate of 9.08% fixed for the life of the loan.
  • Interest begins to accrue on the loan as soon as it is disbursed. 
  • You can choose to either pay the accrued interest or allow the interest to be capitalized (added to your loan principal balance) when you start making payments. 
• Repayment begins 6 months after you graduate, drop below half time or withdraw.

 

UW will first apply loan funds to your school account for tuition, fees, and other school charges.  If any loan funds remain, those will be disbursed directly to you to help pay other education expenses.  Remember to only accept the amount you need.

Learn more about managing repayment at FederalStudentAid.gov.  The free online AccessLex Student Loan Calculator can also help you know what you'll need to borrow, explore repayment plans, identify loan consolidation and refinancing options, determine how much you can have forgiven under Public Service Loan Forgiveness, realize the power of prepayment, and more!

Questions?  The UW contact person for information about grad plus loans is Sara Muhsman.  Please do not hesitate to reach out to her at smuhsman@uwyo.edu or 307-766-2118.