Federal Graduate PLUS Loan Atlanta GA

The Federal Graduate PLUS Loan was designed to help graduate students pay for the cost of their educational expenses.

Local Companies

Jerry's Pawn Shop
404-537-2798
21 Decatur St SE
Atlanta, GA
Advance America
404-688-3470
56 Marietta St NW
Atlanta, GA
Title Loans
404-815-0027
1874 Piedmont Ave NE
Atlanta, GA
Jackson Loan & Finance Co
404-696-7474
3024 Martin Luther King Jr DR SW
Atlanta, GA
American General Finance
404-761-8222
3420 Norman Berry DR
Atlanta, GA
Instant Car Title Loans
770-458-1355
5368 Buford Hwy NE
Atlanta, GA
Channel Mark Capital
(404) 869-7997
3414 Peachtree Rd NE
Atlanta, GA
Cash Express Title Loan
(404) 588-9970
241 Peachtree St
Atlanta, GA
Bank of America
(404) 559-6070
1876 Princeton Ave
Atlanta, GA
Bank of America
(770) 631-3281
1101 Peachtree Pkwy N
Atlanta, GA

Federal Graduate PLUS Loans Explained

The Federal PLUS Loan program was expanded in July of 2006 to include graduate and professional student borrowers. The Graduate PLUS Loan is guaranteed by the federal government and can also be used to pay for the full cost of the student's education.

The Federal Graduate PLUS Loan Program

Similar to the Parent PLUS Loan, eligibility for the Graduate PLUS Loan is not based on financial need. Instead, eligibility is based on passing a credit check.

Graduate PLUS Loan Details

Schools generally participate in either the William D. Ford Federal Direct Loan or the Federal Family Education Loan (FFEL) programs. To receive a Graduate PLUS Loan, you must be enrolled at least half time in an eligible graduate or professional program. Your credit report is reviewed for negative credit history within the past five years, such as late payments over 90 days, bankruptcy, or foreclosure. If your credit history doesn't meet eligibility requirements you may still be able to take out a Graduate PLUS Loan if someone with satisfactory credit co-signs on the loan. The Graduate PLUS Loan does not require collateral like a home equity loan.

The Direct Graduate PLUS Loan interest rate is currently fixed at 7.9% and the FFEL Graduate PLUS Loan interest rate is currently fixed at 8.5%. Unlike other student loans such as the Perkins Loan, the PLUS Loan has no grace period. You are required to begin repaying the loan immediately, with a first payment due 60 days after funds have been dispersed. You can elect to defer repayment while you are attending school at least half time, but interest continues to accrue and is added to your loan principal.

How Much You Can Borrow

The Graduate PLUS Loan program does not have a maximum borrowing limit--you can borrow up to the full amount of the cost of your education minus any other financial aid you receive. Fees for the loan can be up to 4% of the loan, deducted proportionately from each installment. This fee helps fund the loan program.

Receiving Your Graduate PLUS Loan

Applying for a Graduate PLUS Loan requires completing a Free Application for Federal Student Aid (FAFSA), as well as a PLUS Loan application, which you can obtain at your financial aid office. You will also need to sign a promissory note--a binding legal document that describes the terms and conditions of the loan and your agreement to repay. Your loan, once approved, is sent directly to your school. The school may require you to endorse the disbursement check so the loan funds can be applied to your account to pay tuition and any other fees or charges. If there is money left over the school usually disperses it to you via check or cash. You can, however, elect to have the school retain the funds for future charges.

Canceling the Graduate PLUS Loan

One question many students ask about the Graduate PLUS Loan is whether it can be cancelled once the student has been approved. If, for whatever reason, you decide you want to cancel the loan, you can do so a couple of ways. If the check is sent to you for endorsement you can refuse to do so, return the check to the school, and the check will be returned to the lender. You can also reply within 14 days of the notice date that you wish to cancel the loan. You also have until the first day of the payment period to notify the school you wish to cancel.

Sources:
GradPLUSLoans.com
StudentAid.Ed.Gov

Featured Local Company

Jerry's Pawn Shop

404-537-2798
21 Decatur St SE
Atlanta, GA
http://www.jerryspawn.com

Related Local Events
Disc Behavioral Studies
Dates: 11/16/2009 - 11/16/2009
Location: Hyatt Place Atlanta/Cobb Galleria
Smyrna, GA
View Details

Disc Behavioral Studies Train-The-Trainer
Dates: 11/18/2009 - 11/18/2009
Location: Hyatt Place Atlanta/Cobb Galleria
Smyrna, GA
View Details

Advanced Education- Atlanta, Ga
Dates: 11/5/2009 - 11/5/2009
Location: JW Marriott Hotel Buckhead Atlanta
Atlanta, GA
View Details

Steps For Success Saturday: Centennial High School
Dates: 9/26/2009 - 9/26/2009
Location: Centennial High School
Roswell, GA
View Details

TAG CRM Case Study
Dates: 9/24/2009 - 9/24/2009
Location: Oracle - Building 500
Atlanta, GA
View Details

Rss   Delicious   Digg   Add To My Yahoo   Add To My Google   Bookmark   Search Plugin

Topics:
Advertising Family Home Services Real Estate Resources
Business Services Fashion Industrial Goods & Services Retail & Consumer Services
Career Financial Services Insurance Software
Cars Food & Beverage Internet Technology
Computer Hardware Franchise Legal Telecommunications
Construction Health Miscellaneous Trade Shows
Education Holidays Nightlife Travel
Entertainment Home Appliances Online Database Weddings
Environmental Home Electronics Pets World History