Graduate PLUS Loan Benefits
Consider a Private Loan:
- Low Variable Rates
- No in school payments
- Easy Online Application
Cover the Total Cost Of Education
One of the most important benefits of the Graduate PLUS loan is the option for graduate students to borrower up to the total cost of school expenses, minus other aid. Similar to private student loans, Graduate PLUS loans can be used to pay for the following expenses:
- Supplies - books, computers, etc.
- Tuition Costs and transportation
- Housing needs
- Lab supplies and expenses
Graduate PLUS Loans are available to Grad Students in schools of business, law, finance, nursing, dental, medicine and in MBA programs through the Department of Education's Direct Loan Program.
Graduate PLUS Loan Federal Benefits
The Grad PLUS loan is a Federally guaranteed loan, meaning that the Federal Government backs the loan and provides additional benefits to borrowers.
Deferment and Forbearance : Upon receiving funds from a Graduate PLUS loan, the loan can placed into deferment while in school (at least half-time enrollment). Once the borrower completes their program, repayment can be deferred or placed into a forbearance if the borrower is suffering from economic hardship or loses their job.
Repayment: Upon entering repayment, borrowers will have the option to choose from several repayment plans designed to fit their budget. Plans include, but are not limited to; Standard repayment, income sensitive repayment, and extended repayment. It is advised that borrowers contact their originating lender to find out the different types of repayment plans offered.
Loan Eligibility Not Based On Need
While borrowers will have to pass a credit-check (co-signer is optional), eligibility and total loan size for the Graduate PLUS loan is not based on household family income level, financial need, or personal assets. Additional benefits include:
- Interest rate is fixed at 7.21%
- Interest is tax deductible for most grad students
- Cosigner is not required