The Grad PLUS Loan provides all the same features that the Parent PLUS Loan provides for undergraduate students. This loan can be used to finance the entire cost of attendance minus any other financial aid awarded.
Just like its counterpart for undergraduates, the federal PLUS Loan for graduates offers affordable fixed rate higher education funding. The loan is funded by private lenders and is guaranteed by the Federal Government. It is administered by the academic institution and is one of the most common graduate student loans today.
This is a credit-based loan so you do not have to worry about meeting financial need criteria. The same basic criteria for most student loans based on credit will apply here. You will also need to complete the Free Application for Federal Student Aid (FAFSA).
You have the option of applying for this graduate school loan over the phone if you do not wish to do so by mail or online. A loan counselor can answer questions you may have about the lender while on the phone, making this a helpful way of applying for the right loan.
|Jennifer Mathes, Ph.D.|