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Grad PLUS Loans
Grad PLUS Loans were created to help professional and graduate students cross the chasm between their financial aid and their graduate degrees. Federal Grad PLUS Loans are similar to traditional FFELP PLUS Loans, and Direct PLUS Loans. However, with the Federal Grad PLUS Loan, the student is the borrower and is the party responsible for the financial obligation.
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Apply for Grad PLUS Loans today.
In order to qualify for Grad PLUS Loans, the applying student must pass a credit check.
Factors which may prevent a student from qualifying for Grad PLUS Loans are:
Payment delinquency – The applicant has an outstanding debt which has a delinquency in payment of 90 days or more.
Bankruptcy – The applicant has had a debt discharged through a bankruptcy within five years of applying for the loan.
Default – The applicant has received a determination of default on a debt, tax lien, garnishment of wages, or Title–IV write-off within five years of applying for the loan.
Grad PLUS Loans are available to students that need to pursue their professional or graduate degrees and have a good credit history and meet the eligibility requirement necessary to successfully meet their financial obligations. Just as with traditional PLUS Loans, if the student is not able to qualify for the loan, a credit worthy endorser may be able to cosign the loan for the student. Interested students should check with their lender regarding the determination of endorsers for Federal Grad PLUS Loans.
As with traditional Federal PLUS Loans, the current interest rate on Grad PLUS Loans is fixed at 8.5% , yet there are lenders which are offering discounts on the loans. There are also no limitations on the amount which can be borrowed either. The formula for calculating the loan, is based on the Cost of Attendance (CoA), minus the amount of any financial aid received. Repayment for PLUS Loans is required 60 days after the final disbursement of payment.
Are you interested in Grad PLUS Loans?
Apply for Grad PLUS Loans today.