Wednesday, March 10, 2010

PLUS Loans for Graduate and Professional Degree Students

PLUS Loans for Graduate and Professional Degree Students

Graduate and professional degree students are now eligible to borrow under the PLUS Loan Program up to their cost of attendance minus other estimated financial assistance in both the Federal Family Education Loan ProgramSM (FFELPSM) and Direct Loan ProgramSM. The terms and conditions applicable to Parent PLUS Loans also apply to Graduate/Professional PLUS loans. These requirements include a determination that the applicant does not have an adverse credit history, repayment beginning on the date of the last disbursement of the loan, and a fixed interest rate of 8.5 percent in the FFELSM program and 7.9 percent in the Direct Loan Program. Applicants for these loans are required to complete the Free Application for Federal Student Aid (FAFSASM). They also must have applied for their annual loan maximum eligibility under the Federal Subsidized and Unsubsidized Stafford Loan Program before applying for a Graduate/Professional PLUS loan.

Click here for more information on the terms and conditions of Parent PLUS Loans.

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