All Topics > Education > Federal Graduate PLUS Loan >

Federal Graduate PLUS Loan Georgia

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

Instant Car Title Loans
770-458-1355
5368 Buford Hwy NE
Atlanta, GA

Jackson Loan & Finance Co
404-696-7474
3024 Martin Luther King Jr DR SW
Atlanta, GA

Advance America
404-688-3470
56 Marietta St NW
Atlanta, GA

American General Finance
404-761-8222
3420 Norman Berry DR
Atlanta, GA

Title Loans
404-815-0027
1874 Piedmont Ave NE
Atlanta, GA

American Finance & Tax Service
(478) 746-6752
689 North Ave
MacOn, GA

World Finance Corporation
(706) 376-6361
936 Benson St
Hartwell, GA

Ez Green
(404) 608-8898
763 Main St
Forest Park, GA

Georgia Auto Pawn Inc
(706) 792-9583
2811 Peach Orchard Rd
Augusta, 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

Read more about Federal Graduate PLUS Loan

- Paying For Graduate School Georgia

Paying for graduate school is similar to paying for an undergraduate program - and can be quite different. Financial aid for graduate students comes from government, private, and institutional resources, but much of it is in the form of loans.

- Comparing Graduate School Rankings Georgia
- Federal PLUS Loan Georgia
- How To Recognize an Accredited Graduate School Georgia
- Securing Funding for an Online Degree Georgia
- Federal Stafford Loan Georgia
- Private and College-Sponsored Loans Georgia
- Federal Perkins Loan Georgia
- How to Find Money for Graduate School Georgia
- Federal Student Aid Georgia

Regional Articles

- Paying For Graduate School Georgia

Related Local Events

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

Disc Behavioral Studies
Dates: 11/16/2009 - 11/16/2009
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

Education2020 Southeast Conference For On-Line Learning
Dates: 10/28/2009 - 10/28/2009
Location: Macon Centreplex and Convention Center
Macon, 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

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

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