Grad Plus Loans and Credit

[TheSeanieB]

If the cost of attendence is low enough, can a student borrow the entire amount without using grad-plus (credit based loans)? If so, does anyone know the amount? Or does every student budget have to have a percentage of grad-plus?

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[aSagacious]

According to the FSA homepage:

In addition, before you can receive a PLUS Loan, your school must have determined your maximum eligibility for Direct Subsidized and Unsubsidized Stafford Loans.

It looks like you have to first max out Stafford loans before applying for Grad PLUS loans.

To answer your second question, you can borrow up to your school's published cost of attendance (this usually includes tuition, fees, and ~20k/yr in living expenses), assuming your credit history is in good shape.

Lastly, not all students make use of PLUS loans. They are usually a last resort for students who have maxed out Stafford loans, scholarships, and personal savings (since PLUS loans bear the highest interest rate).

 

[raltima07]

according to the fsa homepage:



It looks like you have to first max out stafford loans before applying for grad plus loans.

To answer your second question, you can borrow up to your school's published cost of attendance (this usually includes tuition, fees, and ~20k/yr in living expenses), assuming your credit history is in good shape.

Lastly, not all students make use of plus loans. They are usually a last resort for students who have maxed out stafford loans, scholarships, and personal savings (since plus loans bear the highest interest rate).

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