Graduate studies can be expensive, but fortunately, Federal Direct Graduate PLUS loan can help you finance your education. Here is everything you need to know about Graduate PLUS loan.
What is Graduate PLUS loan?
Graduate PLUS loan is a type of federal loan available for graduate students who need extra financing to cover their educational expenses. This loan can be used to pay for tuition, fees, room, board, and other educational expenses.
How to apply for Graduate PLUS loan?
The application process for Graduate PLUS loan is simple and straightforward. You will need to fill out the online application form, which is available on the Federal Student Aid website. You will need to provide your personal information, academic details, and employment information. You will also need to provide your federal student aid ID (FSA ID) to sign the application form electronically.
What are the eligibility requirements for Graduate PLUS loan?
To qualify for Graduate PLUS loan, you must meet the following eligibility requirements:
- You must be a graduate or professional student enrolled at least half-time in an eligible program at an eligible school.
- You must be a U.S. citizen or eligible non-citizen with a valid social security number.
- You must not have an adverse credit history.
What are the loan limits for Graduate PLUS loan?
The loan limits for Graduate PLUS loan are as follows:
- You can borrow up to the total cost of attendance minus other financial aid received.
- There is no annual or aggregate loan limit.
What are the interest rates and fees for Graduate PLUS loan?
The interest rate for Graduate PLUS loan is fixed at 7.08% for the 2019-2020 academic year. However, the interest rate may change each year. There is also an origination fee of 4.236% deducted from each loan disbursement.
How to repay Graduate PLUS loan?
You will need to start repaying your Graduate PLUS loan six months after you graduate or drop below half-time enrollment. You can choose from several repayment plans, such as standard, graduated, and income-driven repayment plans. You can also consolidate your Graduate PLUS loan into a Direct Consolidation loan to simplify your loan repayment.
How to manage your Graduate PLUS loan?
You can manage your Graduate PLUS loan by signing up for an online account on the Federal Student Aid website. You can view your loan balance, interest rate, payment history, and repayment options. You can also apply for deferment, forbearance, or loan forgiveness programs if you encounter financial hardship or other circumstances.
Tips and ideas for using Graduate PLUS loan
- Use Graduate PLUS loan as a last resort after exhausting all other financial aid options, such as scholarships, grants, and assistantships.
- Borrow only what you need to cover your educational expenses, not what you want.
- Shop around to compare interest rates and fees among different lenders before choosing a lender for your Graduate PLUS loan.
- Make on-time payments to avoid late fees and default.
- Communicate with your loan servicer if you have trouble repaying your Graduate PLUS loan.
Graduate PLUS loan can be a useful tool for financing your graduate studies, but it is important to understand the terms and conditions of this loan. You should borrow responsibly and use other financial aid options whenever possible. By managing your Graduate PLUS loan wisely, you can minimize your debt and achieve your educational goals.
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