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New Grad PLUS Loan for Graduate and Professional Students
With a Grad PLUS loan, graduate and professional students enrolled at least half time can borrow up to the total cost of education, less other financial aid received. This includes books, supplies and living expenses, as well as direct costs like tuition and room and board. New loans issued beginning July 1, 2006 will have a fixed interest rate of just 8.5%.
» Be a U.S. citizen or national, a U.S. permanent resident, or eligible non-citizen.» Be enrolled in a graduate-level program.» File the FAFSA (Free Application for Federal Student Aid).» Pass a simple credit check.
Loan repayment is deferred until 60 days after you leave school or drop below half-time attendance. You can take up to 10 years to repay a PLUS loan and incur no penalties for early repayment.
You may be eligible to deduct the interest you pay on a Graduate PLUS loan. Review IRS publication 970 at www.irs.gov/publications/p970/index.html or talk to your tax advisor for more information.
Compare federal and private loans for graduate and professional students or see a full list of graduate student loans.
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