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Federal PLUS Loan for Graduate & Professional Students
The Federal Graduate PLUS Loan is a new Federal loan program where Graduate and Professional students may borrow a low interest federally subsidized student loan. Like the Parent PLUS Loan, the Graduate PLUS Loan can be used to pay for the total cost of attendance minus any financial aid you've already been awarded. Also like the Parent PLUS Loan, eligibility for the Graduate PLUS Loan is largely dependent on the borrower's credit rating and history, as opposed to the purely financial need-based.
Some characteristics of the Graduate PLUS Loan to remember are as follows:
A Federal Graduate PLUS Loan allows graduate students or professional students to borrow the total cost of graduate education minus any other financial aid received
Students must complete a Free Application for Federal Student Aid (FAFSA)
Students must exhaust all Stafford Loan eligibility requirements and have no adverse credit history
These loans are non-need based. The interest rate is fixed at 8.5%
Graduate PLUS Loan borrowers will be eligible for in-school deferments as long as they are enrolled at least half-time
Interest paid may be tax deductible.
Application Process
You must apply directly with the lender of your choice. Do not simultaneously apply to more than one Graduate PLUS lender.
How to Choose a Lender
NC State recommends a list of potential lenders from whom NC State students may choose to receive their Graduate PLUS Loan funding. NC State students may also choose lenders that are not located on the university’s potential lenders list. Ultimately, the decision is up to you (and your credit history). We do not make lender recommendations. Below are links with lenders for you to consider. If you would like a listing of the top loan providers, please click here. If you would like a complete listing of educational loan providers, you may click here.
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