Federal
PLUS Loans are now available to graduate students. These loans are
available to graduate students who still have an unmet Cost of Attendance
after borrowing $20,500 through the Federal Direct (Stafford) Loan program
plus any other sources of aid. Other differences between the Federal PLUS
Loan for Graduate Students and other federal loan programs include:
-
Applicants for the Federal PLUS Loan must not have an adverse credit
history, as reported by a national credit reporting agency.
Applicants with an adverse credit history may still qualify with an
eligible co-signer.
-
Repayment begins within 60 days of the last disbursement of the award
year. There is no six-month grace period. Borrowers may request a
deferment while enrolled at least half-time.
- The
interest rate is fixed at 7.9 percent.
-
Annual loan limits are determined by subtracting all other sources of
aid from the estimated cost of attendance figure.
- A
separate PLUS Master Promissory Note must be completed and signed.
- The
Graduate PLUS Loan application can be found online at:
http://financialaid.boisestate.edu/forms/GradPLUSLoan09.pdf
In addition to the requirements reported above, a student must meet all
other federal aid eligibility requirements.
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