# Grad PLUS

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{{Short description|American federal student loan}}
'''Graduate PLUS''' is a type of [federal](/source/Federal_government_of_the_United_States) student aid, in the form of [student loan](/source/student_loan)s, which is available to [graduate](/source/Graduate_student) and professional students.<ref>{{cite web|title=Direct PLUS Loans for Graduate and Professional Degree Students|url=http://studentaid.ed.gov/PORTALSWebApp/students/english/PlusLoansGradProfstudents.jsp|accessdate=3 August 2011|archive-date=7 August 2011|archive-url=https://web.archive.org/web/20110807172946/http://studentaid.ed.gov/PORTALSWebApp/students/english/PlusLoansGradProfstudents.jsp|url-status=dead}}</ref> Similar to the [Parent PLUS loan](/source/Parent_plus_loan) for parents of dependent [undergraduate student](/source/undergraduate_student)s, the Graduate PLUS loan is an [unsubsidized](/source/subsidized) federally guaranteed education loan with no annual or aggregate limits. It has no [grace period](/source/grace_period) and it goes into repayment as soon as the funds are disbursed to the borrower. It has the same [deferment](/source/Student_loan_deferment) and [forbearance](/source/forbearance) options as the federal [Stafford loan](/source/Stafford_loan) program. As such, graduate and professional students can postpone repayment using in-school deferment while enrolled at least half-time in a degree or certificate program of study.

At present, interest rates on [Federal Family Education Loan Program](/source/Federal_Family_Education_Loan_Program) (FFELP) Federal PLUS loans are fixed at 6.84%.<ref name="plus">{{cite web|title=PLUS loans are federal loans that graduate students and parents of dependent undergraduate students can use to help pay for college or career school |url=https://studentaid.ed.gov/sa/types/loans/plus|accessdate=16 April 2016|archive-date=20 June 2015|archive-url=https://web.archive.org/web/20150620164942/https://studentaid.ed.gov/sa/types/loans/plus|url-status=dead}}</ref> Many lenders offer borrower benefits to reduce this interest rate during repayment. During any period of deferment or forbearance, interest can accrue and be [capitalized](/source/Capital_expenditure) to the principal loan balance at the end of the deferment or forbearance period if it is not paid by the borrower as it accrues.  There is also a 4.272% [origination fee](/source/origination_fee) attached to the loan that, due to regulations, cannot be paid by the lender on the borrower's behalf.<ref name="plus"/>

==Eligibility==
Eligibility for PLUS loans require the applicant to 
:''(1) be a U.S. citizen/national or eligible non-citizen with a valid Social Security number,''
:''(2) pass a credit review and not have adverse credit history as defined by regulation (see credit criteria below), and''
:''(3) not be in default on any federal education loan or owe a refund on a federal education grant.''

To get a [PLUS loan](/source/PLUS_loan), the applicant cannot have adverse credit based on the review of at least one [credit report](/source/credit_report) from a national credit reporting agency. Lack of a credit history or insufficient credit history is not considered adverse credit. Applicants with adverse credit can provide an endorser (cosigner) who does not have adverse credit to get a PLUS loan.

The federal Graduate PLUS loan is a federally guaranteed loan and must be certified by one's school of attendance.

==References==
{{reflist}}

==External links==
*[http://studentaid.ed.gov/PORTALSWebApp/students/english/PlusLoansGradProfstudents.jsp Federal Student Financial Aid website] {{Webarchive|url=https://web.archive.org/web/20110807172946/http://studentaid.ed.gov/PORTALSWebApp/students/english/PlusLoansGradProfstudents.jsp |date=2011-08-07 }}

Category:Student loans in the United States

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Adapted from the Wikipedia article [Grad PLUS](https://en.wikipedia.org/wiki/Grad_PLUS) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/Grad_PLUS?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.