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Federal Direct Graduate PLUS Loan |
Non-Federal Private Student Loan |
| How to Apply |
Students may apply for a 2013-2014 Graduate PLUS loan after 4/29/2013. Students should only complete the PLUS Loan Application when they are within 60 days of the start of their classes in summer or fall.
Login to www.studentloans.gov and complete:
- a Graduate PLUS Loan Master Promissory Note
- a Graduate PLUS Loan Application
A credit check is part of the PLUS Loan Application. If a student does not pass the credit check, the student can either apply for an appeal with the Department of Education or use a credit-worthy endorser. |
Compare private student loans with FASTChoice, an internet search, or on banks' websites.
Discuss the terms, conditions, and application process of the private student loan with the lender. |
| Eligibility |
FAFSA required.
Credit check required.
Must be enrolled as at least a half-time student, in good academic standing, working toward a degree or certificate. |
No FAFSA required.
Credit check required.
Must be enrolled as at least a half-time student, in good academic standing, working toward a degree or certificate. |
| Co-Signer |
No co-signer required, but a credit co-signer can be used if credit is declined. |
No co-signer required, but having a co-signer can dramatically decrease your interest rate. Discuss details and conditions with lender. |
| Lender |
U.S. Federal Government, however the loan is serviced by an assigned loan servicing company (read more here). |
Bank or lending institution of your choice. |
| Interest Rate |
7.9% fixed interest rate |
Variable and fixed rates available. Rates vary by lender and credit check result. Having a co-signer can dramatically decrease your interest rate. |
| Interest Accrual |
Interest begins accruing upon first disbursement. |
Interest usually begins accruing upon first disbursement. |
| Interest Capitalization |
Interest capitalizes upon repayment or at end of a deferment/grace period. |
Varies. Some loans capitalize interest monthly. Check with lender for details. |
| Loan Fees |
4.204% |
Usually none. Discuss details and conditions with lender. |
| Loan Limit |
Up to Cost of Attendance minus other financial aid (loans, scholarships, and federal work study) awarded. |
Up to Cost of Attendance (loans, scholarships, and federal work study) minus other financial aid awarded. |
| Aggregate Lifetime Borrowing Limit |
None |
Varies. Discuss details and conditions with lender. |
|
Repayment
Grace Period |
Graduate and professsional school students' PLUS loans will be placed under a 6 month post-enrollment deferment after graduation. |
Varies. Discuss details and conditions with lender. |
| Repayment Plans |
Various available including standard 10-year, extended 25-year, income-based, pay as you earn, and more.
Compare all federal student loan repayment plans here. |
Usually varies 1-25 years. Currently no income-based repayment options available. Discuss details and conditions with lender. |
| Consolidation |
May consolidate with other federal student loans (such as Stafford and Perkins). |
CANNOT consolidate with federal student loans. |
| Public Service Loan Forgiveness (PSLF) |
Eligible for PSLF.
Read more about PSLF here. |
Not eligible for PSLF. |
| Death/Disability |
Loans discharged upon borrower death or disability. |
Private loans usually do not have discharge for death or disability. Discuss details and conditions with lender. |
