A graduate degree can be your next step toward a satisfying future—and the Graduate PLUS Loan can help you achieve that goal.
It offers a smart solution for graduate students of all ages and stages of life. For undergraduates going on to graduate school who may have little or no savings or income, this loan can provide you with money for graduate school. For professionals going back to school, it may offer advantages over using your savings, home equity, or high-interest loans.
Get 100% of the Money You Need
You may borrow up to the total amount needed to pay for graduate school tuition, room and board (on-campus or off-campus housing), fees, books, and other education-related expenses, minus any other financial aid you will receive. You must first complete the Free Application for Federal Student Aid (FAFSA) and apply for your maximum loan eligibility in Stafford Loans before the Graduate PLUS Loan can be awarded.
Be Confident Your Costs Are Covered
Your PLUS Loan will be disbursed to your school. The school will apply the funds directly to your tuition, room and board, fees and other expenses. Any remaining money will be sent to you or placed in a school account.
Most People Are Eligible
Your school's Financial Aid Office will determine your eligibility for the loan based on the information you provide in the FAFSA (Free Application for Student Financial Aid). To be eligible you must:
- Be enrolled at least half-time in an eligible program
- Show satisfactory academic progress
- Be a US citizen or eligible non-citizen
- Meet minimal credit requirements
- Apply for the full Graduate Stafford Loan amount
- Once your eligibility is determined, we will work with you and your school to help you get the money you need for graduate school
Credit Requirements Are Minimal
In general, you will qualify if you have a satisfactory credit history. When you apply for a PLUS Loan, a copy of your credit report will be obtained from a national credit bureau, as required by federal law. Adverse credit items that could affect eligibility include:
- Debts more than 90 days past due
- Unsatisfied judgments
- Unpaid collection accounts
- Evidence within the past 5 years of bankruptcy default, foreclosure, repossession, tax lien, wage garnishment or write-off of a Title-IV student loan debt
There are no collateral requirements or income limitations.
Enjoy Easy Loan Repayment Terms
You have up to ten years to repay your Federal Graduate PLUS Loan, and the minimum monthly payment is $50. Repayment begins 60 days after the final disbursement of loan funds (usually February of the academic year); however, you may be able to defer repayment as long as you are enrolled at least half-time. You may also choose to accelerate your student loan payments with no prepayment penalties, and any amount paid over your minimum monthly payment will be applied directly to principal.
For additional information on this loan, visit the Education Loan Center.
