All You Need to Know About Grad PLUS Loans
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What Is a Grad PLUS Loan?
Grad PLUS vs PLUS Loan
Things You Need to Know About Grad PLUS Loans
A FAFSA Document Is Required to Unlock Grad PLUS Loans
You Can Borrow up to the Full Cost of Attendance
To Qualify, You Must Show That You Are Creditworthy
Interest Begins to Accrue As Soon As Your Loan Is Disbursed
A Loan Origination Charge Must Be Paid
The Interest Rate on Graduate PLUS Loans Is Fixed
Consolidation of Grad PLUS Loans
What Does a Graduate PLUS Loan Cover?
Benefits of a Grad PLUS Loan
You can still get a Grad PLUS Loan even if you have bad credit. You can either have someone endorse your loan or you can document the extenuating circumstances related to your adverse credit history to the Department of Education. An endorser is someone who agrees to repay the Grad PLUS loan if you do not repay it. You have several repayment options available to you. You're not stuck with one payment plan option after you graduate. You may want to match your monthly payment amount to the size of your family and income, through an income-based repayment plan. Or you might want to choose a graduated repayment plan, where your loan payments start out smaller and get larger. No matter what, you'll generally have between 10 to 25 years to repay your loan. Check with your loan service provider to learn more about your loan repayment options. The borrowing process is simple. You don't have to spend an exhaustive amount of time applying for a Grad PLUS Loan. In fact, the application process takes around 20 minutes to complete. It offers perks that private student loans cannot offer. Taking on a Grad PLUS Loan means you can take advantage of loan consolidation and flexible repayment options. You may also have your loan forgiven, canceled, or discharged.
How to Apply for a Grad PLUS Loan
Award year An authorization of your school to use your Direct PLUS Loan to satisfy other educational charges beyond tuition and fees School information Reason for submitting the application Amount requested Loan period Your mailing address Your contact information Employer information
Complete the Master Promissory Note
Student Loan Options with Lantern
Frequently Asked Questions
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