The amount of GRAD PLUS Loan listed on your Award Letter is the maximum amount you are eligible to borrow.  You may borrow any amount up to this maximum.

Unlike Federal Direct Loans, PLUS Loans require credit approval.  There is no debt to income ratio involved but you must have good credit.  If credit is not approved, the student will have an opportunity to appeal the credit decision or obtain a co-signer for the loan approval.

Step 1

Proceed to the federal student aid's Direct Lending website and sign in with your FSA ID. https://studentaid.gov

Step 2

Select "Apply for Aid" and then select  "Grad PLUS Loan".  This initiates the credit check.

Step 3

Select "Complete Aid Process" and then select "Grad PLUS MPN".

You have the right to cancel or reduce the amount of your awarded loan by contacting the Financial Aid Office.

We understand that recent news regarding the passage of H.R. 1, the One Big Beautiful Bill Act, signed into law by the President on July 4, may be raising questions and concerns, particularly around its impact on student financial aid.

If you have already borrowed Federal Direct Loans or Grad PLUS Loans, or will do so prior to July 1, 2026, for your current degree program, the new law will not impact the amount you may borrow for your current program for up to three more academic years or the remainder of your published program length at MICA, whichever is shorter. This exception applies only as long as you continue in your current degree program.

For New Graduate Students:

Effective July 1, 2026, Federal Direct Graduate PLUS Loan (Grad PLUS) borrowers will be limited to $20,500 per year and a maximum aggregate limit of $100,000, not including undergraduate loan debt.

The Federal Direct Graduate PLUS Loan (Grad PLUS) is a fixed-interest loan for creditworthy graduate students who borrow before July 1, 2026. To be eligible, students must submit a FAFSA and must not have an adverse credit history. Students who are denied a Grad PLUS Loan because of adverse credit may reapply with a creditworthy cosigner. They may also appeal the denial with the Department of Education if there are documented extenuating circumstances.

You may be considered to have an adverse credit history if you have one or more debts with a combined outstanding balance greater than $2,085 that are at least 90 days delinquent or have been placed in collection or charged off during the two years before the credit check. You may also be considered to have an adverse credit history if, within the five years before the credit check, you were subject to a default determination, a bankruptcy discharge, a foreclosure, a repossession, a tax lien, a wage garnishment, or the write off of a federal student aid debt.

To apply, visit StudentAid.gov. Under Apply for Aid, select Apply for a Grad PLUS Loan. If approved, you will also need to complete a Master Promissory Note (MPN).

Private Loans

MICA offers private educational loans to eligible students, which can be a viable option to cover 
the gap between the cost of attendance and other financial aid. Students should consider the 
differences between private and federal loans and evaluate the best option for their financial 
situation. The MICA website provides resources and tools to help students understand the 
financial aid process and how to best finance their education. Private loans may have interest rates and terms that are competitive with federal loans. However, federal loans include important benefits such as income-driven repayment options and loan forgiveness programs. Private loans are not required to offer these protections.  MICA has Private loan fees and interest rates vary among lenders.  All lenders will review the borrower's credit history and most require a cosigner.

Many students start by using the Credible or the Great Lakes loan selection tool FASTChoice.  These private loan comparison tools empower you to take control of the process and make an informed decision in selecting the best private loan for your individual situation.

Credible

Visit Credible, where you can complete one form and easily submit your information to multiple lenders. You will then receive personalized offers. Your personal information is kept private so only the lenders you select will contact you.

FASTChoice

Visit FASTChoice, powered by Great Lakes loan guarantor and processer, which helps you choose the right loan by presenting you with loan details, including eligibility requirements, interest rates, loan limits, and borrower benefits.

Private loans require a strong credit history, and may require a cosigner. Much like securing a loan for a car the private lenders use similar income and credit requirements. It is imperative that students get their credit in order.