{"id":10589,"date":"2021-06-18T22:45:32","date_gmt":"2021-06-18T17:15:32","guid":{"rendered":"https:\/\/test-blog.unicreds.com\/blog\/?p=10589"},"modified":"2023-12-12T17:30:57","modified_gmt":"2023-12-12T12:00:57","slug":"grad-plus-loan","status":"publish","type":"post","link":"https:\/\/unicreds.com\/blog\/grad-plus-loan\/","title":{"rendered":"3 Important Things You Should Know About Grad PLUS Loan"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_75 counter-flat ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/unicreds.com\/blog\/grad-plus-loan\/#About_The_Grad_PLUS_Loan\" >About The Grad PLUS Loan<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/unicreds.com\/blog\/grad-plus-loan\/#Eligibility_Criteria_For_A_Grad_PLUS_Loan\" >Eligibility Criteria For A Grad PLUS Loan<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/unicreds.com\/blog\/grad-plus-loan\/#How_Much_Can_You_Borrow\" >How Much Can You Borrow?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/unicreds.com\/blog\/grad-plus-loan\/#What_Is_The_Current_Grad_PLUS_Loan_Interest_Rate\" >What Is The Current Grad PLUS Loan Interest Rate?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/unicreds.com\/blog\/grad-plus-loan\/#When_Do_You_Have_To_Start_Repaying_The_Loan\" >When Do You Have To Start Repaying The Loan?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/unicreds.com\/blog\/grad-plus-loan\/#How_Will_You_Receive_The_Loan\" >How Will You Receive The Loan?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/unicreds.com\/blog\/grad-plus-loan\/#What_Are_Your_Options_After_Grad_PLUS_Loan_Denials\" >What Are Your Options After Grad PLUS Loan Denials?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/unicreds.com\/blog\/grad-plus-loan\/#Few_More_Important_Things_To_Know_About_The_Direct_Grad_PLUS_Loan\" >Few More Important Things To Know About The Direct Grad PLUS Loan<\/a><\/li><\/ul><\/nav><\/div>\n<div id=\"bsf_rt_marker\"><\/div>\n<p>The Federal Direct Graduate PLUS Loan (Grad PLUS Loan) is a fixed interest loan programme that enables graduate or professional students to borrow directly from the U.S. Department of Education to help pay for their educational expenses. If you are also looking to pay for your graduate school then a graduate PLUS loan could be a viable way to opt. Let&#8217;s have a look at everything you need to know regarding this incredible option.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"About_The_Grad_PLUS_Loan\"><\/span><strong>About The <\/strong><strong>Grad PLUS Loan<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>A Direct PLUS Loan is commonly referred to as a Grad PLUS loan when made to a graduate or professional student. Here are a few more things about this loan.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Grad PLUS Loan has several benefits such as a fixed interest rate, high credit approval rate and streamlined application process.&nbsp;<\/li>\n\n\n\n<li>Loan payments can be deferred while in school at least half-time and it also has flexible repayment options.<\/li>\n\n\n\n<li>However, do note that this loan is only available to U.S. citizens and permanent residents.&nbsp;<\/li>\n\n\n\n<li>The Direct PLUS Loan is unsubsidized, so interest accrues while the student is enrolled at least half-time and during deferment periods.<\/li>\n\n\n\n<li>As a part of the Federal Direct Loan Program, this loan would also conveniently become part of your loan account that contains your <a href=\"https:\/\/unicreds.com\/blog\/difference-between-subsidized-and-unsubsidized-loans\" target=\"_blank\" rel=\"noreferrer noopener\">Federal Direct Subsidized\/Unsubsidized Loans<\/a>, thus reducing your number of lenders.\u00a0<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p>The borrowing process of this loan is relatively simple. Also, the benefits associated with federal student loans are generally more generous than what\u2019s offered with many private student loans. This makes graduate PLUS loans a very attractive choice.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><em><strong>Are you worried about your student loans? If you are looking for student loans and end up struggling to find the perfect one for yourself then all you need to do is fill this form. A professional team from <\/strong><\/em><a rel=\"noreferrer noopener\" href=\"https:\/\/unicreds.com\/\" target=\"_blank\"><strong><em>UniCreds<\/em><\/strong><\/a><em><strong> will get in touch with you to ensure you get the best student loan for yourself.&nbsp;<\/strong><\/em><\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Eligibility_Criteria_For_A_Grad_PLUS_Loan\"><\/span><strong>Eligibility Criteria For A Grad PLUS Loan<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>In order to receive a Grad PLUS Loan, you must-&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>be a graduate or professional student enrolled at least half-time at an eligible school in a programme leading to a graduate or professional degree or certificate;<\/li>\n\n\n\n<li>not have an adverse credit history (unless you meet certain additional eligibility requirements); and<\/li>\n\n\n\n<li>meet the general eligibility requirements for federal student aid.