Federal GradPLUS Loans: An Exclusive Option For Graduate Students
GradPLUS loans are available to graduate and professional students, to supplement other financial aid received. The Graduate PLUS Loan interest rate effective for loan funds disbursed after July 1, 2006, is 8.5 percent. Graduate and professional students may borrow up to the full cost of attendance each year, less other financial aid received.
Student borrowers must first borrow the maximum in Stafford Loans before borrowing Graduate PLUS Loans. There are no annual or aggregate loan limits. The borrower must pass a simple credit check to demonstrate that they have no adverse credit.
GradPLUS Loan repayment typically begins within 60 days of full disbursement, but in-school deferments are available.
A Supplementary Step to the GradPLUS Loan Application Process:
In tandem with applying for Federal GradPLUS Loans, you will need to fill out and submit a FAFSA financial aid form, available here. The Free Application for Federal Student Aid (FAFSA) will determine your level of financial need, and can be completed before or after applying for GradPLUS loans.