Friday, February 19, 2010

graduate plus loan

Graduate plus loan counseling
Graduate plus loan offers the financial aid option for graduate students. Learn more about graduate plus loan borrow through the following counseling.

Graduate education is not only costly, but is also requires full-time to study. A student needs some financial aid such as graduate student loan to pay their living expenses exceed gain the salary from full-time job.

Graduate student loans have higher limits on the amount of the loan than undergraduate student loans. The main bases of graduate student loans are including federal graduate student loans, private graduate student loans and graduate student loans which defined in the study program.

Usually schools will only see the amount needed for covering tuition fees and other costs. Both you and your school should agree on the amount you needed. You have to work with your school until determined the same amount of budget before apply for graduate plus loan.

Some federal student loan like graduate plus loan is processed through the school where you enrolled the graduate program. A graduate plus loan as part of a federal student loan will directly send by lender to your school when your loan gets approved.

A graduate plus loan is a low fixed-rate graduate student loan that mostly nowadays guaranteed by the federal government. A graduate plus loan is a non-need credit based which is not required for any collateral or income level information. A graduate plus loan is based on the borrower’s credit history. You will require passing a credit check.

A graduate plus loan covers any educational costs that defined by your schools (college or university).

The annual limit of loan amount in the graduate plus loan is approximately equal to the existence deducted of other financial aid you have received.

The graduate plus loan has some advantages such as:
  1. No cosigner required.

  2. You can defer the payment before your graduation.

  3. A fixed interest rate of 7.9% that is usually tax deductible and charged at the first disbursement until the loan is paid back.

  4. Students who enrolled at the online graduate degrees are able to apply for a graduate plus loan.

  5. There is loan cancellation on graduate plus loan. Your school should notify you within 30 days to credits your account. You can complete the loan cancellation after you inform your school on the day of the first payment or within 14 days after the notification is sent, and then you better decline the check of the graduate plus loan funds.

The graduate plus loan has a possibility for you to cover your living expenses. You can contact the financial aid department at your schools for further information.

The following are private lenders who previously well-known provide graduate plus loan:
  1. ALL Student Loan Corp.

  2. AMS

  3. Bank of America

  4. Chase

  5. CHELA

  6. EdAmerica

  7. Nellie Mae

  8. Sallie Mae

  9. Sun Trust

  10. University Credit Union

  11. Wachovia

  12. Wells Fargo

The abbreviation of plus loan is no longer stands for Parent Loan for Undergraduate Students. The graduate plus loan is intended for graduate student who have reach all the requirements of the federal Stafford loan and have half-time enrolled in school. To qualify for a graduate plus loan, you should not have a bad credit history.

You can get a graduate plus loan from the William D. Ford Federal Direct PLUS Loans for Graduate and Professional Students, which provided by the U.S. Department of Education. The benefits of this graduate plus loan are:
  1. 7.9% fixed interest rate.

  2. 4.0% origination fee deduction at disbursement.

  3. A rebate or discount rate of 1.5% and an origination fee reduction of 2.5% if you succeed on making your first 12 monthly payments in a timely manner.

  4. There is no limit or the total annual borrows, and other study costs less other financial aid.

The graduate plus loan is categorized as unsubsidized loan which the interest start collected from the first disbursement. The first payment started after 60 days of the full disbursement.

Students can borrow the full amount of loan for covering all educational costs in each academic year lesser than another financial aid you have received at the same year.

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