Grad PLUS Loan

StudentLoanWhiz.com is the Best Resource
For Information on The Grad PLUS Loan

Everything you need to know about the The Grad PLUS Loan is right here. We make the application process, quick and easy to understand. We also provide you with the best Grad PLUS Loan sources and resources...

What is a GRAD PLUS Loan?

Grad PLUS loans are federally sponsored loans for students attending graduate school. They are designed to help cover the costs of attending Graduate/Professional school that are not covered by any other type of financial aid, including other Federal student loans.

What Are The Eligibility Requirements For a GRAD PLUS Loan?

With Grad PLUS loans, there are a number of borrower eligibility requirements, please learn them prior to applying:

• Must not be in default on any federal education loan
• Must provide his or her valid Social Security number
• Must be a U.S. citizen or national, or eligible non-citizen, as applicable
• Unless exempt, a male student must register with the Selective Service
• Must be enrolled or accepted for enrollment in an eligible program at an eligible institution
• Must be enrolled at least half-time
• If already enrolled, maintains satisfactory academic progress in his or her course of study according to the school's published standards
• Must not be incarcerated at the time funds are disbursed or delivered
• Must not have had his or her eligibility for Title IV aid denied due to conviction of possession or distribution of a an illegal drug within prescribed time frames
• Must not be liable for an overpayment nor have exceeded annual or aggregate limits imposed on any other Title IV program
• Must not have borrowed in excess of any annual or aggregate Federal Stafford loan limit
• Must not have been determined ineligible solely due to the individual's error or as a result of providing false or misleading information for a FFELP loan that has already been obtained
• Must not have property subject to a judgment lien for a debt owed to the United States
• Must fulfill additional requirements imposed by the guarantor of a loan for which the principal and interest have been discharged or written off
• Must meet the guarantor's requirements with respect to state of residence or regional service area
• Must have at least a high school diploma or the recognized equivalent of a high school diploma or the student must meet one of the following standards: The student must (a) be beyond the age of compulsory school attendance in the state in which the post secondary school is located and (b) pass an independently administered ability-to benefit test that has been approved by the Department. Or Must have - and may self-certify that he or she has - completed a secondary school education in a home school setting that is treated as a home or private school under applicable state law.
• Must not have fraudulently borrowed a loan, provided information that caused his or her loan to exceed applicable annual loan limits during an academic year, nor knowingly exceeded an aggregate loan limit for the FFELP, FDLP, or Federal Perkins Loan Program
• Must certify, as part of the Free Application for Federal Student Aid (FAFSA) filed with the Department, a statement of educational purpose
• Must not be serving in a medical internship or residency program required of doctors of medicine, osteopathy, and optometry. Students who are serving in an internship as part of any other degree program (e.g., a dental or veterinary internship) are considered eligible students for purposes of Stafford loans and PLUS loans, as applicable.

Are There Any Additional Requirements FOR Grad PLUS Loan Borrowers?  
The answer is, “Yes!” Here are the other requirements…

• The student borrower must complete the Free Application for Federal Student Aid (FAFSA)
• The student borrower must be determined to have no adverse credit
• Before applying for a Federal Grad PLUS Loan, a graduate or professional student must apply for and the school must determine the student's eligibility for the maximum annual subsidized and/or unsubsidized Federal Stafford Loan amount. Note, however, that a graduate or professional student is not required to receive Federal Stafford Loan funds as a condition for receiving a Federal Grad PLUS Loan and the school may not require a graduate or professional student to receive Stafford Loan funds before the student may apply for a Federal Grad PLUS Loan.