Federal Graduate/Professional PLUS Loans (GRADPLUS)

GRADPLUS loans are low-interest federally insured loans made to students to help pay a students' college expenses as part of the Federal Family Education Loan Program (FFELP). PLUS loans can be used to cover any educational expenses not covered by other forms of financial aid. GRADPLUS loans are especially for graduate and professional students.

Eligibility

• Students do not have to demonstrate financial need to borrow GRADPLUS loans.
• Citizenship — You must be a U.S. citizen or an eligible noncitizen;
• Nondefault — You must not be in default of an educational loan or owe a refund on an educational grant;
• Credit — You must not have an adverse credit history;
• Law — You must meet all of the other Federal GRADPLUS Loan program eligibility requirements prescribed by law at the time your loan application is processed.

Value

The maximum annual loan limit is the cost of attendance minus any other financial aid the student is qualified to receive. This amount is determined by the financial aid office at the school the student will be attending.

• See the current interest rates for GRADPLUS Loans;
• Repayment begins 60 days after the funds are disbursed, and the repayment term is up to 10 years.

Loan Disbursement

Once the loan is guaranteed, the proceeds from your GRADPLUS Loan will be sent to your school. You must contact the financial aid office to make arrangements to receive your loan proceeds. You will receive a Loan Guarantee and Disclosure Statement outlining the anticipated disbursement schedule, as determined by your school.

Application Procedure

Once you decide which school you wish to attend and accept its offer of financial assistance, the school can certify you as eligible for a GRADPLUS Loan. Most schools provide you with a list of lenders to consider. You may select one of these or another lender of your preference. Once you select a lender, follow the directions from your school to complete the loan process. Please note: some colleges participate only in the Federal Direct Loan Program. In these cases, there is often no choice of a lender. These colleges will indicate Direct Loan to you in their financial aid process.

If you want to learn more about what you should consider before selecting a lender, click here.

If you are ready to apply for a GRADPLUS loan with the Georgia Student Finance Commission (GSFC) — good choice. Continue to GRADPLUS Applications.

Related Links

• Choosing a PLUS Loan Lender