Students pursuing a Master's degree or a Doctorate may apply for the Federal Direct Graduate PLUS Loan to help pay for education expenses.  The Interest Rate for Federal Direct Graduate PLUS Loans made on or after July 1, 2025 and before July 1, 2026 is 8.94%.  The Interest Rate for Federal Direct Graduate PLUS Loans made on or after July 1, 2026 and before July 1, 2027 is 9.068%.  Depending on creditworthiness, students can borrow the difference between the Cost of Attendance (COA) and the total financial aid award listed on the Financial Aid Award Letter.  Effective July 1, 2026, the Department of Education has discontinued the Graduate PLUS Loan program for any new Graduate PLUS Loan borrowers.  Any new students starting in Summer 1 2026 or later will not be eligible to receive a Graduate PLUS Loan.  UPDATE: New guidance released in October 2026 provided clarification regarding Graduate PLUS Loan eligibility for less than full time Graduate legacy students.  Graduate PLUS Loans must follow Schedule of Reductions calculations.