<\/li>\n\n\n\n<li>have the required credit score needed for grad plus loan.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p>Your eligibility for a Grad PLUS loan is determined when you fill out the <a href=\"https:\/\/unicreds.com\/blog\/fafsa-for-international-students\" target=\"_blank\" rel=\"noreferrer noopener\">Free Application for Federal Student Aid (FAFSA)<\/a>. As a part of this Grad PLUS Loan application, you will have access to all the benefits of typical federal loans, including eligibility for income-driven repayment.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/cdn.unicreds.com\/blog\/wp-content\/uploads\/2021\/08\/18100548\/alexander-schimmeck-j5NU6WZN1nA-unsplash-min-1024x683.jpg\" alt=\"Tips On Diversifying Your Portfolio\" class=\"wp-image-11285\" srcset=\"https:\/\/cdn.unicreds.com\/blog\/wp-content\/uploads\/2021\/08\/18100548\/alexander-schimmeck-j5NU6WZN1nA-unsplash-min-980x653.jpg 980w, https:\/\/cdn.unicreds.com\/blog\/wp-content\/uploads\/2021\/08\/18100548\/alexander-schimmeck-j5NU6WZN1nA-unsplash-min-480x320.jpg 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1024px, 100vw\" \/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_Much_Can_You_Borrow\"><\/span><strong>How Much Can You Borrow?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>The maximum PLUS loan amount you can borrow is the cost of attendance (determined by the school) minus any other financial assistance you receive. This means theoretically you can borrow up to the full amount of the cost of attendance.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Note: <\/strong>Always remember that the total sum you borrow via the Grad PLUS loan will have to be paid back eventually. Hence, it is recommended that you decline all or part of the loan prior to disbursement if you find it to be unnecessary.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Is_The_Current_Grad_PLUS_Loan_Interest_Rate\"><\/span><strong>What Is The Current Grad PLUS Loan Interest Rate?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>For Direct PLUS Loans first disbursed on or after July 1, 2021, and before July 1, 2022, the interest rate is 6.28%. This is a fixed interest rate for the entire life of the loan.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><em>You may also like to read: <\/em><a href=\"https:\/\/unicreds.com\/blog\/interest-free-loans-for-students\" target=\"_blank\" rel=\"noreferrer noopener\"><em>Interest-Free Loans for Students \u2013 Yes They Exist!<\/em><\/a><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"When_Do_You_Have_To_Start_Repaying_The_Loan\"><\/span><strong>When Do You Have To Start Repaying The Loan?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>You are not required to start making payments until six months after you graduate, leave school, or drop below half-time enrollment. This period is basically the Grace Period, during which you are expected to get your finances in place.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><em>Read More: <\/em><a href=\"https:\/\/unicreds.com\/blog\/student-loan-grace-period-extension-ways\" target=\"_blank\" rel=\"noreferrer noopener\"><em>Student Loan Grace Period Extension Ways<\/em><\/a><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>During any period when you\u2019re not asked to make payments, interest will continue to accrue on your loan. You may choose to pay the accrued interest or allow the interest to be capitalized (added to your loan principal balance) when you have to start making payments.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_Will_You_Receive_The_Loan\"><\/span><strong>How Will You Receive The Loan?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>The school will first apply grad PLUS loan funds to your school account to cover tuition, fees, room and board, and other school charges. If any loan funds remain, your school will give them to you to help pay other education expenses.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><em>Recommended Reading: <\/em><a href=\"https:\/\/unicreds.com\/blog\/unused-student-loan-money\" target=\"_blank\" rel=\"noreferrer noopener\"><em>What Happens To Unused Student Loan Money?<\/em><\/a><\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Are_Your_Options_After_Grad_PLUS_Loan_Denials\"><\/span>What Are Your Options After Grad PLUS Loan Denials?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Obtain an Endorser (Co-Signer)<\/h3>\n\n\n\n<p>If your Direct PLUS application is denied, you can obtain an endorser. If you are going to obtain an endorser, the following three items must be completed.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A New Master Promissory Note if You Pursue an Endorser<\/li>\n\n\n\n<li>Direct PLUS Credit Counseling<\/li>\n\n\n\n<li>Endorser Addendum<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"612\" height=\"408\" src=\"https:\/\/cdn.unicreds.com\/blog\/wp-content\/uploads\/2021\/07\/29000434\/ielts.jpg\" alt=\"In this article we provide you with a detailed analysis about how to go about Understanding University Offers.