Unique College Funding Ideas

Federal Plus Loans

Federal Plus Loans allow parents or guardians to borrow money to cover the cost of undergrad education.

Now they are available for postgrad education.

Graduate and professional degree students are now eligible to borrow under the PLUS Loan Program up to their cost of attendance minus other estimated financial assistance in both the FFEL and Direct Loan Program. The terms and conditions applicable to Parent PLUS Loans also apply to Graduate/Professional PLUS loans. These requirements include a determination that the applicant does not have an adverse credit history, repayment beginning on the date of the last disbursement of the loan, and a fixed interest rate of 8.5 percent in the FFEL program and 7.9 percent in the Direct Loan program. Applicants for these loans are required to complete the Free Application for Federal Student Aid (FAFSA). They also must have applied for their annual loan maximum eligibility under the Federal Subsidized and Unsubsidized Stafford Loan Program before applying for a Graduate/Professional PLUS loan. Click here for more information about Direct PLUS Loans for graduate and professional degree students.

Tags: college loans, pell grants, college funding, , student loans, college grants, scholarship

This entry was posted on Thursday, September 20th, 2007 at 10:33 pm and is filed under plus loan. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.