Supplemental Loans

Should students find it necessary to borrow additional funds, there are other loan options in addition to the Direct Unsubsidized Loan: The Graduate PLUS Loan (for borrowers who meet certain criteria set by the Department of Education) and private loans.

Direct PLUS Loan for Graduate Students

PLUS Loans are government loans offered through the Department of Education. Applicants must be U.S. citizens or eligible non-citizens. Consideration for the Graduate PLUS loan includes a required credit check.

Eligibility 

A graduate student is eligible for the PLUS Loan only if all of the following are true:

1. The student borrowed a federal unsubsidized loan or Graduate PLUS Loan prior to 7/1/2026 while enrolled in his/her current program of study at Wheaton. If you take a semester off or switch your degree after the cutoff date, your eligibility is removed.
2. The student remains within the program’s expected time to credential. For example, if your program is a two-year program for full-time students and you’ve been enrolled for fewer than two years, you’re eligible for the PLUS Loan. If you’re entering your third year, you are no longer eligible. Please note that these limits apply regardless of the student’s own enrollment level. If you spend two years as a half-time student in a program that full-time students are expected to complete in two years, your eligibility will be exhausted.
3. The student is enrolled at least half-time. At the graduate level, this means four credits or more.
4. The student has not yet reached their lifetime federal borrowing limit. This amount is $138,500 for all Wheaton graduate students, excepting those pursuing a doctoral degree in Psychology, whose limit is $224,000.
5. The legacy exception regulations remain in place. Regardless of an individual student’s progress toward his/her degree, Graduate PLUS loans will cease to be available to any borrowers after three academic years.

Annual amount: Students can borrow pp to the total cost of educational expenses less other financial aid, though lifetime limits apply (see above).

Interest rates and fees: The fixed interest rate for Graduate PLUS Loans first disbursed on or after July 1, 2026, and before July 1, 2027 is 9.07%. PLUS Loans include a 4.228% origination fee upon disbursement, meaning that a student who borrows $10,000 will receive $9,577 in his or her student account.

Repayment terms: A six-month grace period begins when a student graduates or drops below half-time enrollment (four credits). At the conclusion of the grace period, repayment begins. You may prepay at any time without penalty. Loan consolidation and graduated repayment options are available.

For more information on the Graduate PLUS Loan, see this page from the Department of Education. You can begin your application here.

Alternative Loans

Just as the Department of Education provides federal student loans, a variety of companies and organizations offer private educational loans. The unsubsidized federal loan interest rate is lower than the rates of most private options, so the majority of students do not pursue private borrowing if the unsubsidized loan will meet their needs. Eligible students may also pursue a Graduate PLUS Loan rather than an alternative loan. For more information on the differences between federal and private loans, see here: Federal Versus Private Loans.

In order to assist students as they consider private loans, Wheaton maintains a lender list. This is not a list of preferred lenders, nor is it a comprehensive list of available private student loans. It is merely historical, meaning that the lenders shown are all of those from whom Wheaton students have borrowed within a particular period. Inclusion does not imply any endorsement or recommendation; the list exists solely for the purpose of permitting students to evaluate and compare options that previous Wheaton students have chosen. You have the right to borrow from any lender, whether included on this list or not.  If you are a member of a bank, it may be helpful to see whether your bank provides educational loans, as members usually qualify for an improved rate.

Bear in mind that private loan rates are determined in part by credit score and be sure to fully understand the terms offered by particular loans. ELMSelect’s Compare tool, located in the upper right-hand corner once you’ve clicked on a particular lender, allows you to evaluate different options side-by-side in a clear and efficient manner.

Annual amount: Students can borrow up to the total cost of educational expenses less other financial aid.

Interest rates and fees: Interest rates depend on the particular lender, the applicant and/or cosigner’s credit, and the like. Some are variable, while others are fixed. Private lenders do not charge origination fees.

Repayment terms: In most cases, a six-month grace period begins when a student graduates or drops below half-time enrollment (four credits). At the conclusion of the grace period, repayment begins.

To view Wheaton’s list, follow this link and choose “Graduate” in the Program Select menu. If you are a parent considering borrowing on behalf of a graduate student, you can access the “Parent” list from this menu as well.