Graduate PLUS Loan FAQs

How will I know if I am eligible?

After completing the application at Federal Student Aid, you will be notified by the Direct Loan Servicing Center of your loan eligibility. Generally, you are eligible if:

  • You are enrolled in at least 5 credit hours in a graduate degree program (undergraduate students are not eligible)
  • You filed the Free Application for Federal Student Aid (FAFSA) for this academic year
  • You do not have an adverse credit history (a credit review will be completed)
  • You are not in default on a federal student loan (including Federal Direct PLUS Loan or Graduate PLUS Loan)
  • You meet the other eligibility requirements outlined on your loan application, including the federal requirements for satisfactory academic progress

When can I apply for the Graduate PLUS loan?

Once the FAFSA is submitted, a Graduate PLUS loan application can be made at any time throughout the academic year. The online application can be completed at Federal Student Aid.

What is a Master Promissory Note (MPN)?

A promissory note is a binding legal document that lists the conditions of your loan and the terms of repayment. Instead of completing a promissory note every year, a Master Promissory Note (MPN) is a multi-year promissory note that only has to be completed once while you are attending Miami. The MPN will simplify the processing of your future Graduate PLUS loan(s). This MPN will be valid for 10 years, unless you must obtain a co-signer on your loan.

How do I sign an MPN?

If you do not have a valid Graduate PLUS Master Promissory Note (MPN) on file, you may complete the MPN at Federal Student Aid. You will need a FSA ID to complete the MPN; this is the same username and password used when completing the FAFSA. If you don’t have a FSA ID, one may be obtained online at the U.S. Department of Education's FSA ID site. You may request a paper MPN; however the disbursement of funds is delayed up to two weeks or more from the point in which Miami University receives the completed MPN. Because of this delay in disbursement, Miami University recommends the electronic MPN process.

How do I know if I have a valid MPN on file?

You have met the requirements for an MPN if you had an approved Graduate PLUS loan and signed an MPN for a previous academic year and the MPN did not have an endorser. If the MPN had an endorser, you will be required to complete a new promissory note.

If I already have a Graduate PLUS Master Promissory Note (MPN) on file with Miami University, what else is required?

A signed and completed Federal Direct Graduate PLUS Loan Application is confirmation that you wish to pursue a loan for this academic year. You may apply online at Federal Student Aid. In addition to the Graduate PLUS Loan Application, the Free Application for Federal Student Aid (FAFSA) must be submitted each academic year.

What is the interest rate for a Graduate PLUS loan?

The interest rate is fixed and is adjusted each year on July 1. Information about interest rates and fees is available on the Federal Student Aid website.

When will the Graduate PLUS loan disburse?

In accordance with federal loan regulations and Miami’s disbursement schedule, the loan will be applied to your Bursar account once all requirements are met. Federal Direct Lending deducts a loan fee from each disbursement. Information about interest rates and fees is available on the Federal Student Aid. If enrolled fall and spring semesters, one-half of the loan will be disbursed at the beginning of fall semester and the remaining half will be disbursed at the beginning of spring semester. If enrolled one semester only, the loan will disburse in one disbursement at the beginning of the semester. If the Graduate PLUS loan results in an overage on your account, a check is made payable to you and mailed to your local address or sent via direct deposit if you have signed up for RedHawk Refunds.

What if additional financial aid is received and I want to reduce or cancel my Graduate PLUS loan?

If you received additional financial aid and you now wish to reduce or cancel the amount you borrowed with the Federal Direct Graduate PLUS loan, it is important that you notify the One Stop at You may cancel all or a portion of your loan after funds have been credited to your account by notifying us in writing within 30 days after the date of your loan disbursement notice. After 30 days, you will work with your loan servicer directly. If the additional financial aid received results in aid that is in excess of your cost of attendance, our office will automatically reduce the appropriate loan fund. These loan funds will be returned to the U.S. Department of Education. The amount returned will appear as a charge on your monthly Bursar bill.

What if I want to apply for additional Graduate PLUS loan funds?

You may apply for additional Graduate PLUS loan funds by completing another Graduate PLUS loan application at Federal Student Aid. You need to list the additional amount that you are requesting. Please note that your credit history may be reviewed again to determine your eligibility. The total amount of a Graduate PLUS loan may not exceed the cost of attendance minus all the financial aid and resources you receive.

What if my Graduate PLUS loan is denied due to the result of my credit review?

If your Graduate PLUS loan is denied due to the result of your credit review, you will receive notification from the Direct Loan Servicing Center. You may choose from the following options:

  • You may try to have a credit status override completed by the Direct Loan Servicing Center. Please contact the Direct Loan Servicing Center at 1-800-557-7394.
  • You may provide documentation to the Direct Loan Servicing Center if you have extenuating circumstances. Your request for a Graduate PLUS loan will be reviewed again by the servicer.
  • You may have a third party endorser co-sign the Graduate PLUS Loan Application with you. The Direct Loan Servicing Center will send you a packet of information for this option. If additional information is needed, please contact the Direct Loan Servicing Center at 1-800-557-7394.
  • If you are successful in obtaining a credit status override OR third party endorser to co-sign the PLUS Loan Application, you will be required to complete PLUS Counseling at Federal Student Aid .

Is my loan deferred while I am in school?

Yes. While you are enrolled in school at least half-time (5-8 credit hours), you are automatically placed in an in-school deferment status that allows you to postpone payments on your Graduate PLUS loan until you Graduate or drop below half-time.

How soon do I have to begin making payments after my in-school deferment ends?

Your first payment will be due within 30 days after the deferment end date. Your loan servicer will notify you 60 days before your deferment ends. Approximately 7-10 business days after the first disbursement of your loan, your loan is assigned to a loan servicer who will then send you information regarding your loan. Repayment of the Graduate PLUS is managed by your loan servicer. To review your loans and to obtain your loan servicer contact information, you may access the National Student Loan Data System. You will need to login using your FSA ID.