Graduate PLUS

A PLUS loan is the best way for graduate students to fill the gap between financial aid and school costs.

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Eligibility

To get a Graduate PLUS loan, you must:

  • Complete the Free Application for Federal Student Aid (FAFSA)
  • Be a U.S. citizen or eligible non-citizen
  • Be an independent student
  • Be enrolled in a school that participates in the Federal Family Education Loan Program
  • Be enrolled at least half-time while working toward a graduate degree
  • Be enrolled in an eligible program of study beyond a bachelor's degree, taking graduate level courses leading to a master's or doctorate degree or professional certification (excluding teacher certification)
  • Have no education loans in default

Special eligibility requirements:

  • Be creditworthy
  • Apply for the maximum annual amount through the federal Stafford Loan Program
  • Register with the Selective Service, if you are a male 18-25 years old

Features & Terms

Who Pays
  • The student repays the loan.

Interest Rates
  • The current fixed interest rate is 8.5% for loans disbursed on/after July 1, 2006.
  • Your lender may offer additional interest rate reductions. Be sure to ask.
  • Will never exceed 9.0%.
  • Interest payments can be tax deductible.

Fees
  • Origination fees will not exceed 3%.
  • Federal default fee will not exceed 1%.

Annual Loan Limits
  • Borrow the difference between your cost of attendance and financial aid award - up to 100% of total costs.
  • Use loan funds for all associated costs - including tuition, room and board, books, transportation, computer, etc.

Repayment
  • Repayment begins within 60 days after the school receives the loan funds; however, AES automatically defers payments while you attend school.
  • Take 10 years to pay - longer with flexible repayment options.
  • No penalties for paying your loan off early.

Loan Management

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  • No income requirements
  • Poor credit? May still qualify with credit-ready endorser

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