Grad PLUS Loans

The Federal PLUS Loan for graduate/professional
students is specifically designed to enable these
students to increase their federal fiancial aid with an affordable interest loan. Also, repayment on these loans differs from Stafford loan repayment. Take a moment to understand the following terms before you apply for this loan.

Interest Rate: The interest rate is fixed at 8.5%

Fees: a 3% origination fee and a 1% federal default fee may be deducted from the loan amount.

Loan Limits:

Before applying for this loan, the student must apply for and the school must determine the student's eligibility for the maximum annual subsidized and/or unsubsidized Federal Stafford Loan amount. However, a graduate or professional student is not required to receive Federal Stafford Loan funds as a condition for receiving a Federal PLUS Loan. Graduate/professional students may borrow up to the cost of education minus estimated financial aid. The student borrower must be credit-worthy.

Repayment:

Repayment begins within 60 days after the loan is
fully disbursed, while the student is still enrolled. The borrower has up to 10 years to repay the loan. There is a $50 minimum monthly payment. However, as long as the borrower remains enrolled at least halftime, repayment may be deferred.

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