\" class=\"wp-image-11076\" srcset=\"https:\/\/cdn.unicreds.com\/blog\/wp-content\/uploads\/2021\/07\/29000434\/ielts.jpg 612w, https:\/\/cdn.unicreds.com\/blog\/wp-content\/uploads\/2021\/07\/29000434\/ielts-480x320.jpg 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 612px, 100vw\" \/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Seek a Credit Appeal<\/h3>\n\n\n\n<p>You can prove mitigating circumstances in some situations by filing an appeal with the US Department of Education through the studentaid.gov website. Borrowers who have had their credit rejected by the Department of Education might document one of the following situations:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Information showing that credit reporting used in the credit denial is incorrect and\/or has been corrected.<\/li>\n\n\n\n<li>Extenuating circumstances exist relating to the adverse credit history of the primary PLUS borrower.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Few_More_Important_Things_To_Know_About_The_Direct_Grad_PLUS_Loan\"><\/span><strong>Few More Important Things To Know About The Direct Grad PLUS Loan<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>Here are some miscellaneous must-know things about Grad PLUS loans.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>You must demonstrate creditworthiness to qualify<\/strong><\/li>\n<\/ol>\n\n\n\n<p>As opposed to Federal Direct Unsubsidized Loans, graduate PLUS loans require evidence that you don\u2019t have an adverse credit history. A credit check will be performed during the application process.&nbsp;<\/p>\n\n\n\n<p>If at all you have a poor credit history, you may be required to find an \u201cendorser\u201d (or cosigner) with a better credit history, or document the critical circumstances that resulted in your adverse credit history.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><em>Must Read: <\/em><a href=\"https:\/\/unicreds.com\/blog\/credit-score-and-its-importance-in-the-us\" target=\"_blank\" rel=\"noreferrer noopener\"><em>Credit Score And Its Importance In The US<\/em><\/a><\/p>\n\n\n\n<p><\/p>\n\n\n\n<ol class=\"wp-block-list\" start=\"2\">\n<li><strong>Interest accrues from the moment your loan is disbursed<\/strong><\/li>\n<\/ol>\n\n\n\n<p>Although you\u2019re not required to make payments if you\u2019re enrolled in a graduate programme at least half-time, interest on your grad PLUS loan begins accruing the moment your loan is disbursed.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<ol class=\"wp-block-list\" start=\"3\">\n<li><strong>You must pay a loan origination fee<\/strong><\/li>\n<\/ol>\n\n\n\n<p>Beyond the interest that is already accruing on your grad PLUS loan, an origination fee is deducted when your loan is disbursed, so you\u2019ll receive a little less than what you actually borrow. The loan fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement. While the fee can change, it was 4.228% of the loan amount for the 2020-2021 academic year.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>You can apply for the Grad PLUS Loan here: <a href=\"https:\/\/studentaid.gov\/plus-app\/grad\/landing\" target=\"_blank\" rel=\"noreferrer noopener\">Apply for a PLUS Loan for Graduate or Professional Students<\/a>.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Hope you found this blog helpful. If you have any further questions please feel free to ask them in the comment section below.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><em>Thank you for reading this blog \u2018Grad PLUS Loan\u2019. If you enjoyed reading this blog and would like to continue reading more about education loans then do check out our following blogs.<\/em><\/p>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/unicreds.com\/blog\/a-comprehensive-guide-to-education-loans\" target=\"_blank\" rel=\"noreferrer noopener\"><em>A Comprehensive Guide to Education Loans<\/em><\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/unicreds.com\/blog\/federal-student-loans\" target=\"_blank\" rel=\"noreferrer noopener\"><em>Federal Student Loans<\/em><\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/unicreds.com\/blog\/signature-student-loan\" target=\"_blank\" rel=\"noreferrer noopener\"><em>Signature Student Loan \u2013 The Most Popular Type of Unsecured Loan<\/em><\/a><\/li>\n<\/ul>\n\n\n\n\n","protected":false},"excerpt":{"rendered":"<p>The Federal Direct Graduate PLUS Loan (Grad PLUS Loan) is a fixed interest loan programme that enables graduate or professional students to borrow directly from the U.S. Department of Education to help pay for their educational expenses. If you are also looking to pay for your graduate school then a graduate PLUS loan could be [&hellip;]<\/p>\n","protected":false},"author":91,"featured_media":23603,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[2578],"tags":[],"class_list":["post-10589","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-student-loan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>3 Important Things You Should Know About Grad PLUS Loan - UniCreds Blog<\/title>\n<meta name=\"description\" content=\"The Federal Direct Graduate PLUS Loan (Grad PLUS Loan) is a fixed interest loan programme that enables graduate or professional students.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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