PLUS+Loans

=Graduate PLUS Loan = The **Graduate PLUS loan**, or GradPLUS loan, is a low, fixed interest rate student loan guaranteed by the U.S. Government. The Grad PLUS loan is not need based like other Federal aid, but is a credit based loan similar to a private student loan with the benefit of having a fixed interest rate and federal guarantee. The GradPLUS Loan allows graduate students to borrow the total cost for their graduate school needs, including tuition, room and board, supplies, lab expenses, and travel, less any other aid. Key benefits include: > ( [|Compare Private Student Loan Products and Rates!] )
 * **Interest rate on the Graduate PLUS Student Loan is fixed at 7.9%**
 * GradPLUS payments can be deferred while you are in school
 * Cosigner not required
 * Interest is tax deductible for most grad students
 * Loan eligibility and total loan amount is not based on household family income level, personal income level, financial need, or personal assets. GradPLUS loan borrowers will have to pass a credit-check.

How much can I borrow with a GradPLUS loan?
The yearly limit on a Graduate PLUS Loan is equal to your cost of attendance* minus any other financial aid you receive. For example, if your cost of attendance* is $60,000 and you receive $40,000 in other financial aid, you could borrow up to but no more than $20,000.

Do they get the money or do I?
Your lender (Direct Loan Servicing) will send the loan funds to your school. Your school might require you to endorse a disbursement check and send it back to the school. In most cases, the loan will be disbursed in at least two installments, and no installment will be greater than half the loan amount. The funds will first be applied to your tuition, fees, room and board, and other school charges. If any loan funds remain, you will receive the amount as a check or in cash, unless you authorize the amount to be released to your school account. Any remaining loan funds must be used for your education expenses.

What kind of credit do I need?
A qualified Graduate PLUS Loan borrower does not have to have an adverse credit history (defined in regulations as being 90 days or more delinquent on any debt, or having a credit report that shows default, discharge, foreclosure, repossession, tax lien, wage garnishment or write-off of a Title IV debt during the five years preceding the date of the credit report). You might need a co-signer if your credit is insufficient. Graduate students with good credit should not need a co-signer to apply for the loan. If you get denied, you can re-apply with a cosigner.

**Can I use a graduate PLUS loan for my Online degree?** <span style="color: #000000; font-family: Arial,Helvetica,sans-serif; font-size: 12px;">It depends on the school. Most online courses are offered at many top institutions that accept federal financial aid, you may be able to use a graduate PLUS loan to pay for your tuition.