Grad PLUS Loan
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What is a GRAD PLUS Loan?
The Grad PLUS Loan, correctly entitled, the Graduate PLUS loan, is
a student loan guaranteed by the United States Government that features a low, fixed interest rate.
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.
Without the Grad PLUS Loan program, many individuals seeking entry into graduate degree programs, would not
be able to attend due to their financial limitations.
With the Grad PLUS Loan progam, graduate school is within reach!
The beautiful thing about the Grad PLUS Loan is that it allows aspiring graduate students to borrow the full
amount for their graduate school needs.
That means, grads can include the tuition, room and board, travel, lab expenses and supplies, minus any other
financial aid, of course.
Unlike other Federal financial aid, the Grad PLUS Loan is not a need based loan product.
Instead, it is a credit-based loan along the same lines as a private student loan, with one major difference; as
stated previously, the Grad PLUS Loan comes with the fixed interest rate and federal guarantee.
If you are desiring to attend Graduate School and need financial aid to do so, the Grad PLUS Loan is a viable
option to help make your dream come true.
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
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