PLUS Loan for Graduate School

A PLUS loan for graduate school is a special funding source for students who have exhausted federal Stafford Loan options. The loan program is backed by the United States government and helps make graduate school a reality for many students.

The Eligibility Requirements

PLUS loan eligibility requirements are more restrictive than other types of loans, such as the Stafford loan, and the process can be longer.  Eligibility requirements include:

  • Enrollment – Students must be enrolled at least half time in school.
  • Credit – A credit check is attached to this type of student loan.
  • Citizenship – Students who apply for a PLUS loan for graduate school must be U.S. citizens, U.S. nationals, permanent residents or eligible non-citizens.

The Features

Like many other student funding vehicles, a PLUS loan for graduate school has a number of features that can make it attractive. They include:

  • Locked in interest rates
  • No repayment requirement while a student is in school at least part time
  • Flexible options for repayment
  • No prepayment penalties
  • The possibility of tax deductible interest payments

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