Does anyone know anything about graduate student PLUS loans?
Asked by kab_2001I am a law student and I have to use loans to finance my law degree. I did not have loans for my undergraduate degree, so I don't know much about them. My financial aid office is not helpful. I qualify for the Stafford loans, but it is not enough to cover my expenses. I saw that the government is expanding the PLUS loan to graduate students, and I am curious about it. For instance: Who qualifies? What are the borrowing limits? Do you have to borrow a certain amount? Would accepting a PLUS loan interfere with other types of aid? What are the advantages of PLUS loans as compared to private loans?
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Answered by kolrobie
I used to work for the company that administered the fed loans. Plus loans are loans that your parents take out for you and they have to pay them. They have to pass a credit check. How much can my parents borrow? The yearly limit on a PLUS Loan is equal to your cost of attendance* minus any other financial aid you receive. For example, if your cost of attendance* is $6,000 and you receive $4,000 in other financial aid, your parents could borrow up to—but no more than—$2,000. There is no borrowing minimum limit. No using a plus loan will not interfere with other loans Plus loans done by the government have one advantage. The interest rate will not exceed 9 percent. I don't like plus loans because they rely on your parents to pay.
I used to work for the company that administered the fed loans. Plus loans are loans that your parents take out for you and they have to pay them. They have to pass a credit check. How much can my parents borrow? The yearly limit on a PLUS Loan is equal to your cost of attendance* minus any other financial aid you receive. For example, if your cost of attendance* is $6,000 and you receive $4,000 in other financial aid, your parents could borrow up to—but no more than—$2,000. There is no borrowing minimum limit. No using a plus loan will not interfere with other loans Plus loans done by the government have one advantage. The interest rate will not exceed 9 percent. I don't like plus loans because they rely on your parents to pay.
