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If you plan to attend a graduate program, a PLUS Graduate Loan can help you cover the costs.
Direct Graduate Plus Loan Interest Rate
Grad PLUS loans are specifically designed for graduate and professional students and can cover the cost of your school attendance (minus any other financial aid you receive).
Student Loan Debt Summary
Graduate PLUS Loans are a type of direct PLUS loan designed for graduate and professional students. These loans typically have higher interest rates than other types of federal loans, such as Direct Subsidized and Unsubsidized Loans.
To apply for a Grade PLUS Loan, you must complete the Free Application for Federal Student Aid (FAFSA) as well as a separate Direct PLUS Loan Application. You must also pass a credit check.
Tip: If you take out Grad PLUS Loans, you won’t have to start making payments until six months after you graduate, leave or drop under enrollment status.
However, interest on the loan will continue to accrue while you are in school and during the six-month grace period. You can pay the accrued interest or let it be capitalized, meaning it will be added to the loan capital.
Why Are Student Loan Interest Rates So High?
Graduate students can take advantage of federal student loan benefits with direct PLUS loans. These loans help graduate and professional students pay for higher education classes. Students seeking Direct PLUS loans must complete the FAFSA. The direct PLUS loan issued between 1 July 2022 and 1 July 2023 has a fixed interest rate of 7.54%.
You can pay tuition with a Direct PLUS loan by reducing any other financial aid you receive, such as scholarships and grants.
If you get a Direct PLUS Loan for graduate or vocational school, you don’t need to make loan payments while you’re in school. You can make interest-only payments while in school or let the interest rate compound and add to your loan balance.
Unlike other federal student loans, Grad PLUS Loans have no specific limit on how much you can borrow each year, and they have no overall limit.
What Is A Good Interest Rate?
Instead, you can borrow up to your approved cost of school attendance, minus any other financial aid you receive.
Tip: If you have more expenses that are not covered by the PLUS Loan, you can also consider taking out a private student loan to fill in the gaps.
If you decide to take out a private student loan, consider as many lenders as possible to find the right private loan for you. makes it easy – you can compare your pre-arranged rates from our partner lenders in two minutes.
In addition to paying for tuition and school supplies (such as books, pens, and notebooks), you can use Direct PLUS Loans to pay for other living expenses such as housing, transportation, and even care of the children. In addition, you can use the funds to pay for disability-related expenses such as computer software, tape recorders, laptops, and assistive listening devices.
Beware Of Student Loan Interest Rates, Or You’ll Pay For It
You can also use the loan funds to pay for meal plans, meals, bus passes, parking passes, and study abroad fees. All living expenses are eligible expenses, including medical needs, toiletries, utilities, and household expenses.
But you can’t use student loan funds to buy a car (even if it’s used to go to school), pay off other debt, or pay business expenses.
If you’re getting a graduate or professional degree, you have two federal loan options: Unsubsidized Direct Loans and Degree Plus Loans.
You can also consider paying for graduate school with private student loans from private lenders such as online lenders, traditional banks and credit unions. Keep in mind that you usually need good to excellent credit (or a cosigner with good credit) to get a private loan.
Grad Plus Loans: Plus Loans For Graduate Students
Tip: If you need to borrow money for school, it’s a good idea to get an unsubsidized loan before applying for a PLUS Loan because unsubsidized loans have lower interest rates than student loans.
Once you’ve exhausted your federal loan options, private student loans can help fill any financial gaps. Depending on your credit, you may qualify for a better interest rate on a private loan than on a PLUS Loan.
Keep in mind, however, that private loans are not eligible for federal benefits and protections that come with Grade PLUS Loans, such as access to income-based repayment plans and loan forgiveness programs students.
If you are considering federal and private student loans for college, there are a few key points to keep in mind:
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Regardless of which student loan you choose, it’s important to consider how much it will cost you. So you can be prepared for any additional costs.
You can find out how much you’ll pay over the life of your federal or private student loan by using our student loan calculator below.
With a $ loan, you will pay $ monthly and a total of $ interest over the life of your loan. Assuming you pay in full while in school, you will only pay $ over the life of the loan.
You don’t need to show financial need to qualify for a Grade PLUS loan, but lenders will check to make sure you don’t have a negative credit history. You may not qualify for a Grade PLUS Loan if you have things like bankruptcy, late payments, or delinquent loans on your credit report. But adding an endorser to your application (such as a co-signer) can help you get approved. You can also consider applying for a Parent PLUS Loan from a parent to cover the costs of your education.
Why Are New Student Loan Interest Rates Rising?
Graduate students can also apply for unsubsidized Direct Student Loans. A Direct Unsubsidized Loan is a federal student loan. Borrowers do not need to demonstrate financial need (income level) and are not required to undergo a credit check. Unsubsidized loans will earn interest while you attend classes. Graduate students can borrow up to $20,500 per year.
In some cases, taking out a private graduate student loan may be a better option than a Grad PLUS Loan. There are several situations where this can make sense:
If you decide to take out a private student loan to pay for college, be sure to consider as many lenders as possible to find the right loan for you. makes it easy – you can compare your preset rates from our partner lenders in the table below in two minutes.
Creditor ratings are evaluated by our editors with the help of our credit operations team. Ranking criteria for lenders include interest rates, loan terms, eligibility requirement transparency, payment options, fees, rebates, customer service, cosigner options, and more. covering 78 data points. Read our full methodology.
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Lowest APRs reflect automatic payment, loyalty and interest-only discounts where available. 1 Disclosure of citizens | 2, 3College Ave Disclosure | 7EDvestinU Disclosure | 8 Investment Disclosure | 9 Sallie Mae Disclosures
Kat Tretina is a freelance writer covering everything from student loans to personal loans to mortgages. His work has appeared in the Huffington Post, Money Magazine, MarketWatch, Business Insider, and more. published in publications such as To obtain a Direct Loan, you must first apply for financial aid online at fafsa.gov. If you have not yet applied, do so as soon as possible, even if the priority date has already passed.
If you have applied for financial aid and your Financial Aid Summary includes a Direct Loan, please click on Receive Your Funds and follow the instructions.
Step 1. Log in to your FAST page and complete the Direct Loan Request form in the Document Library.
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Undergraduate students should wait to receive a Financial Aid Summary before submitting the form. Graduate students can complete the form at any time. Once the Financial Aid Office has reviewed your loan and notified the Department of Education, we will send you a confirmation email. You can check your financial aid status at any time by logging into FAST.
When you fill out the FAFSA, you will need an FSA ID issued to you by the Department of Education. If you’ve forgotten your FSA ID, you can retrieve it at studentaid.gov. You will be able to sign your MPN after the Financial Aid Office has reviewed your credit and notified the Department of Education of your eligibility. You can check your MPN status by logging into FAST.
If you previously took out a Direct Loan at another school and your existing MPN is not more than 10 years old, you will not be required to complete a new MPN.
All borrowers must complete the Annual Student Loan Approval at studentaid.gov (https://studentaid.gov/asla) for your loan to be issued for the academic year. The purpose of this acknowledgment is to help you understand how your loan affects your financial future. Borrowers receive subsidized/unsubsidized loans, PLUS graduate/professional student loans, or PLUS parent loans
What’s The Average Student Loan Interest Rate?
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