Graduate PLUS Loan

Federal sponsored Graduate Plus loans are a popular type of graduate student loans where the student’s parents are part of the loan process. Students applying for a Graduate Plus loan may borrow up to the total cost of their tuition and education, minus any other financial aid received (including Federal Stafford loans).

Loan Terms:
There is no minimum amount for the Federal Graduate PLUS Loan and applicants may borrow up to the total cost of their education, minus financial aid received.

Eligibility:
To qualify for the federal graduate PLUS loan, you must be enrolled half time in school and be a U.S. citizen, permanent resident, or an eligible non-citizen. A credit check is mandatory and all applicants must apply by completing and submitting a Free Application for Student Aid (FAFSA).

Interest Rates:
Graduate PLUS loans carry an average 8.5% fixed interest rate. Reductions on the interest rates may be available and decrease to 6.75%.

Repayment:

• Standard repayment: The borrower must make monthly interest and principal payments for the life the outstanding loan, up to a 10-year repayment term. This repayment option contains the lowest interest cost of any repayment plan.

• Graduated repayment: The borrower makes reduced payments in the beginning payment period and enlarged payments after a set time. All while still having to pay off the total loan amount within the maximum 10-year repayment period.

• Income-sensitive repayment: The borrower must make monthly payments based on a percentage of their gross income. Reapplication is required every year and payments fluctuate annually to reflect changes in total income.

• Extended repayment: Borrowers with pervious student loan debt may be eligible for a 25-year repayment term option and the selection of standard or graduated repayment plans.

• Student Loan Consolidation: With a consolidated student loan the borrower combines all eligible loans into one loan with a single fixed interest rate monthly payment.

Additional graduate student loans:

• Graduate Plus Loan
• Graduate Stafford Loan
• Business Student Loans
• Dental School Loans
• Medical Student Loans
• Law School Loans

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