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Federal Graduate PLUS Loan – No Parent Necessary
Do you think the “PLUS” in Federal PLUS Loan only stands for "Parent Loan for Undergraduate Students"? If you are a graduate or professional student, a Federal
Graduate PLUS Loan means additional funding, secured by you the student, for your graduate education.
Graduate PLUS Loans are federally sponsored loans for students attending graduate or professional (law, medical, dental, etc.) school. If you qualify, you may borrow up to the full cost of your education, including tuition, room and board, supplies, lab expenses, and travel, less any other financial aid you receive, including Federal Stafford loans.
There are two types of Graduate PLUS Loans – the Direct PLUS Loan, for which the U.S. Department of Education is the lender, and the FFEL PLUS Loan, which originates with a private lender. The interest rate on the FFEL Graduate PLUS Loan is fixed at 8.5 percent, 7.9 percent for Direct PLUS Loan. The interest is not subsidized; therefore, you are responsible for any interest that accrues on your loan. There is a fee of up to 4 percent of the loan amount.
Graduate students should exhaust their Federal Stafford loan eligibility ($20,500 annually [$8,500 between subsidized and unsubsidized, plus an additional $12,000 unsubsidized]) before applying for a Graduate PLUS Loan. The yearly limit on a Graduate PLUS Loan is equal to your cost of attendance minus any other financial aid you receive.
To qualify for a Graduate PLUS Loan you must be a U.S. citizen or national, a U.S. permanent resident, or an eligible non-citizen and be enrolled in school at least half time. While eligibility and the amount you wish to borrow are not based on household family income level, personal income level, financial need, or personal assets, a credit check is required and in some cases a co-signer. All applicants must submit the Free Application for Federal Student Aid (FAFSA).
Once your loan is approved, the lender will send the loan funds to your school. Loans are usually disbursed in at least two installments, and no installment will be greater than half the loan amount. The funds will first be applied to your educational expenses—tuition, fees, room and board, and other school charges—with any remaining funds issued to you, unless you authorize the amount to be released to your school account. Any remaining loan funds must be used for your education expenses.
Repayment on your Graduate PLUS Loan begins on the date of the final disbursement of the loan. If you are attending school at least half-time after the final disbursement, your loan will be placed into in-school deferment, during which time no payments are required. There are a number of repayment options available and under certain circumstances the loan may be discharged, cancelled, or forgiven.
For more information about PLUS Loans for graduate and professional students, as well as general information about federal student aid, visit Student Aid on the Web, www.FederalStudentAid.ed.gov, or contact your state’s Higher Education Agency.
Source: Student Aid on the Web, www.FederalStudentAid.ed.gov.
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