PLUS Loans

The law now allows for graduate and professional degree students
to borrow money from the PLUS program.

The terms and conditions that apply to parent PLUS Loans
which  are made to parents of dependent students, also apply to
PLUS Loans that are made to graduate and professonal degree students.

These terms and conditions include:
 - a requirement that the applicant NOT have any adverse credit history 
 - a repayment period that begins on the date of the last disbursement
   of the loan 
 - a fixed interest rate of 8.5% for FFEL PLUS Loans
 - a fixed interest rate of 7.9% for Direct PLUS Loans

As with PLUS Loans made to parent borrowers, eligible graduate
and professional degree students may borrow under the PLUS program
up to the cost of attendance, minus other financial aid received.

Unlike parent PLUS applicants, graduate and professional degree
student PLUS applicants must file a FAFSA.

In addition, graduate and professional degree students must have
their annual loan maximum eligibility under the Stafford Loan program
determined by the school before they apply for a PLUS Loan. 

This entry was posted on Friday, March 9th, 2007 at 5:35 pm and is filed under Student Loan Debt Consolidation, Financial Aid. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.