The Federal Direct Graduate PLUS Loan is a fixed interest loan that allows graduate students to borrow directly from the U.S. Department of Education to help pay for educational expenses up to the cost of attendance minus all other financial assistance. The current fee on Grad PLUS Loans is 4.228%. Lender search results do not constitute an official college preferred lender list. Eligibility is not based on financial need, and graduate students and parents of undergraduates may borrow up to the amount of the student’s Cost of Attendance, minus any other financial assistance a student receives. Graduate PLUS is a type of federal student aid, in the form of student loans, which is available to graduate and professional students. The Grad PLUS Loan is the type of Direct PLUS Loan that's available to students enrolled in graduate or professional programs at eligible colleges and universities. Just remember that interest on your loan will start to accrue (add up) as soon as all of the loan funds are sent to your school. Instantly Compare Private Student Loan Lenders. An unsubsidized Loan. Edvisors is not a lender and makes no representations or warranties about your eligibility for a particular loan or financial aid. Log in or sign up to leave a comment Log In Sign Up. Federal direct student loans are funded directly from the U.S. Department of Education and assigned to a loan service company that will service the loan while it is in repayment. Annual borrowing limit: $20,500 ($40,500 for medical students), Annual borrowing limit: Cost of Attendance (COA) minus other financial aid received, You are responsible for paying all interest, Loan payments can be deferred while you are enrolled on at least a half-time basis at an accredited graduate school or professional school, Simple credit check: You can’t have an adverse credit history, Cosigner/endorser (if you have a negative credit history), No bankruptcies or other adverse action on any Title IV loans, A current delinquency of 90 or more days on more than $2,085 in total debt; or, More than $2,085 in total debt in collections or charged off in the past two years (before the date of the credit report); or, Default, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment, or write-off of federal student loan debt in the past five years (before the date of the credit report), Room and board (if you are living in college-owned housing), Other school charges (with your permission), Compare the costs and benefits of Grad PLUS Loans and, If you are denied for a Grad PLUS Loan due to an adverse credit history, find a. Edvisors (“Edvisors Network, Inc.”) provides independent advertising-supported platforms for consumers to search compare and apply for private student loans. Copyright © 1998-2020 by Edvisors Network, Inc. All rights reserved. You will use the same FSA ID used to sign your FAFSA to apply for your Grad PLUS Loan. They can also be used by parents of undergraduates to help their child pay for the cost of an education. The student may borrow an amount up to the cost of attendance less any financial assistance. Our opinions are our own. A Grad PLUS loan is a US Department of Education loan for students who are attending graduate, professional or medical school. Edvisors receives compensation from lenders that appear on this site. The 2020-2021 PLUS Interest Rate is fixed at 5.30% (until 6/30/2021). The Federal Direct Grad PLUS Loan is not based on need and is available to graduate and professional students who are U.S. citizens or permanent residents and are enrolled at least half-time. 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Grad PLUS loan interest rate and fees. The interest on a Grad PLUS Loan starts to add up (accrue) from the date the loan is first disbursed. Eligibility for the Grad PLUS Loan does not depend on demonstrated financial need, but you need to file the Free Application for Federal Student Aid (FAFSA®) to qualify. Summary: The Grad PLUS Loan is a federal student loan that helps pay for graduate school and professional school. The Grad PLUS loan and amount will be approved based on the student's credit from their PLUS application and a completed promissory note. How Do Grad PLUS Loans Compare To Other Student Loan Options? By Kim Clark, Staff Writer March 16, 2011, at 2:12 p.m. More. The interest rates on Grad PLUS Loans are fixed and do not change over the life of the loan. Even if you have an adverse credit history, you can still qualify for a Grad PLUS Loan by getting a cosigner (called an endorser) who does not have an adverse credit history. 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