Federal Plus Loans for Graduate Students

Effective July 1, 2006, graduate and professional students are now eligible to borrow money for college under the Graduate Plus loan program. Students can borrow an amount up to the total cost of attending (including tuition, books, and related expenses), minus other financial assistance. The interest rate is variable, but is capped at 8.5%. Repayment begins after the last disbursement. This is a credit based loan, not a need based loan.

Eligibility requirements:

●enrolled at least half-time in a graduate or professional program the participates in the Graduate Plus loan program.

●you must not have an adverse credit history, which is considered to be "90 or more days delinquent on any debt or if, within 5 years of the date of the credit report, you have been the subject of a default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment, or write-off of a Federal Student Aid debt." You may still receive a Plus Loan even with bad credit if you have an endorser.

●You must have completed the Free Application for Federal Student Aid (FAFSA) and have applied for the annual loan maximum eligibility under the Federal Subsidized and Unsubsidized Stafford Loan Program.