Federal Direct Graduate PLUS Loan — This is a credit based loan offered by the Department of Education. The student must apply online at StudentLoans.gov and receive approval before the loan can be awarded. If the student's credit is denied, it is possible to secure the loan with a credit worthy endorser. The annual loan limit is the student's cost of attendance minus any other financial assistance received. Effective for loans with a first disbursement on or after July 1, 2017, this loan carries a fixed interest rate of 7%for the 2017-2018 academic year. The interest rate for the upcoming academic year is determined on July 1 each year. Like the Federal Direct Unsubsidized Loan, interest can be paid while in school or deferred, and repayment begins six months after graduation, leaving school or falling below half-time enrollment. For loans disbursed on or after October 1, 2017, each disbursement is subject to a 4.264% loan origination fee. If you are a first time borrower of a Federal Direct Graduate PLUS Loan at Washington University, you will need to complete Entrance Counseling and a Master Promissory Note (MPN) at StudentLoans.gov. Please note that the MPN for the Graduate PLUS Loan is separate from the Unsubsidized Loan.