Grad Plus Loan

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crazypsychstudent

Clinical Psychology (Psy.D.) Candidate
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You'll want to check with your school's financial aid office for the most accurate and up-to-date info on all this. I would imagine that after Stafford loans, Grad Plus loans probably are the most common source of financial aid for grad students, as they can cover significantly more than Stafford does. I would imagine you should apply for those at the same time you do the Stafford loans, so likely at least a few months before beginning your program. If you haven't already completed your FAFSA, you'll likely want to do that ASAP.

Also, keep in mind that Grad Plus loans, if I'm remembering correctly, tend to have higher interest rates than Stafford loans (particularly subsidized, which of course don't incur interest while you're in school). Thus, limiting the loans to the minimal necessary amount would be recommended.
 
You'll want to check with your school's financial aid office for the most accurate and up-to-date info on all this. I would imagine that after Stafford loans, Grad Plus loans probably are the most common source of financial aid for grad students, as they can cover significantly more than Stafford does. I would imagine you should apply for those at the same time you do the Stafford loans, so likely at least a few months before beginning your program. If you haven't already completed your FAFSA, you'll likely want to do that ASAP.

Also, keep in mind that Grad Plus loans, if I'm remembering correctly, tend to have higher interest rates than Stafford loans (particularly subsidized, which of course don't incur interest while you're in school). Thus, limiting the loans to the minimal necessary amount would be recommended.
Thank you! I just called and they told me to apply for the Grad Plus Loans in May.
 
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Also, keep in mind that Grad Plus loans, if I'm remembering correctly, tend to have higher interest rates than Stafford loans (particularly subsidized, which of course don't incur interest while you're in school). Thus, limiting the loans to the minimal necessary amount would be recommended.

This is correct. You really want to keep your GradPLUS loans to a minimum - the interest rate is around 7.5-8%.
 
So why do grad plus at all and instead do stafford? Or does that just mean max out stafford and then if you need more go to grad plus?
 
So why do grad plus at all and instead do stafford? Or does that just mean max out stafford and then if you need more go to grad plus?

Exactly. Stafford maxes out at 20k a year (or thereabouts).
 
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