Summary: Grad PLUS Loans

student loans and other aid tips for starting college


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	Grad PLUS Loan Rates

The PLUS loan is available to parents who can pass a credit check. You may want to check your credit report prior to application:
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about gradplus loans

Graduate and Professional Students are Eligible
under the PLUS program to borrow up to 100% of graduate and professional education-related expenses as certified by the institution.

Loan Amounts:	cost of education minus any financial aid given
Payments Begin:	deferral plans (up to 180 days) after graduation
Interest Rates:	fixed for the life of the student loan: see rates
No Restrictions:	no prepayment penalties; no collateral

For Information Below:

grad PLUS loan summary review
grad PLUS loan advantages and disadvantages
detailed information

summary information

grad PLUS loan amounts:
eligible to borrow in your own behalf up to 100% of the cost of attendance (tuition, room and board, books, and even travel) minus any financial aid received.

You must apply for the annual loan maximum eligibility under the Federal Subsidized and Unsubsidized Stafford Loan Program before applying for a Graduate/Professional PLUS loan: see stafford loans
no restrictions:
does not require collateral; no prepayment penalties
grad PLUS loan processing:
pre-approval within minutes; funding can be made within 30 days or less
grad PLUS loan eligibility:
student must be enrolled at least half-time in a graduate or professional degree or certificate program at an approved school. Satisfactory credit history required with or without a co-signer
grad PLUS loan terms:
option to defer payments until after graduation or when the student leaves school

advantages

Available for Graduates and Professionals
graduates and professional students can borrow on their own behalf up to the total cost of education minus any financial aid received
Low Interest
federal PLUS loans are fixed rate loans that remain fixed for the entire term of the loan; current PLUS loan rates are about the same as most other financing options: view interest rates
Flexible Repayment Plans
The federal government offers flexible repayment plans that can fit your budget
for graduates: payments are deferred until after graduation.

disadvantages

Loan Must be Repaid by the Borrower
the loan is underwritten for the parent or graduate; the parent or graduate is responsible for repaying the loan
Requires Federal Filings
you must file the FAFSA form with the federal government in order to apply for PLUS loans: see FAFSA file
Credit Check Required
in order to qualify for the loan, you must pass a credit check as set by the federal government
Multiple Borrowings
you have to file and apply for a loan each academic year.
Graduates Must Use Stafford Loans First
graduates and professional students must first apply for the annual loan maximum eligibility under the Federal Stafford Loan Program before applying for a Graduate/Professional PLUS loan.
This will give you many different loans that you will need to manage: use our loan tracking sheet to manage both stafford, PLUS and other loans.

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student loans and other aid tips for starting college

Grad PLUS Loans

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Advantages and Disadvantages