Federal Grad PLUS Loans

Grad PLUS Loans are low-cost federally insured loans made to graduate and professional students. Borrow a Grad PLUS Loan to meet any educational costs, less any other financial aid that may have been awarded. Loan funds must be used toward school budgeted costs such as tuition, fees, books, supplies, room and board, and miscellaneous expenses.

Eligibility is not based on need or income, but approval of the loan is based on a review of the borrower's credit history.

The Grad PLUS Loan is available every academic year as long as the borrower is enrolled in school at least half time.

• Eligibility Criteria
• Loan Limits, Fees and Other Information
• Loan Conditional Approval
• Application Process
• Repayment and Interest

Apply for a Grad PLUS Loan

Eligibility Criteria:

The borrower must:

• complete the Free Application for Federal Student Aid (FAFSA),
• be a graduate or professional student,
• be a U.S. citizen or an eligible non-citizen,
• have applied for a Federal Stafford Loan and the school must have determined the student's eligibility for this loan,
• not have an adverse credit history as determined by the lender and federal regulations,
• be enrolled at least half-time at a federally accredited school,
• not be in default on any student loan,
• maintain satisfactory academic progress,
• comply with selective service registration,
• not owe a refund on any federal student grant, and
• not be incarcerated.

Loan Limits, Fees and Other Information:

Federal Family Education Loan Program (FFELP)

Federal Grad PLUS Loan
Borrower	Student
Annual Loan Limit	Cost of Attendance Minus Aid
Aggregate Loan Limit	Cost of Attendance Minus Aid
Interest Rate	Fixed at 8.5%
Federal Default Fee	1%1
Federal Origination Fee	3%
Credit Check	Yes
Must Show Financial Need	No
Repayment Term	Up to 10 years
Repayment Begins	30 days after the loan is fully disbursed
In School Deferment	Delay your payments while enrolled in school at least half time.2

Loan Conditional Approval:

To obtain a Grad PLUS Loan approval before completing an application, National Education provides an optional Conditional Approval service. The online Conditional Approval provides the credit decision in a matter of seconds. A PLUS Conditional Approval Form is also available to authorize us to access your credit and render the conditional approval decision.

Should a credit concern arise, our staff can work with you to resolve the matter and then reconsider the loan request. Another option is to complete a PLUS Endorser Addendum. Contact us if you have any questions regarding your options.

Conditional Approval for a Grad PLUS Loan is not required. The credit review can be completed at the time of application.

Application Process:

Click here for more information

Repayment and Interest:

Grad PLUS Loans must be repaid. Normally, repayment begins within 30 days from the last disbursement of the loan. However, graduate borrowers will be provided an in-school deferment while enrolled at least half time to delay your payments. You have the option of making interest payments while in school or we will add any unpaid interest during the in school period to the principal balance at the start of repayment (capitalization). You may also request a 6-month forbearance at graduation to align your Stafford and Grad PLUS loan payment start dates.

Repayment of your loan is initially set up as using a standard plan; you pay the same amount each month. National Education offers other payment plans to help fit your budget. A change in payment plan can reduce your initial payments by up to 40%.

Alternative payment plans, deferments and forbearance are available to help you manage the repayment of your Grad PLUS Loan.

Tips to remember:

• The student is the borrower and is responsible for paying back the loan.
• Grad PLUS Loans are expected to be repaid within ten years.
• The interest rate is fixed at 8.5% for Grad PLUS Loans.
• Repayment begins within 30 days after the final disbursement of loan funds.
• Grad PLUS Loans do not have a grace period but you repayment can be delayed with an in school deferment while you are enrolled in school at least half-time.
• There is no penalty for early repayment; you can pay more than the monthly amount if you wish.
• National Education offers alternative payment plans.
• If you have any questions, contact us.

We reserve the right to modify or discontinue benefit programs at any time without notice. Any termination or modification of the program will not affect the terms of loans previously made. Specific terms and conditions may apply, please call us if you have any questions.